LED Grow Light Market Global Development, Demand, Growth Analysis, Key Findings

Posted by Market Research Future on March 2nd, 2020

According to Market Research Future, the market for the global LED grow lights has been segmented on the basis of installation type, product, spectrum, application, and region.

LED grow light is an electric lamp that emits electromagnetic waves and uses LED technology for illumination. These are widely used for accelerating plant growth in locations with adverse weather conditions. Growing adoption of indoor farming, government initiatives to promote energy-efficient LEDs, and increasing need for energy-efficient grow light technology are the key factors driving the LED grow light market. However, the high cost of LED grow lights, and lack of standard testing practices for assessing the product quality of grow lights are expected to restrain market growth during the forecast period.

Based on installation type, the market has been categorized as retrofit and new segments. The retrofit installation segment is projected to account for the largest share during the review period; however, the new installation segment is expected to register the highest CAGR during the forecast period. The ban on the use of incandescent bulbs by governments across the globe is expected to drive the market for retrofit installation.

Based on spectrum, the market has been categorized as partial and full. The partial spectrum segment is expected to dominate the review period whereas the full spectrum segment is expected to register the highest CAGR during the forecast period

Based on application, the market has been segmented into indoor farming, greenhouse, vertical farming, turf and landscaping, and others. The greenhouse segment is expected to dominate the LED grow light market during the forecast period owing to the growing adoption of controlled environment agriculture to maintain optimum growing conditions and obtain a higher yield.

Regional Analysis

The global LED grow light market has been segmented by region, into North America, Europe, Asia-Pacific, and the rest of the world.

Europe, followed by North America, is expected to be the largest market in the forecast period owing to the high concentration of market players and easy availability of proficient technical expertise. Also, the rise in government initiatives to promote indoor farming and the adoption of energy-efficient lighting technologies further drive the growth of the LED grow light market. However, the market in Asia-Pacific is expected to register a significant CAGR during the forecast period.

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