LED Grow Light Bar Market was valued at USD 1.2 Billion in 2022 and is projected to reach USD 3.5 Billion by 2030, growing at a CAGR of 15.0% from 2024 to 2030.
The LED grow light bar market was valued at approximately USD 2.5 billion in 2022 and is projected to reach USD 4.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 11.3% during the forecast period. This growth is driven by the increasing adoption of energy-efficient lighting solutions and the expansion of indoor farming and vertical farming operations. The rising trend towards sustainable agricultural practices and the growing need for controlled-environment agriculture (CEA) are significant factors contributing to the market's expansion. Moreover, advancements in LED technology and a decline in the cost of LED components are expected to further bolster market growth.
Opportunity analysis reveals that emerging markets in Asia-Pacific and Latin America present substantial growth potential for LED grow light bars. These regions are witnessing a rise in agricultural investments and an increase in urban agriculture practices, driven by rapid urbanization and food security concerns. Additionally, the increasing popularity of hydroponics and aquaponics in these regions creates favorable conditions for market expansion. The growing awareness of the benefits of LED lighting in enhancing crop yields and reducing energy consumption provides lucrative opportunities for market players to tap into these emerging markets and strengthen their presence globally.
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MokoLight
LumLux Corp
Shenzhen Deruikeer Intelligent Control Technology
Senmatic A/S
SunPlus LED
KaryLite Technology
BIOS Lighting
Guangzhou Vanten Technology
Shenzhen Phlizon Technology
Shenzhen Ameri Technology
Koray LED Grow Lights
GROWSPEC
SoundOff Signal
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global LED Grow Light Bar Market
Commercial Greenhouse
Indoor Growing Facility
Research
Based on Types the Market is categorized into Below types that held the largest LED Grow Light Bar market share In 2023.
＜300W
≥300W
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global LED Grow Light Bar Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global LED Grow Light Bar Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global LED Grow Light Bar Market, By Type
6. Global LED Grow Light Bar Market, By Application
7. Global LED Grow Light Bar Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global LED Grow Light Bar Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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