The global LED grow light market value is set to increase from US$ 1.9 billion in 2022 to US$ 14.8 billion by 2032. Overall LED grow light sales are likely to surge at 22.7% CAGR from 2022 to 2032.
End users mostly prefer less than 300-watt LED grow lights due to their various advantages. As per Future Market Insights, <300 watt segment will expand at 22.6% CAGR through 2032. The growing adoption of adoption LED grow lights in vertical farms and commercial greenhouses is a key factor driving the global market.
A grow light is an electric source of light that aids in promoting plant growth in enclosed spaces. These lights provide a spectrum of light that is more suited to the needs of the plants being grown.
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
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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