The increasing popularity of the commercial greenhouse for plant cultivation and the growing awareness regarding the remarkable advantages offered by LED grow lights are the two major factors that are surging the demand of the market over the coming years.
The significant factors boosting the growth of the LED grow lights market includes the emerging trend towards the indoor farming methods and the growing popularity of commercial greenhouse for plant cultivation over the coming years. With the changing weather conditions, it has become mandatory for the farmers to opt for the indoor farming techniques to avoid extreme temperatures and to keep away plants from insects and pests. Additionally, the increasing awareness regarding the exceptional advantages offered by LED grow lights is another factor that is responsible for the expansion of the LED grow light market size.
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The government of various developing economies such as India are launching numerous initiatives to support the usage of LED lights in order to save energy. For instance, in 2015 India’s PM Narender Modi initiated the launch of a National Program for the distribution of LED lights at a lower price. Several multinational giants are focusing on collaborating with the end-user to increase their share in the LED grow lights market. For example, Royal Philips successfully partnered with Green Sense Farms (GSF) to develop an indoor commercial farms using LED grow lights according to the specific crops. The growing collaboration in the market will complement the increasing demand of the global LED grow lights over the coming years. On the other hand, the easy availability of alternative glow lights and the high cost of LED grow light will hamper the growth of the global LED grow lights market during the forecast period.
On the basis of the spectrum, the full spectrum segment exhibits substantial growth potential and is expected to gain traction over the forecast period. This is due to the strong demand for spectrum light with an option to adjust the light intensity. The full spectrum lights not only offer the light intensity option but are also relatively smaller in size and produces low heat output, which will attract a large number of farmers to opt for full spectrum LED grow lights over the coming years.
Based on the product, the <300 W TO >100 W segment is predicted to witness considerable growth in the next six years. This is due to the increasing awareness regarding the benefits offered by these high power LED grow lights among the farmers. The farmers have significantly shifted towards the usage of these LED grow lights owing to its high watt capability, which helps in enhancing the productivity of the plants.
On the basis of the application, the vertical farming segment is expected to maintain its dominance over the forecast period owing to the rising cases of unpredictable environmental changes. With the changes in the environment, especially in the winter season, the day-light hours eventually decline, thereby encouraging the farmers to opt for LED grow lights in order to extend the day or to complement natural sunlight in the greenhouse. Moreover, the full functionality and power control of various colored LEDs grow light allows the farmer to control the plant’s growth behavior.
On the basis of the region, the European region is expected to lead the LED grow lights market in the next six years. The strong demand for LED grow lights from the farming sectors, especially in the United Kingdom, is the key driver that is surging the demand of the market in this region. The continuous advancement in the farming technologies and the expanding popularity of hydroponics among the agriculturalists will have a positive impact on the growing demand of the LED grow light market over the coming years. Moreover, the changing weather conditions and the presence of less fertile land in this region is encouraging the farmers to opt for indoor farming, thereby accelerating the demand of the market.
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The key players of the LED grow light market include Koninklijke Philips N.V., Everlight Electronics Co., Ltd., OSRAM Opto Semiconductors GmbH., GNUK LTD., ALTA LED Corporation, Bridgelux, Inc., Cree, Inc., Heliospectra AB, Illumitex, and LumiGrow, among others.
The research report on the LED grow light market provides an in-depth analysis of the market revenue based on installation type, product, spectrum, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.