PUBLISHER: Orion Market Research | PRODUCT CODE: 1159264
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159264
Global LED Grow Light Market Size, Share & Trends Analysis Report by Installation Type (New and Retrofit), by Spectrum (Full and Partial), and by Application (Indoor Farming, Vertical Farming, Turf & Landscaping, Commercial Greenhouse and Others) Forecast Period (2022-2028)
The global LED Grow Light market is anticipated to grow at a substantial CAGR of around 28.2% during the forecast period. The increasing farming companies across the globe are propelling the investments towards technology providers of the industry. These LED growth lights are in higher demand from various AgTech firms for cost-saving and low energy consumption benefits such as its help in reducing farming costs, farming companies across the globe are anticipated to leverage LED-based lighting solutions to enhance their farming. For instance, in April 2021, BIOS launched, the next generation of DLC certified BIOS Icarus LED Grow Lights these lights provide the grower with accurate third-party performance data, a sense of security, and a menu of choices that a grower can trust. The solution BIOS Icarus performs a function such as Cleanable glass lenses to ensure maximum light output and uniformity, IP66 wet rated to enable years of operation in harsh growing environments, and others.
The global LED Grow Light market is segmented based on the installation type, spectrum, and application. Based on installation type, the market is segmented into new and retrofit. Based on the spectrum, the market is segmented into Full and Partial. Based on the application, the market is sub-divided into indoor farming, vertical farming, turf & landscaping, commercial greenhouse, and others. Among spectrum, full-spectrum is expected to be dominating due to this full spectrum LED grow light-emitting exact similar light to sunlight which is helpful at every second of plant growth.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Increase in awareness regarding the various importance of alternative farming and also the less availability of fertile agricultural land the farmers are moving towards alternative farming that in turn is expected to dominate global LED Growth light market. For instance, in May 2021, Fluence by Osram LED launched Horticultural LED Lighting Solutions in Europe, the Middle East, and Africa, to help growers produce the best crops possible to meet market demands in the region. This solution provides specific advantages for farmers to achieve higher yields and higher quality than traditional horticultural lighting in greenhouse and multi-layer cultivation.
The major companies serving the global LED Grow Light market include Black Dog Grow Technologies Inc., Bridgelux, Inc., Cree LED, Everlight Electronics Co., Ltd., Heliospectra AB, Savant Technologies LLC., Yaham Optoelectronics Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2020, Valoya launched two new greenhouse-led grow lights. The companies RX-Series line of greenhouse LEDs has announced two new models such as RX500 and RX600. The newly developed models are higher power; higher efficiency versions of the existing RX400 model both can be used as true 1-to-1 HPS replacements. RX500 and RX600 both model produces up to the staggering 1700 µmol/s of uniform light output and both the models are designed to be robust and compact, producing minimal shading over the canopy.
Research Methodology
The market study of the global LED Grow Light market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: