Market Research Future (MRFR) estimates the global LED grow light market to reach USD 2.01 billion at a CAGR of 26.45% from 2019 to 2025 (forecast period).
An LED grow light is a type of electric lighting that is used to stimulate plant growth by generating light that is suitable for photosynthesis. This device functions as an artificial light source, which is extensively used by agriculturalists to replace naturally occurring light. LED grow lights provide several advantages, including higher energy efficiency, minimal heat emission, and no need for a ballast. These lights are commonly used in vertical and indoor farming, as well as commercial greenhouses. However, the necessity for varied light spectrums for different crops, as well as the high cost of these lights, may limit their use in the coming years.
COVID-19 Impact on the Global LED Grow Light Market
COVID-19 is an unparalleled public health emergency that has affected practically every industry, and the long-term repercussions are expected to impact industrial growth during the forecast period.
The global LED grow light industry has been segmented based on installation type, product, spectrum, and application.
By installation type, the global LED grow light market has been segmented into retrofit and new. The retrofit installation segment is expected to lead the market during the forecast period. The retrofit process includes removing an existing grow light and installing a new one. However, the new installation segment is projected to register the highest CAGR due to the rapid growth in the indoor vertical farms.
By product, the global LED grow light market has been divided into 100 W, 100 W to 300 W, 300 W to 1000W, and 1000W. The 100 W to 300 W segment is projected to dominate the market during the review period. Nevertheless, the 300 W to 1000W segment is anticipated to register the highest CAGR.
By spectrum, the global LED grow light market has been divided into partial and full segments. The spectral outputs from the grow light are used to simulate outdoor circumstances. The light spectrum necessity depends on the type of plant being cultivated and the stage of cultivation. Worldwide, the full spectrum LED segment is seeing the highest adoption; it is expected to register the highest CAGR during the forecast period.
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