LED Grow Light Global Market Report 2024

The led grow light market size has grown exponentially in recent years. It will grow from $3.1 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth observed in the historical period can be attributed to various factors, including cost reduction and increased availability of LED grow lights, investments in research and education, regulatory support and incentives, trends in urban agriculture, and a focus on optimizing crop yields through advanced lighting technologies.

The led grow light market size is expected to see exponential growth in the next few years. It will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The anticipated growth in the forecast period can be attributed to factors such as increasing consumer awareness and demand, market globalization, the emergence of new crops, ongoing investments in research and development, a shift towards sustainable agriculture practices, and the expansion of indoor farming initiatives. Key trends expected in the forecast period include market diversification, the implementation of customized spectral control in LED grow lights, the adoption of modular and flexible designs, advancements in efficiency, the uptake of smart lighting solutions, and a growing focus on vertical farming and urban agriculture.

The LED grow lights market is poised for growth, driven by the expanding trend of indoor farming. Indoor farming, conducted in enclosed spaces with limited sunlight, relies on LED grow lights to facilitate photosynthesis with specific spectra tailored for goals such as anthocyanin accumulation, flowering inhibition, and enhanced rooting. A survey by Artemis in June 2021 revealed that 73% of indoor farming enterprises in the US, comprising 205 horticulture facilities, planned significant expansion in the next five years. The projected expansion, totaling 544 acres, indicated a substantial demand for LED grow lights, highlighting the symbiotic growth of indoor farming and the LED grow lights market.

The LED grow lights market is expected to experience growth due to the increasing prevalence of gardening activities. Gardening encompasses various tasks involved in cultivating and caring for plants in outdoor spaces. LED grow lights play a vital role in gardening by providing the necessary light spectrum for seed germination and year-round cultivation. The National Gardening Association's 2023 Highlights reported that the average household spent $616 on lawn and gardening-related activities in 2022, indicating a widespread participation rate of 80%. This rise of garden activities is contributing to the increased demand for LED grow lights.

A prominent trend in the LED grow lights market is the focus on product innovations. Leading companies are introducing sustainable LED grow lights such as the 'nurturGrow,' with 85% reusable components, showcasing a commitment to innovation and sustainability. For example, Light Science Technologies launched nurturGrow in July 2021, offering a variable length of up to 2.78 m, making it the longest luminaire in the market. This innovation addresses the need for cost-effective and environmentally conscious solutions in the LED grow lights market.

Major players in the LED grow lights market are leveraging innovation to introduce advanced horticulture LED grow lights. These lights incorporate cutting-edge technology to optimize plant growth and increase crop yield in controlled environments. Polymatech Electronics Private Limited introduced RavayeTM in November 2023, a next-generation horticulture LED grow light designed for vertical farming, hydroponics, and horticulture applications. RavayeTM provides a full-spectrum lighting solution, promoting healthier plant growth, accelerating photosynthesis, enhancing plant immunity, and increasing nutritional value.

In January 2022, Scotts Miracle-Gro Company made a strategic move by acquiring Luxx Lighting, a developer of high-performance grow lights. This acquisition aligns with the company's strategy to enhance offerings for commercial cannabis cultivators, demonstrating the growing importance of advanced lighting solutions in the LED grow lights market.

Major companies operating in the led grow light market report are Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Ltd., Violet Gro Inc., Cidly Co Ltd., Kessil Lighting, Kind LED Grow Lights, LED Hydroponic Ltd., GSK Glaxosmithkline, Sollum Technologies, Urban Crop Solutions, Light Science Technologies Ltd., Light Extraction, Gavita International B.V., Vivosun, ams-OSRAM AG, California LightWorks, EYE Hortilux, Hortilux Schréder, Koninklijke Philips N.V., Crecer Lighting, Mars Hydro, Darkless.

Asia-Pacific was the largest region in the LED grow light market in 2023. The regions covered in the led grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the led grow light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The LED grow light market covered in this report is segmented based on the spectrum, wattage, and installation types. In terms of spectrum, it is categorized into narrow and broad. Narrow spectrum lights emit light at specific wavelengths, particularly in the red and blue ranges. The wattage is classified into low power (< 100 W), medium power (100-300 W), and high power (>300 W). The installation types include new installation and retrofit. These LED grow lights find applications in various sectors, including indoor farming, commercial greenhouses, vertical farming, turf and landscaping, research, and other related areas.

The LED grow lights market research report is one of a series of new reports that provides LED grow lights market statistics, including LED grow lights industry global market size, regional shares, competitors with a LED grow lights market share, detailed LED to grow lights market segments, market trends and opportunities and any further data you may need to thrive in the LED grow lights industry. This LED grow lights market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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