The global LED Grow Light market is anticipated to grow at a significant CAGR of around 28.2% during the forecast period. The rising number of plant factories need for sustainable development, and the rise in urban agriculture are major factors that are attributed to driving the market growth. Moreover, many people in urban areas are inclined towards growing indoor plants for fresh and nutritious vegetables and floral arrangements, fragrant herbs. . Apart from these, the benefits associated with LED grow lights such as high efficiency, longer lifespan, cooler temperature, lower HVAC costs, proximity to plants, and others makes them suitable option for growing indoor plantation. In February 2022, Orphek launched OR3 LED Grow Light Bars. Itoffers the most effective spectrum for photosynthesis, excelling in promoting growth, development, and photomorphogenesis control of plants. These lights are specially designed for indoor/Urban/Vertical farming, Green walls, Hydroponic cultivation, Growth chambers, Greenhouses, and Sustainable agriculture.
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The LED technology extends beyond its core energy-saving nature. Material science breakthroughs have led to the development of LEDs with a broader color spectrum, enabling precise control over the emitted light. This translates to superior color rendering, making objects appear more natural under LED illumination. Furthermore, ongoing refinements in LED chip design and phosphor conversion have yielded significant gains in light output and conversion efficiency. Brighter LEDs that consume even less energy are the result, further bolstering their economic and environmental credentials. For instance, in April 2023, Philips launched a new LED lighting solution. These lights consume only 4.5 watts of electricity, which is almost half that of some of the more well-liked LED bulbs on the market today.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global LED Grow Light Market Report Segment
By Installation Type
- New
- Retrofit
By Spectrum
- Full
- Partial
By Application
- Indoor Farming
- Vertical Farming
- Turf & Landscaping
- Commercial Greenhouse
- Others
Global LED Grow Light Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global LED Grow Light market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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