The global LED grow light market is expected to have a significant growth during the forecast period. The global LED grow lights market is driven by the growing urbanization, and modern infrastructural needs in the developed as well as developing economies. The use of LED grow light in indoor farming has boosted the growth of LED grow lights in economies using modern farming techniques. New installation techniques for various Research and Development activities in vertical farming have also uplifted the growth of the LED grow light market. Other factors augmenting the growth of LED grow lights market are low space requirement, energy efficiency, and low emissions.
The LED grow light operates by the process in which an electric current is passed through a semiconductor material. The electrons in the semiconductor material are excited by this action and this result in the creation of a powerful light in a small bulb. LED diodes with diverse wavelengths of lights can be manufactured by using different semiconductors materials. The application of these lights also depends upon the amount and type of light required. Full and partial spectrum lights are available for various applications. Moreover, LED grow lights have various advantages in terms of power, effective light usage, and space optimization. The major advantage of LED grow lights is the low temperature, at which it glows as compared to the range of 400 to 500 degrees offered by the conventional lighting systems. Also, these lights have a long life span ranging from 50,000 to 10,000 hours.
The LED grow lights market is classified on the basis of installation types, product type, spectrum, application, and regions. On the basis of installation type, the LED grow lights market is segmented into new installation and retrofit. Based on product type, the LED grow lights market is segmented into low power (<300 watts) and high power (>=300 watts). The low power LED is more efficient as compare to high power LED, attributed to lesser emission of heat and can be used for longer period of time. Based on spectrum type, the LED grow light market includes full spectrum (Full spectrum LED grow lights offers a variety of white, red, blue, and ultraviolet light) and partial spectrum. On the basis of application, the LED grow lights market is segmented into commercial greenhouse, turf & landscaping, research, indoor farming, vertical farming, and others. The new installation segment holds a major share in the LED grow light market due to developing infrastructure globally.
Geographically, the global market of LED grow lights is evaluated based on five regions namely North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific holds a major share in the LED grow light market owing to rapidly growing the electronic industry in the developing countries such as India and China. The major manufacturers are attracted towards the region due to the availability of cheap labor and large customer base.
Some of the major players operating in the global LED grow lights market are Alta LED Corporation, Cree, Inc., Bridgelux, Inc., General Electric Company, Everlight Electronics Co. Ltd., Illumitex, Inc., Heliospectra AB, OsramLicht AG, Lumigrow, Inc., and Royal Philips Electronics N.V.
Global LED Grow Lights Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024