LED Grow Lights Market 2016-2024: Size, Share, Trends, Industry Analysis, Demand & Growth Opportunity Assessment, & Forecast to 2024 - Global Market Report

Global LED Grow Light Market 

Market Overview

LED grow lights are an artificial source of light, basically an electric light which is designed to stimulate plant growth by emanating an electromagnetic spectrum applicable for photosynthesis. Areas where naturally occurring light are not required, LED grow lights are used there. LED grow lights are applicable in the fields such as vertical farming, commercial greenhouse, and indoor farming where light source play a major role in plant morphology and respond to the quality, quantity and direction of the light. With the growing urbanization and modern infrastructural needs in the developing and developed economies, the market for global LED grow light market is increasing.

Goldstein Research analyst forecast the LED grow light market size is set to reach USD 4.3 billion by 2024, growing at a CAGR of 27.90% over the forecast years. With the increasing emphasis on food security the market for LED grow lights is expanding.

Covered In This Global LED Grow Light Market Report                

The report covers the present ground scenario and the future growth prospects of the LED Grow Light market for 2016-2024 along with the new product launches, collaborations, and acquisitions by the market players. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe.

Global LED Grow Light Market Segmentation

• Partial Spectrum
• Full Spectrum

By Range

• 60-200W
• 200-1000W
• 1000-2000W

By Plant Type

• High Light Plants
• Low Light Plants

By Device Type

• Top Lights
• Inter-Lights
• TLEDs
• Flowering Lamps

By Application

• Horticulture
• Indoor gardening
• Food production

Based on Geography

• North America (U.S. & Canada) LED Grow Light Market {Market Share (%), Market Size(USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) LED Grow Light Market {Market Share (%), Market Size(USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) LED Grow Light Market {Market Share (%), Market Size(USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) LED Grow Light Market {Market Share (%), Market Size(USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) LED Grow Light Market {Market Share (%), Market Size(USD Billion)}

On the basis of application, food production sector held the highest market share of 47.8% in 2016 due to increasing population and increase in demand for food. Countries such as India, China, Japan etc. are investing more and more in the LED grow lights while conventional farming in on decline. According to the United Nations, the world population is expected to reach 9.7 billion in 2050 and around 66.0% will be living in the urban areas that tend to raise the demand of food.

Global LED grow light market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global LED grow light market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global LED grow light market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global LED Grow Light market report comprises of the following companies as the key players: Philips, Osram, General Electric, Easy Agricultural, Illumitex, Fionia Lighting, Lumigrow, Kind LED Grow Lights, California LightWorks, Spectrum King Grow Lights and Valoya.

Other high-flying vendors in the market are: Weshine, Apollo Horticulture, Kessil, Cidly, Heliospectra AB, LEDHYDROPONICS, Ohmax Optoelectronic and Zhicheng.

LED Grow Light Market Trends, Driver, and Challenges

According to our global market study on the basis of extensive primary and secondary research:  “One of the major trends in the global LED grow light market is the non-visible light spectrum such as the use of UVs or IR LEDs. Non-visible LEDs will penetrate in the industries such as the biometrics, biomedical and agricultural industries. Though access to the technological components that support non-visible LED lights is still not readily available to most manufacturers.”

According to the report, major driving factor for LED grow light market is the increasing investment by the government for green house technology such as LEDs and banning on the usage of incandescent bulbs. The European and US government has phase out halogen lamps and is focusing only on the LED light production.

Further, the report states the major challenge is that LED grow lights is still in its infancy stage i.e. in few areas LEDs are still unknown and people are not aware of their usage. In addition, LEDs are expensive as compared to HPS or MH grow light. In the initial stage the investment is more in LEDs so as to pay less, later in electricity and lamp replacements.

Based on geography, Asia Pacific dominated the global LED grow light market with a market share of more than 38.02% in 2016 and it is expected to maintain its dominance over the forecast period owing to the increase in the population. With the growing electronic industry in the countries such as China and India, many major manufacturers are attracted due to cheap and skilled labor. Whereas, North America is expected to grow with a market share of 26.9% due to increasing government initiatives and directives, long life and low energy consumption, and efficient and robust design of LED for better productivity.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this LED Grow Light Market Report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the revenue of LED grow light market in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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