Market Research Future (MRFR) estimates the global LED grow light market to reach USD 2.01 billion at a CAGR of 26.45% from 2019 to 2025 (forecast period).
The global LED grow light industry has been segmented based on installation type, product, spectrum, and application.
By installation type, the global LED grow light market has been segmented into retrofit and new. The retrofit installation segment is expected to lead the market during the forecast period. The retrofit process includes removing an existing grow light and installing a new one. However, the new installation segment is projected to register the highest CAGR due to the rapid growth in the indoor vertical farms.
By product, the global LED grow light market has been divided into >100 W, <100 W to >300 W, <300 W to >1000W, and <1000W. The <100 W to >300 W segment is projected to dominate the market during the review period. Nevertheless, the <300 W to >1000W segment is anticipated to register the highest CAGR.
By spectrum, the global LED grow light market has been divided into partial and full segments. The spectral outputs from the grow light are used to simulate outdoor circumstances. The light spectrum necessity depends on the type of plant being cultivated and the stage of cultivation. Worldwide, the full spectrum LED segment is seeing the highest adoption; it is expected to register the highest CAGR during the forecast period.
By application, the global LED grow light market has been segmented into indoor farming, greenhouse, vertical farming, turf and landscaping, and others. The vertical farming segment is anticipated to register the highest CAGR during the review period owing to the increase in the trend of controlled environment agriculture in urban regions and the changing outlook of food production. The greenhouse segment is projected to dominate the market during the forecast period.
Notable players in the Global LED Grow Light Market are Alta LED Corporation (US), General Electric Company (US), Bridgelux, Inc. (US), Cree, Inc. (US), Everlight Electronics Co. Ltd (Taiwan), Heliospectra AB (Sweden), Illumitex, Inc. (US), Osram Licht AG (Germany), Royal Philips Electronics N.V. (Netherlands), Lumigrow, Inc. (US), Gavita Holland B.V. (Netherlands), Iwasaki Electric Co., Ltd. (US), Transcend Lighting Inc. (US), Giant (Shenzhen), Illumitex Inc. (US), Science&Technology Co., Ltd (Relassy) (China), and Samsung Electronics (South Korean).