The report of global LED Grow Light market by Product (<300 Watt, >300 Watt) Installation Type (New Installation, Retrofit), Spectrum (Partial Spectrum, Full Spectrum), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf and Landscaping, Research, Others), and Region (Asia Pacific, North America, Europe, Latin America, and Middle East Africa) is expected to reach US$ XX Mn by 2027, at a CAGR of 25% during a forecast period.

LED grow light is an electric lighting device, which is intended to stimulate plant development by emitting a light appropriate for photosynthesis. The global LED grow light market is driven by the rising trend of indoor farming, government regulations favoring the growth of LED technology, and the need for energy-efficient and long-lasting lighting technology. However, purchasing good quality LED grow lights can be very costly for growers are restraining the market growth at the global level. Retrofitting of conventional lighting technologies with LED grow lights and the emergence of vertical farms in urban areas are expected to create beneficial opportunities for the key player in the market during the forecast period. The absence of standard testing practices for assessing the quality of LED products are the major challenge for the LED Grow Light market in the near future.

Commercial greenhouse segment is expected to grow at the highest XX% CAGR during the forecast period.

Commercial greenhouse segment is expected to witness growth rate of XX% during the forecast period. The need for energy-efficient light and long-lasting technology augmented the usage of LED grow light in the commercial greenhouse application. LEDs have a long life of 50,000 hours, while incandescent lamps can work for only 2,000 hours. LEDs can last for nearly 8–10 years assuming 14–18 hours of daily use. LEDs consume XX% and XX% lesser electricity as compared to fluorescent lamps and incandescent lights, therefore, LED grow light market is growing in urban farming.

The Europe dominated the LED Grow Light market in 2019

In 2019, Europe held the XX% share of the LED grow light market and is expected to maintain its dominance during the forecast period. Europe is a prominent exporter of horticultural food grown within automated commercial greenhouses. Moreover, the extremely cold weather conditions have led to extensive adoption of indoor horticulture in this region. North America held the second-largest market share of XX% in 2019 and is estimated to reach US$ XX Mn by the end of 2027, with a CAGR of XX%. Owing to the high presence of market players, the easy availability of proficient technical expertise, and a growing market for cannabis farming in the region. The market in the Asia Pacific is expected to grow at a high CAGR of XX% during the forecast period.

Key players operating the global LED grow light market are Alta LED Corporation, Bridgelux, Inc., Cree, Inc., Everlight Electronics Co. Ltd., General Electric Company, Heliospectra AB, Illumitex, Inc., Lumigrow, Inc., Osram Licht AG, Royal Philips Electronics N.V., Gavita Holland B.V., Transcend Lighting Inc., Iwasaki Electric Co., Ltd., Giant, Science & Technology Co., Ltd, and Samsung Electronics.

Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global LED Grow Light Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global LED Grow Light Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global LED Grow Light Market positioning of competitors.

Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global LED Grow Light Market”.

https://www.maximizemarketresearch.com/market-report/global-led-grow-light-market/64142/

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