Global LED Grow Light market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at 25% through 2020 to 2027, reaching US$ XX Mn.
Global LED Grow Light market
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
LED grow light is an electric lighting device, which is intended to stimulate plant development by emitting a light appropriate for photosynthesis. This device works as an artificial light source that is widely being adopted by agriculturalists to substitute the naturally occurring light. The global LED grow light market is driven by the rising trend of indoor farming, government regulations favoring the growth of LED technology, and the need for energy-efficient and long-lasting lighting technology. However, purchasing good quality LED grow lights can be very costly for growers are restraining the market growth at the global level. Retrofitting of conventional lighting technologies with LED grow lights and the emergence of vertical farms in urban areas are expected to create beneficial opportunities for the key player in the market during the forecast period. The absence of standard testing practices for assessing the quality of LED products are the major challenge for the LED Grow Light market in the near future.
Based on the application, the vertical farming segment has led the LED Grow Light market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. Owing to the rise in the trend of controlled environment agriculture in urban areas and the changing outlook of food production. The commercial greenhouse segment is expected to witness a growth rate of XX% during the forecast period. The need for energy-efficient light and long-lasting technology augmented the usage of LED grow light in the commercial greenhouse application. LEDs have a long life of 50,000 hours, while incandescent lamps can work for only 2,000 hours. LEDs can last for nearly 8–10 years assuming 14–18 hours of daily use. LEDs consume XX% and XX% lesser electricity as compared to fluorescent lamps and incandescent lights, therefore, LED grow light market is growing in urban farming.
Global LED Grow Light Market Regional Analysis:
Geographically, the LED Grow Light market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe held the prominent market share of XX% in 2019 and is expected to reach US$ Mn by the end of 2027, with a CAGR of XX%. Europe is a prominent exporter of horticultural food grown within automated commercial greenhouses. Moreover, the extremely cold weather conditions have led to extensive adoption of indoor horticulture in this region. North America held the second-largest market share of XX% in 2019 and is estimated to reach US$ XX Mn by the end of 2027, with a CAGR of XX%. Owing to the high presence of market players, the easy availability of proficient technical expertise, and a growing market for cannabis farming in the region. Also, strict regulations by the US government on the use of eco-friendly and efficient lighting technologies are encouraging the widespread adoption of LED to grow lights in North America. The market in the Asia Pacific is expected to grow at a high CAGR of XX% during the forecast period. The rising investments in research and development activities for the introduction of advanced LED grow lights are predicted to accelerate the growth of this region in the near future.
A report cover the recent development in market for the global LED Grow Light market e.g., In 2019, Hyperponic, a cannabis growing technology company, selected Violet Gro, a LED grow lights manufacturer as the primary light source supplier for its fully integrated, patent-pending CropTower.
The objective of the report is to present a comprehensive analysis of the Global LED Grow Light Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global LED Grow Light Market dynamics, structure by analyzing the market segments and project the Global LED Grow Light Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global LED Grow Light Market make the report investor’s guide.
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Scope of the Global LED Grow Light Market:
Global LED Grow Light Market, by Product:
• <300 Watt • >300 Watt
Global LED Grow Light Market, by Installation Type:
• New Installation
Global LED Grow Light Market, by Spectrum:
• Partial Spectrum
• Full Spectrum
Global LED Grow Light Market, by Application:
• Indoor Farming
• Commercial Greenhouse
• Vertical Farming
• Turf and Landscaping
Global LED Grow Light Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global LED Grow Light Market, Major Players:
• Alta LED Corporation
• Bridgelux, Inc.
• Cree, Inc.
• Everlight Electronics Co. Ltd.
• General Electric Company
• Heliospectra AB
• Illumitex, Inc.
• Lumigrow, Inc.
• Osram Licht AG
• Royal Philips Electronics N.V.
• Gavita Holland B.V.
• Transcend Lighting Inc.
• Iwasaki Electric Co., Ltd.
• Science & Technology Co., Ltd
• Samsung Electronics
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