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Agricultural LED Grow Lights Market By type Type (Dimmable, Non-dimmable), Application (Indoor & Vertical Farming, Commercial Greenhouse, Research Laboratories, Others ) and Region Analysis, 2021-2027

Format: PDF | Pages: 384 | Report ID: MRS1001


Report Description

The global Agricultural LED Grow Lights market size is estimated at USD 980.4 million in 2020, expanding at a CAGR 28.1% from 2021-2027 to reach 2,100.4 million USD in 2027.

Market Dynamics

Agricultural LED Grow Lights market is expected to witness healthy growth over the forecast period. The increasing adoption of solid-state lighting technology and controlled environmental agriculture practices are expected to fuel market growth. In addition, the increasing investment in the greenhouse, and vertical farms projects is estimated to bolster the market growth. Moreover, legalized cannabis cultivation in different regions across the world is expected to positively impact the demand for LED grow lights. The growing trend of indoor farming is boosting the demand for LED grow lights. There are several types of grow lights available in the market including LED grow lights, fluorescent grow lights, and high-pressure sodium grows lights. The LED grow lights are more energy-efficient.

The growth of urban farming is projected to spur the increased utility of LED lights. The increasing demand for fresh and nutritious vegetables has propelled the growth of the indoor farming sector which is anticipated to fuel the LED agricultural grow lights market. Further, the rising demand from the poultry industry is driving the growth of agricultural LED lights. Poultry farmers use LED grow lights for the better growth of their chickens. The chicken raised under LED grow lights are found to be producing higher quality & quantity of eggs.

North America is estimated to dominate the global market. The rising penetration of electronics and high computer networks across the region are boosting the market growth. In addition, the increasing demand from consumer devices & semiconductor applications is also contributing to market growth. Europe is projected to propel at a significant rate over the forecast period. Further. The Asia Pacific is expected to hold a significant amount of market share.

The Agricultural LED Grow Lights market is fragmented into type and application segments. Based on type, the dimmable segment is anticipated to dominate the market. By application, the indoor & vertical farming segment is projected to grow at the highest CAGR during the forecast period.

The Agricultural LED Grow Lights market is moderately competitive in nature with the presence of local & international players. Key players in the market engage in strategic mergers & acquisitions, new product development to strengthen their position in the market. For example, in 2019, Everlight Electronics Co. Ltd has announced new horticulture, UV (UVA&UVC) & general lighting products at Guangzhou International Lighting Exhibition.

The report begins with an overview of the Industry Chain, and describes the market environment, then analyses market potential and forecast of Agricultural LED Grow Lights by type, region, and application. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):

  • Signify Holding
  • General Electric Company
  • Illumitex Inc
  • Agrilight BV
  • Lumileds Holding B.V
  • LumiGrow Inc.
  • Gavita International B.V.
  • Fluence By OSRAM
  • Heliospectra AB
  • Hawthorne Gardening Company
  • Valoya

Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Dimmable
  • Non-dimmable

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Indoor & Vertical Farming
  • Commercial Greenhouse
  • Research Laboratories
  • Others

Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain, etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina, etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)

Frequently Asked Questions

The global Agricultural LED Grow Lights market size attained a value of over 640.3 million in 2021
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The market is projected to grow at over 18% CAGR during the study period.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The Agricultural LED Grow Lights market is moderately competitive in nature with the presence of local & international players. Key players in the market engage in strategic merger & acquisition, new product development to strengthen their position in the market. For example, in 2019, Everlight Electronics Co. Ltd has announced new horticulture, UV (UVA&UVC) & general lighting products at Guangzhou International Lighting Exhibition.

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