NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The Light-emitting Diode (LED) Grow Lights Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the light-emitting diode (LED) grow lights market between 2022 and 2027 is USD 4.87 billion. The need for energy-efficient and long-lasting grow light technology drives the LED grow lights market. Compared to fluorescent grow lights and HPS grow lights, LED grow lights are more energy efficient. LED grow lights play an important role in commercial greenhouse management. This is because it helps improve crop quality and optimize production to meet market demand. They are also efficient and energy savers. Hence, such factors drive the growth of the LED grow lights market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Challenge - The harmful effects of LED grow lights challenge the growth of the LED grow lights market. LED grow lights are very sensitive to the human eye and people handling indoor farms should use eye protection. Some LED grow lights emit harmful ultraviolet (UV) light and exposure to the UV spectrum can damage vision or lead to color perception problems, cataracts, and decreased night vision. Hence, such adverse effects are likely to affect demand for LED grow lights, which will impede the growth of the market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now
The light-emitting diode (LED) grow lights market is segmented by application (commercial greenhouses, vertical farming, indoor farming, and others), power rating (low power (<100 w), medium power (100-300 w), and high power (>300 w)), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
- The commercial greenhouses segment will be significant during the forecast period. LED grow lights help increase the production capacity and thus, are increasingly chosen by commercial greenhouse operators. Initially, about 25% of the total greenhouse area was fitted with LED lights on top of the Hyperion 1750, which provided over 200 micromol/s/m2 of artificial light. However, vendors like Sterling Suffolk plan to expand the LED grow lights area in the following years. This is estimated to help to produce high-yielding tomatoes year-round. Hence, such factors drive the commercial greenhouses segment of the LED grow lights market during the forecast period.
- Europe will contribute 35% to the growth of the global market during the forecast period. View Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the light-emitting diode (LED) grow lights market:
Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Valoya Oy, Signify NV, OSRAM Licht AG, SMART Global Holdings Inc.
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Light-emitting Diode (LED) Grow Lights Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.8% |
Market growth 2023-2027 |
USD 4.87 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
26.15 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 35% |
Key countries |
US, Canada, China, The Netherlands, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Valoya Oy, Signify NV, OSRAM Licht AG, and SMART Global Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Power Rating
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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