The development of new and improved LED grow light technologies has led to increased efficiency, longer lifespan, and improved spectral output, making LED grow lights an increasingly attractive option for indoor gardeners, commercial growers, and vertical farmers. Additionally, advancements in the manufacturing of LED grow lights have resulted in decreased costs, making them more accessible to a wider range of consumers.
The development of smart LED grow lights, which can be controlled and monitored through mobile devices or computers, is also expected to boost the growth of the market. These smart LEDs grow lights offer greater control and precision over the growing environment, allowing growers to optimize their lighting for maximum plant growth and yields.
Overall, the continued advancement of LED growth light technologies is expected to drive the growth of the LED to grow light market in the coming years, making it an exciting and rapidly developing field.
The market segmentation, based on Source, includes Fluorescent Lights, High-intensity Discharge (HID) Lights, Light Emitting Diodes. The Light Emitting Diodes segment holds the majority share in 2022, contributing to the LED Grow Light revenue. This segment is driven by increasing demand for indoor gardening and vertical farming, as well as the growing awareness of the environmental benefits of using LED grow lights.
Based on Installation Type, the market segmentation includes Retrofit Installations and New Installations. The Retrofit Installations segment dominated the market. This is due to several factors, including the increasing popularity of indoor gardening, the growing demand for high-quality and efficient lighting systems, and the increasing availability of LED grow lights at affordable prices. Additionally, the retrofit installations segment offers an easy and cost-effective solution for upgrading existing lighting systems to LED grow lights, making it an attractive option for growers and indoor gardeners.
Based on Application, the market segmentation includes Commercial greenhouses, Indoor Farming, and Vertical Farming. The Vertical Farming segment is projected to be the faster-growing segment during the forecast period, 2023-2030. The increasing demand for fresh, locally grown produce and the growing concerns over food security are driving the growth of the vertical farming segment, which in turn is driving the demand for LED to-grow lights.
Figure 2: LED Grow Light Market, by Installation Type, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a major player. The indoor plantation industry has the most demand in the Asia Pacific region. Key producers of LED grow lights are the nations in the region. Due to indoor farming, the market for LED growth lights is constantly expanding.
The second greatest area in terms of investments in Europe. It was one of the first commercial greenhouses to employ LED grow lights. There is a large scope in this area as a result of the increasing population growth. Another strong regional participant with significant investments and output in North America. The market for LED lights will see strong demand and expansion thanks to all of these regional companies.
Figure 3: LED GROW LIGHT MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the LED Grow Light industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the LED Grow Light industry to benefit customers and expand the market sector. Major market players, including Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, and others, are attempting to increase market demand by funding R&D initiatives.
Epistar is a firm that specializes in LED lighting. Lighting, backlighting, and displays are among its products, as are LEDs for automotive applications, plant lighting, surveillance, sensors, and so on. The firm created LED products for phone displays, laptop screens, televisions, and other applications.
Signify, originally Philips Lighting is a supplier of lighting products, systems, and services to both professionals and consumers. The firm develops, produces, and distributes incandescent, halide, fluorescent, and high-intensity discharge lights for household and professional applications, as well as electronic components for luminaire makers such as electronic ballasts and drivers. It also offers LED lights for professional and consumer channels, as well as LED electrical components such as LED drivers and modules for retail, hotel, office, and outdoor applications.
November 2022: Signify announced the launch of two unique portable smart lamps, the Philips Smart LED Squire and Philips Smart LED Hero, to expand its Smart Wi-Fi lighting industry in India. The Philips Smart LED Squire and Philips Smart LED Hero are round-shaped and plug-and-play, making them convenient to use and transport anywhere in the home.
June 2022: OSRAM announced that Taiwanese company Ledtech has used OSLON UV 3636 UV-C LEDs for a sanitization feature in its new BioLED intelligent air purifier. At a dosage rate of 3.6mJ/cm2, the BioLED's OSLON UV 3636 LEDs can inactivate up to 99.99% of viruses, including SARS-CoV-2.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 5.17 Billion |
| Market Size 2023 | USD 7.94 Billion |
| Market Size 2030 | USD 27.30 Billion |
| Compound Annual Growth Rate (CAGR) | 23.11% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Light Source, Installation Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, Illumitex Inc, OSRAM Licht, LumiGrow Inc, Heliospectra, Iwasaki Electric Co. Ltd. |
| Key Market Opportunities | The growing adoption of indoor farming |
| Key Market Dynamics | Growing Adoption of Indoor Farming Government Initiatives To Promote Energy-Efficient LEDs Increasing Need For Energy-Efficient grow Ight technology |
LED Grow Light Market Highlights:
Frequently Asked Questions (FAQ) :
The LED Grow Light market size was valued at USD 5.17 Billion in 2022.
The market is projected to grow at a CAGR of 23.11% during the forecast period, 2023-2030.
Aisa Pacific had the largest share of the LED Grow Light market.
The key players in the market are Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, Illumitex Inc, OSRAM Licht, LumiGrow Inc, Heliospectra, Iwasaki Electric Co. Ltd.
The Light Emitting Diodes category dominated the market in 2022.
The Vertical Farming segment had the largest share in the market for LED Grow Lights.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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