What is Global LED Grow light Market?
The Global LED Grow Light Market is a rapidly expanding sector in the world of horticulture and indoor farming. These specialized lights are designed to mimic the natural sunlight, providing the optimal spectrum of light for photosynthesis. They are used to enhance the growth of plants in indoor settings, where natural light may be insufficient. The market includes a variety of products, each designed for specific applications. The global market value stood at US$ 1222.2 million in 2023 and is projected to soar to US$ 3943.8 million by 2030, growing at a CAGR of 18.0% during the forecast period 2024-2030.
Hemp Growing Lamp, Fruit and Vegetable Flower Growing Lamp, Lawn Patch Light, Others in the Global LED Grow light Market:
The Global LED Grow Light Market encompasses several types of lights, including Hemp Growing Lamp, Fruit and Vegetable Flower Growing Lamp, Lawn Patch Light, and others. Each of these lights is designed to cater to specific needs. For instance, Hemp Growing Lamps are tailored to support the growth of hemp plants, providing the right spectrum of light for their unique needs. Similarly, Fruit and Vegetable Flower Growing Lamps are designed to support the growth of various fruits and vegetables in indoor settings. Lawn Patch Lights, on the other hand, are used to enhance the growth of lawn patches. Each of these products plays a crucial role in the overall market, contributing to its growth and diversity.
Commercial Greenhouse, Indoor Growing Facilities, Research and Application in the Global LED Grow light Market:
The Global LED Grow Light Market finds its applications in several areas, including Commercial Greenhouse, Indoor Growing Facilities, and Research and Application. Commercial Greenhouses are the largest consumers of these lights, accounting for about 65% of the total usage in 2020. These facilities use LED Grow Lights to enhance the growth of a variety of plants, from fruits and vegetables to flowers and ornamental plants. Indoor Growing Facilities also make use of these lights, especially in urban areas where space for traditional farming is limited. Research and Application is another significant area of application, where these lights are used in various research projects and experimental farming setups.
Global LED Grow light Market Outlook:
The future of the Global LED Grow Light Market looks promising, with a significant growth projected in the coming years. In 2023, the market was valued at US$ 1222.2 million. However, it is expected to reach a staggering US$ 3943.8 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period from 2024 to 2030. The largest share of this market is held by Commercial Greenhouses, which accounted for about 65% of the total usage in 2020. This trend is expected to continue in the future, further driving the growth of the market.
| Report Metric | Details |
| Report Name | LED Grow light Market |
| Accounted market size in 2023 | US$ 1222.2 million |
| Forecasted market size in 2030 | US$ 3943.8 million |
| CAGR | 18.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Signify, General Electric, Osram, Everlight Electronics, Gavita, Hubbell Lighting, Kessil, Cree, Illumitex, Lumigrow, Senmatic A/S, Valoya, Heliospectra AB, Cidly, Ohmax Optoelectronic, AIS LED Light, Vipple, Growray, California Lightworks, VANQ Technology, Yaham Lighting, PARUS |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
