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Global LED Grow Light Market expected to reach USD 27.30 Billion by 2030, at a CAGR of 23.11% during the forecast period 2023-2030.

Sep 28, 2023 8:00 PM ET

Global LED Grow Light Market expected to reach USD 27.30 Billion by 2030, at a CAGR of 23.11% during the forecast period 2023-2030.

In 2022, the LED grow light market was estimated to be worth USD 5.17 billion. During the projection period (2023 – 2030), the LED expand Light industry is anticipated to expand from USD 7.94 billion in 2023 to USD 27.30 billion. This represents a compound annual growth rate (CAGR) of 23.11%. In indoor gardening, horticulture, and hydroponic systems, LED grow lights are specialised lighting systems that employ light-emitting diodes (LEDs) to illuminate plants. These lights are made to emit particular light wavelengths that are helpful for photosynthesis and plant growth, enabling plants to thrive without the need for direct sunlight. Red and blue are two of the most crucial colours for plants, and LED grow lights come in a variety of colours.

When compared to conventional lighting systems, the use of LED growth lights enables greater control over the growing environment, including altering the light spectrum and intensity, and can lead to faster and more productive plant growth.

With the advancement of new and improved LED grow light technologies, efficiency, longevity, and spectral output have all grown, making LED grow lights a more alluring choice for vertical farmers, commercial growers, and indoor gardeners. Additionally, improvements in LED grow light production have led to lower prices, making them more affordable for a larger spectrum of customers.

The creation of intelligent LED grow lights that can be managed and observed via computers or mobile devices is also anticipated to accelerate the development of the market. With more control and accuracy over the growing environment provided by these intelligent LED grow lights, growers can tailor their illumination for maximum plant development and harvests.

Overall, the market for LED grow lights is anticipated to increase due to the continuing development of LED growth light technologies in the years to come, making it an attractive and quickly evolving area.

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Key Companies in the LED Grow Light market include

  • Epistar Corporation
  • Signify
  • Iwasaki Electric Co. Ltd
  • Everlight Electronics Co. Ltd
  • Illumitex Inc.
  • OSRAM Licht AG
  • LumiGrow Inc.
  • Heliospectra AB
  • Lemnis Oreon BV

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Fluorescent lights, High-intensity Discharge (HID) lights, and Light Emitting Diodes are all included in the market segmentation based on source. In 2022, the Light Emitting Diodes market will occupy a lion’s share of the income generated by LED Grow Lights.

Retrofit installations and new installations are also included in the market segmentation based on installation type. The market was controlled by the Retrofit Installations sector.

The market is divided into three categories based on application: commercial greenhouses, indoor farming, and vertical farming. The segment for vertical farming is anticipated to develop at a quicker rate during the projection period of 2023 to 2030.

The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. One of the main players is the Asia-Pacific area. The Asia Pacific area has the most demand for the indoor plantation business. The countries in the region are important producers of LED grow lights. The market for LED growth lights is constantly growing as a result of indoor farming. the second-largest region in Europe for investments. One of the first industrial greenhouses to use LED grow lights was this one. As a result of the expanding population, this field has a wide scope. Another strong regional player with large North American investments and output. All of these local businesses will result in a significant increase in demand for and growth of the LED lighting market.

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