Light-emitting Diode (LED) Grow Lights Market to grow by USD 4.87 billion between 2022 – 2027 | Growth Driven by the need for energy-efficient and long-lasting grow light technology – Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ — The Light-emitting Diode (LED) Grow Lights Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the light-emitting diode (LED) grow lights market between 2022 and 2027 is USD 4.87 billion. The need for energy-efficient and long-lasting grow light technology drives the LED grow lights market. Compared to fluorescent grow lights and HPS grow lights, LED grow lights are more energy efficient. LED grow lights play an important role in commercial greenhouse management. This is because it helps improve crop quality and optimize production to meet market demand. They are also efficient and energy savers. Hence, such factors drive the growth of the LED grow lights market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge – The harmful effects of LED grow lights challenge the growth of the LED grow lights market. LED grow lights are very sensitive to the human eye and people handling indoor farms should use eye protection. Some LED grow lights emit harmful ultraviolet (UV) light and exposure to the UV spectrum can damage vision or lead to color perception problems, cataracts, and decreased night vision. Hence, such adverse effects are likely to affect demand for LED grow lights, which will impede the growth of the market during the forecast period.  Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

The light-emitting diode (LED) grow lights market is segmented by application (commercial greenhouses, vertical farming, indoor farming, and others), power rating (low power (<100 w), medium power (100-300 w), and high power (>300 w)), and geography (Europe, North America, APAC, South America, and Middle East and Africa). 

• The commercial greenhouses segment will be significant during the forecast period. LED grow lights help increase the production capacity and thus, are increasingly chosen by commercial greenhouse operators. Initially, about 25% of the total greenhouse area was fitted with LED lights on top of the Hyperion 1750, which provided over 200 micromol/s/m2 of artificial light. However, vendors like Sterling Suffolk plan to expand the LED grow lights area in the following years. This is estimated to help to produce high-yielding tomatoes year-round. Hence, such factors drive the commercial greenhouses segment of the LED grow lights market during the forecast period.
• Europe will contribute 35% to the growth of the global market during the forecast period. View Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the light-emitting diode (LED) grow lights market:

Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Valoya Oy, Signify NV, OSRAM Licht AG, SMART Global Holdings Inc.

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The LED lighting market in North America is projected to grow by USD 5.81 billion with a CAGR of 9.1% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the LED lighting market in North America segmentation by application (residential, commercial, industrial, outdoor, and others) and product (LED lamps and LED luminaires). The declining manufacturing cost of LEDs is notably driving the LED lighting market in North America’s growth.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Power Rating

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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