The global LED Grow Lights Market witnessed a substantial surge in 2021, reaching a value of US$ 1.5 billion. Projections for the next decade indicate an impressive Compound Annual Growth Rate (CAGR) of 22.7%, propelling the total market size from US$ 1.9 billion in 2022 to a staggering US$ 14.8 billion by the end of 2032. This remarkable growth is attributed to various key factors driving the market forward.
An electric light source known as a grow lamp assists in stimulating plant growth in small areas. Grow lights increase crop yield in regions where the lack of or insufficient availability of sunlight causes the climatic conditions to be unsuitable for the plants.
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Due to their superior energy efficiency when compared to conventional grow lights such as high-pressure sodium (HPS) and metal halide (MH) lamps, LED grow lights are becoming increasingly popular.
By using LED grow lights, farmers can significantly improve yield and lower costs. Growers pay less for electricity because LED grow lights use less energy to generate the same amount of light.
Additionally, LED grow lights can be modified to emit only the precise wavelengths of light that plants require for optimum growth. As a result, growers are able to customize their lighting systems to meet the unique requirements of their crops.
There is a rising need for food that can be grown in carefully regulated indoor environments as the world’s population continues to rise. The demand for LED grow lamps is rising as indoor farming systems and greenhouses increasingly rely on these lights.
Key Takeaways from the LED Grow Light Market Report:
- Global sales of LED grow lights are set to rise at 22.7% CAGR during the forecast period.
- By product, <300 watt LED grow lights demand will rise at 22.6% CAGR over the next ten years.
- By installation type, new installation segment is likely to progress at 22.5% CAGR through 2032.
- The USA LED grow light market valuation will exceed US$ 2.4 billion by 2032.
- China LED grow light market size is set to reach US$ 3.8 billion by 2032
- Demand for LED grow lights in Korea is set to increase at 23.2% CAGR over the next ten years.
- Japan’s LED grow light industry will cross a valuation of US$ 2.3 billion by the end of 2032.
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“Transition towards indoor farming techniques to meet growing food demand will boost the market. Further, development of more advanced products with better efficiencies will bode well for the market. Says a Future Market Insights analyst.
Who is Winning?
Leading LED grow light manufacturers include Osram Licht AG, Royal Philips Electronics N.V., General Electric Company, Lumigrow, Inc., Heliospectra AB, SMART Global Holdings, Illumitex, Inc., Inc., Everlight Electronics Co. Ltd., Petronas Bridgelux, Inc., and Royal Dutch Shell plc,
To meet end user demand, these companies are focusing on introducing new LED grow lights with better efficiencies. For instance,
- In July 2022, AB lighting announced the launch of AB 330 and AB 660. The new line of grow light optimizes power consumption and helps growers reach higher yields.
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the LED glow light market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals growth projection in terms of product (less than 300 and more than 300), installation type (retrofit and new installations), and application (indoor farming, commercial greenhouse, vertical farming, turf and landscaping, and research) across various regions.
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Global LED Grow Light Market Segmentation
By Product:
- Less than 300 Watts
- More than 300 Watts
By Installation Type:
- Retrofit
- New Installation
By Application:
- Indoor Farming
- Commercial Greenhouses
- Vertical Farming
- Turf and landscape
- Research
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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