New York , Oct. 24, 2023 (GLOBE NEWSWIRE) -- The global led grow lights market size is projected to grow at a CAGR of over 29.93% from 2023 to 2035. The market is expected to garner a revenue of USD 94 billion by the end of 2035, up from a revenue of USD 4 billion in the year 2022. It is driven by the energy efficiency and cost savings offered by LED grow lights compared to traditional lighting systems that drive the growth of the LED grow lights market. LED grow lights consume significantly less energy than traditional lighting systems, which can result in substantial cost savings for growers over time. Compared to traditional lighting options like high-pressure sodium (HPS) bulbs, LED grow lights use up to 50% less energy to produce the same amount of light. This not only reduces electricity costs but also helps to minimize the environmental impact of indoor farming operations. Additionally, LED grow lights have longer lifespans than traditional lighting systems, which can reduce maintenance costs and improve overall ROI.
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Led Grow Lights Market: Key Takeaways
- Market in Europe to propel highest growth
- LED segment to garner the highest growth
- Market in North America to grow at a significant rate
Advancements in LED Technology to Boost Market Growth
LED technology has rapidly advanced in recent years, leading to significant improvements in the performance and efficiency of LED grow lights. These advancements have played a key role in driving the growth of the LED grow lights market. One major advancement is the development of high-efficiency LED chips that produce more light per watt of energy consumed. This has led to significant energy savings for growers and reduced operating costs. Additionally, these high-efficiency LEDs produce less heat, reducing the need for cooling systems and further lowering energy consumption. Another key advancement is the development of LED grow lights with adjustable spectra. These lights allow growers to adjust the light spectrum to meet the specific needs of different plant species and growth stages. This flexibility has led to improved plant growth and yield, as well as more efficient use of energy. Further, advancements in LED driver technology have enabled growers to achieve greater control over their lighting systems. LED drivers allow growers to adjust the intensity and duration of light output, providing greater precision and control over plant growth and development.
Led Grow Lights Market: Regional Overview
The global led grow lights market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Increasing Demand For High-Quality Agricultural Products to Drive the Growth in the Asia Pacific Region
The LED grow lights market in the Europe region is estimated to garner the largest revenue by the end of 2035. This is primarily due to the increasing demand for high-quality agricultural products and the rising awareness about the energy-efficient and cost-effective nature of LED lighting solutions in the region. Additionally, the growing demand for horticulture lighting and the growing demand for vertical farming in the region are also contributing to the market growth. It is noted that Europe has emerged as the leading hub for horticulture LED lighting systems accounting for a significant 42% of global production in this sector. This growth can be attributed to the fact that the European region is home to a large number of greenhouses and indoor farms. Additionally, the region has a strong research and development infrastructure, which allows companies to develop new and innovative products to meet the ever-changing demands of the market.
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High Concentration Of Greenhouse Farms to Drive Growth in the North American Region
The North America-led grow lights market is estimated to garner the largest revenue by the end of 2035. This is likely because North America has the highest concentration of greenhouses and is the most profitable region for greenhouse farming. Research suggests that there are over 8,700 greenhouse vegetable farms, in the USA. In the United States, 150 greenhouse farms cultivate a range of produce including vegetables, fruits, flowers, and livestock. Additionally, the region has the highest number of grow lights and is a leader in the research and development of LED lighting technology. This has enabled growers to increase yields, reduce energy costs, and extend the growing season.
Led Grow Lights Segmentation by Technology
- LED
- Fluorescent
- Plasma
- High Intensity Discharge
The LED segment is anticipated to hold the largest revenue by the end of 2035. LED lights are more energy efficient than traditional lighting sources, such as incandescent bulbs, and they require less energy to produce the same amount of light. As a result, they are becoming a more popular choice for commercial and residential lighting applications. LEDs have a longer lifespan compared to incandescent bulbs lasting up to 26 times more. It is anticipated that by the year 2030 LEDs will account for much, as 88% of all lighting sources. Furthermore, it has been observed that 52% of commercial buildings currently employ lighting controls as of the year 2018. Additionally, LED lights are more durable and last longer than traditional lighting sources, making them a more cost-effective option for many applications.
Led Grow Lights Segmentation by Application
- Commercial Greenhouse
- Vertical Farming
- Indoor Farming
The vertical farming segment is anticipated to hold the largest revenue by the end of 2035. The rising demand for organic foods, the need for sustainable farming practices, and the growing urbanization are all factors that are expected to drive the growth of the vertical farming segment in the Led Grow Lights market over the next 15 years. The vertical farming industry has experienced a growth rate of over 25% and is projected to continue growing from 2018 to 2024. Japan has emerged as a leader in farming boasting around 200 large-scale factories known as "farming, as manufacturing." Vertical farming is seen as an attractive option for countries with limited land space, such as China, Japan, and others. Additionally, it is a more efficient use of land and resources, making it an attractive option for countries looking to reduce their carbon footprint. The use of greenhouses and grow lights further enhances the efficiency of the process, which drives the growth of the segment.
Led Grow Lights Segmentation by Installation Type
- New Installation
- Retrofit
Led Grow Lights Segmentation by Wattage
- 300 Watts
- 300 Watts
Led Grow Lights Segmentation by Spectrum
- Partial Spectrum
- Full Spectrum
A few of the well-known market leaders in the global led grow lights market that are profiled by Research Nester are Gavita International B.V., Smart Global Holdings, Inc., EVERLIGHT ELECTRONICS CO., LTD, Savant Systems, Inc, Bridgelux, Inc., OSRAM GmbH, Heliospectra AB, Black Dog LED, WOLFSPEED, INC., Samsung Electronics, and other key market players.
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Recent Development in the Market
- Heliospectra AB has recently revealed their plans to broaden their range of LED lighting solutions by introducing the ELIXIA 600W high voltage fully adjustable spectrum light. This innovative lighting system is designed for indoor or greenhouse horticulture applications.
- Meanwhile OSRAM GmbH has announced their latest offering the Phytofy RL led grow light system. This cutting-edge system has been developed to cater to the needs of researchers in private institutes, universities, and plant production facilities, in vertical farms.
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