Global LED Grow Light Market Forecast 2023-2032 As Per The Business Research Company's LED Grow Light Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

/EIN News/ -- LONDON, May 29, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the LED Grow Light Market Report 2023 forecasts the market will grow from $2.4 billion in 2022 to $3.1 billion in 2023, at a compound annual growth rate (CAGR) of more than 25%. Further, the LED grow light market will reach $7.7 billion by 2027, with a CAGR of more than 25%. In terms of regional market dominance, Asia-Pacific held the largest share in the LED grow light market in 2022.

One of the key drivers for the growth of the LED grow light industry is the increasing adoption of indoor farming. Indoor farming involves agricultural practices conducted in enclosed spaces with limited or no natural sunlight. LED grow lights play a crucial role in enabling photosynthesis in indoor plants by providing a specific light spectrum tailored to achieve various objectives, such as anthocyanin accumulation, flowering inhibition, and enhanced rooting.

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Major LED grow light manufacturers are Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co. Ltd., Senmatic A/S, and LED Hydroponic Ltd.

Product innovation is a key trend in the LED grow light market, with major companies introducing novel solutions to maintain their market position.

For example, Light Science Technologies, a UK-based developer of controlled environment agriculture products, launched nurturGrow LED grow lights in July 2021. This innovative and sustainable product incorporates reusable components, enabling indoor growers to easily upgrade and reduce lighting costs. With a variable length of up to 2.78 meters, nurturGrow boasts the longest luminaire in the market.

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The global LED grow light market is segmented as -

1) By Spectrum: Narrow, Broad

2) By Wattage: Low Power (<100 W), Medium Power (100–300 W), High Power (>300 W)

3) By Installation Type: New Installation, Retrofit

4) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf And Landscaping, Research, Other Applications

The LED grow light market report provides a comprehensive analysis of the global LED grow light market, taking into account its size, projected growth, key drivers and major players. Additionally, the report presents regional analysis, market segmentation, and future prospects for the LED grow light market. By examining the market trends and factors influencing its development, this report offers valuable insights for businesses, investors, and stakeholders aiming to make informed decisions in the industry.

LED Grow Light Global Market Report 2023 by The Business Research Company provides insights on the LED grow light market size, LED grow light market segments, LED grow light market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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