iCrowdNewswire Jan 14, 2021 10:08 AM ET
Market Research Future published a research report on “LED Grow Light Market Research Report – Global Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025
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.
The prominent players in the Global LED Grow Light Industry are Alta LED Corporation (US), Bridgelux, Inc. (US), Cree, Inc. (US), Everlight Electronics Co. Ltd (Taiwan), General Electric Company (US), Heliospectra AB (Sweden), Illumitex, Inc. (US), Lumigrow, Inc. (US), Osram Licht AG (Germany), Royal Philips Electronics N.V. (Netherlands), Gavita Holland B.V. (Netherlands), Transcend Lighting Inc. (US), Iwasaki Electric Co., Ltd (US), and Giant (Shenzhen) Science&Technology Co.,Ltd (Relassy) (China), and Samsung Electronics (South Korea).
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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 product, the LED Grow Light market has been categorized as >100 W, <100 W to >300 W, <300 W to >1000W, and <1000W. The <100 W to >300 W segment dominated the market in 2018 owing to the wide power consumption and spectral intensity option offered by these products. However, the <300 W to >1000W segment is expected to register the highest CAGR during the forecast period from 2019 to 2025.
Based on spectrum, the LED Grow Light 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 LED Grow Light 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.
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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