Research Nester assesses the growth and market size of global LED grow light market which is anticipated to be on account of the growing import and export of fresh foods, and increasing urbanization, along with the population
New York – March 29, 2023- Research Nester’s recent market research analysis on “LED Grow Light Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global LED grow light market in terms of market segmentation by application, installation type, technology, wattage, spectrum, and by region.
Growing Concept of Vertical Farming to Promote Global Market Share of LED Grow Light
The global LED grow light market is estimated to grow majorly on account of the growing concept of vertical farming in countries such as Japan, Netherlands, and others. Red and blue lights, according to agricultural research, are the most essential for plant growth. This is why plants in vertical farms are typically bathed in these hues. White light is also important, but strong white light, like sunlight, frequently inhibits plant growth. The exceptions are plants such as cucumbers, tomatoes, and sweet potatoes that thrive in direct sunlight. Additionally, vertical farming is genuinely sustainable, and it is anticipated that it will accelerate industry expansion in the years to come. According to the research, vertical farming uses 90% less water than other types of cultivation.
In 2019, there were 0.6 hectares of agricultural land worldwide per person, a 30 percent decrease from 1990. Owing to increased industrialization and urbanization, the amount of arable land in the major agriculturally producing nations is decreasing. Additionally, as the world's population grows, the amount of arable land available per person decreases. As a result, it is projected that the market for LED grow light would experience rapid expansion.
Some of the major growth factors and challenges that are associated with the growth of the global LED grow light market are:
Growth Drivers:
• Surging Concept of Indoor Farming
• Growing Government Initiatives for Advanced Technology
Challenges:
Compared to more conventional lighting technologies such as HID lamps, LED grow lights have a higher initial setup cost. Additionally, a single LED grow light is made up of arrays of LEDs that are tailored for a certain need. Additionally, the industry offers these LEDs at a variety of costs, which is predicted to restrain market expansion over the forecast period. Moreover, the rising concern related to the standardization of the LED grow light parts is another factor that is anticipated to hamper the growth of the global LED grow light market.
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By technology, the global LED grow light market is segmented into LED, fluorescent, plasma, and high intensity discharge. The LED segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The government's growing push to embrace energy-efficient LEDs is one of the factors that is anticipated for the segment's expansion. Moreover, it is also superior to other kinds of lights in all stages of growth. A growing urban population is also choosing LED technology, which has led to an increase in LED light sales. As a result, all of these variables are anticipated to fuel the segment's market expansion. According to the International Energy Agency, LED technology is used in the lighting industry to a greater than 50% extent.
By region, the European LED grow light market is to generate the highest revenue by the end of 2035. This growth is anticipated owing to the lack of sufficient fertile agricultural land, alternative farming is becoming more and more popular, which is largely responsible for the market's expansion in the region. In addition, grow light systems have been increasingly used for a long time in a variety of controlled agriculture applications, which is expected to further accelerate market expansion in the area. During the projection period, this is expected to increase demand for grow lights. For instance, Bayer just built a brand-new, fully automated greenhouse facility in Marana, Arizona. The US$100 million facility's main purpose will be to serve as a global hub for the design of maize-based products; this crop will be the only one grown there.
The Asia Pacific regional market is expected to increase significantly over the forecast period as genetically modified agricultural technology expands. Furthermore, several countries in this region are transitioning to energy-efficient LED lighting in order to cut energy use. LEDs would reduce greenhouse gas emissions by replacing typical incandescent light bulbs.
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This report also provides the existing competitive scenario of some of the key players of the global LED grow light market which includes company profiling of Smart Global Holdings, Inc., EVERLIGHT ELECTRONICS CO., LTD, Savant Systems, Inc, Bridgelux, Inc., OSRAM GmbH, Heliospectra AB, Black Dog LED, WOLFSPEED, INC., Samsung Electronics, and others.
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