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Global LED Grow Lights Market
Global LED Grow Lights Market
The GMI Research expects that the LED Grow Lights Market will notice an augmentation in demand over the forecast period. This is mainly due to their higher effectiveness, rising adoption of vertical farming, several advantages like enlarged life, compact size, and increasing implementation in research.
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Introduction of the LED Grow Lights Market
LED grow light is an energy-effective light spectrum related to the sun or depending upon the requirement of the plants being cultivated. Besides this, the light offers to impersonate outdoor conditions with different colors and temperatures. Also, these lights are brighter, economical, and appear in shapes and sizes with no requirement of height adjustment.
Key Players of Market:
· OSRAM Opto Semiconductors GmbH
· Illumitex
· Heliospectra AB
· GNUK LTD.
· Koninklijke Philips N.V.
· ALTA LED Corporation
· Everlight Electronics Co., Ltd.
· Cree, Inc.
· Bridgelux, Inc.
· LumiGrow
LED Grow Lights Market Dynamics
The growing prominence of the commercial greenhouse method for planting and the augmenting recognition of the benefits imparted by LED grow lights are some of the factors supplementing the growth of the global LED grow light markets. Also, enormous multinational giants are focusing on merging with the end-users to expand their market share. For example, Royal Philips victoriously collaborated with Green Sense Farms (GSF) to introduce an indoor commercial farm using LED grow lights in accordance with the varying consumer demand. Thus, the accelerating number of associations in the market will contribute to the aggravating market demand.
Furthermore, with the changing weather conditions, it has become obligatory for the farmers to choose indoor farming techniques to evade acute temperature and abscond plants from insects and pests. Thus, the transpiring tendency of indoor farming has stimulated market growth. Moreover, the government across several nations are increasingly involved in encouraging the acquisition of LED Lights to preserve energy. For instance, in 2015, India's PM Narender Modi imitated a National Program to distribute LED lights at an economical price. However, the easy accessibility of substitutes and the inflated price will hamper the market growth.
Application Segment Drivers
On the basis of Application, the market is segmented into Indoor Farming, Landscaping and Turf, Commercial Greenhouse, and Vertical Farming. Amongst which, the Commercial Greenhouse is predicted to witness higher growth during the forecast period. This is because of the growing cases of unforeseen changes in the environment. Moreover, the global LED grow light market report states that with the varying environment, primarily during the winter season, the daylight hours substantially decrease, thus persuading farmers to go for LED to enlarge the day or contingent sunlight in the greenhouse. Moreover, the full serviceability, as well as the energy control of bright colored light, offers farmers a specific amount of control of the plant's growth behavior.
Regional Drivers
Based on the geographical coverage, Europe is contemplated to capture a prominent market share due to their robust demand from the agricultural sectors, especially in the United Kingdom. Additionally, the mounting number of improvements in farming technologies and the rising admiration of hydroponics among the agriculturalists will stimulate the market share. Moreover, the exceptional changes in the weather conditions and the prevalence of less productive land are responsible for the LED grow light market size.
Led Grow Lights Market Segmentation:
Segmentation by Installation Type
· Retrofit
· New
Segmentation by Product
· >100 W
· <100 W to >300 W
· <300 W to >1000W
· <1000W
Segmentation by Spectrum
· Partial
· Full
Segmentation by Application
· Indoor Farming
· Greenhouse
· Vertical Farming
· Turf and Landscaping
· Others
Segmentation by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o UAE
o Brazil
o South Africa
o Saudi Arabia
About GMI Research
The consulting and market research organization provides business perception and research reports for every enterprise. Our team of mature analysts and industry specialists helps the clients to frame strategic decisions and attain long-lasting growth. The team performs various market intelligence studies to make sure that qualitative information reaches extensive sectors such as Energy, FMCG, Healthcare, and Technology. We collect refined and in-depth information relating to different industries using both internal and external databases. The prime focus is to acknowledge our clients about competitive landscape, major factors impacting market, and market insights to succour companies stay out of the curve.
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