Global LED Grow Light Market Report 2023: Growth of Indoor Farming Fuels the Sector

DUBLIN, May 22, 2023 /PRNewswire/ -- The "LED Grow Light Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report  provides strategists, marketers and senior management with the critical information they need to assess the market.

The global LED grow light market is expected to grow from $2.47 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The LED grow light market is expected to reach $7.77 billion in 2027 at a CAGR of 25.8%.

Major players in the LED grow light market are Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Ltd., Violet Gro Inc., Cidly Co.Ltd., Kessil Lighting, Kind LED Grow Lights and LED Hydroponic Ltd.

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LED grow lights refer to specialized LED lights that facilitate photosynthesis in plants which helps plants to grow without sunlight or in very low sunlight. These lights are used for growing indoor crops.

The main led grow light market covered in this report is segmented by spectrum: narrow, broad. Narrow spectrum lights refer to lights that emit light of specific wavelengths, specifically red and blue. The various wattage includes low power (< 100 w), medium power (100-300 w)and high power (>300 w). The installation types include new installation and retrofit. These are used in various applications such as indoor farming, commercial greenhouse, vertical farming, turf and landscaping, research and other applications.

The LED grow lights market research report is one of a series of new reports that provides LED grow lights market statistics, including LED grow lights industry global market size, regional shares, competitors with a LED grow lights market share, detailed LED to grow lights market segments, market trends and opportunities and any further data you may need to thrive in the LED grow lights industry. This LED grow lights market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Product innovations are a key trend gaining popularity in the LED grow light market. Major companies in the market are introducing innovative products such as 'nurturGrow' sustainable LED grow lights to sustain their position in the market. For instance, in July 2021, Light Science Technologies, a UK-based developer of controlled environment agriculture products launched nurturGrow LED grow lights. The new product is innovative and sustainable with 85% of its components being reusable which would help indoor growers to upgrade the components very easily and save costs on lighting. The nurturGrow light has a variable length of up to 2.78 m making it the longest luminaire in the market.

In January 2022, Scotts Miracle-Gro Company, a US-based consumer of lawn, garden and pest control products acquired Luxx Lighting for an undisclosed amount. The acquisition is in line with the company's strategy to improve its offerings for commercial cannabis cultivators and improve stakeholder value. Luxx Lighting is a US-based developer of high-performance grow lights.

Asia-Pacific was the largest region in the LED grow light market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the LED grow light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The growth of indoor farming is expected to propel the growth of the LED grow lights market going forward. Indoor farming refers to farming that is done indoors such as in a building with very less or no sunlight. LED grow lights facilitate the photosynthesis process with a spectrum aimed at a specific goal such as anthocyanin accumulation, flowering inhibition and enhanced rooting of indoor plants, as a result, the growth of indoor farming increases the demand for LED grow lights.

Key Topics Covered:

1. Executive Summary

2. LED Grow Light Market Characteristics

3. LED Grow Light Market Trends And Strategies

4. LED Grow Light Market - Macro Economic Scenario
4.1. COVID-19 Impact On LED Grow Light Market
4.2. Ukraine-Russia War Impact On LED Grow Light Market
4.3. Impact Of High Inflation On LED Grow Light Market

5. LED Grow Light Market Size And Growth
5.1. Global LED Grow Light Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global LED Grow Light Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. LED Grow Light Market Segmentation
6.1. Global LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Narrow
• Broad

6.2. Global LED Grow Light Market, Segmentation By Wattage, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Low Power (< 100 W)
• Medium Power (100-300 W)
• High Power (>300 W)

6.3. Global LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• New Installation
• Retrofit

6.4. Global LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Indoor Farming
• Commercial Greenhouse
• Vertical Farming
• Turf And Landscaping
• Research
• Other Applications

7. LED Grow Light Market Regional And Country Analysis
7.1. Global LED Grow Light Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global LED Grow Light Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/k0jsv2

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