LED grow lights are the type of energy efficient lights that are used by indoor growers. As compared to other types of lighting, LED grow lights are the cooler, cost-effective and affordable in long run. Further, LED grow lights are capable of greater light intensity than fluorescent bulbs and are available in full as well as partial spectrum form.
LED grow lights are utilized in various applications which include hydroponics, indoor and greenhouse cultivation etc. owing to its advantages which include financial savings, environmental friendly aspects, quicker harvest cycles and high yields, etc. LED grow lights are comparatively expensive as compared to its counterparts available in the market, however they have longer life time and also saves the energy. LED grow lights are preferred for larger quantities as they can achieve higher light intensity.
Global LED Grow Lights Market: Segmentation
The global LED Grow Lights market can be segmented on the basis of spectrum type, power output, and application
Based on the spectrum type, the global LED grow lights market can be segmented into,
Based on the power output, the global LED grow lights market can be segmented into,
- Low Power (0-100 Watts)
- Medium Power (100 Watts-300 Watts)
- High Power (More than 300 Watts)
Based on the application, the global LED grow lights market can be segmented into,
- Indoor Farming
- Landscaping & Turf
- Commercial Greenhouse
- Vertical Farming
Global LED Grow Lights Market: Dynamics
Growing trend towards the indoor farming methods and rising popularity of commercial greenhouse for plant cultivation are found to be the key factors boosting the growth of LED grow lights market. Further governmental initiatives and incentives are anticipated to support the adoption of LED grow lights, propelling the market growth
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Availability of alternative glow lights in the market is anticipated to affect the growth of LED grow lights market over the near future. There are various types of grow lights available in the market which include HID, Fluorescent, Induction, plasma, etc.
Prominent manufacturers involved in the LED grow lights have found to be involved in the collaboration activities with the end-users in order to enhance their share in the market. For instance, Philips and Green Sense Farms (GSF) have made partnership to develop indoor commercial farms using LED grow light
Global LED Grow Lights Market: Regional Outlook
Considering regions, the global LED grow lights is expected to be dominated by Europe, owing to the strong demand from the farming sector in the United Kingdom. Europe is anticipated to be followed by North America in the global LED grow lights market. North America in the global LED grow lights market is anticipated to be followed by Asia-Pacific region. Continuous advancements in the farming technologies and growing popularity of hydroponics among the agriculturalists are one of the key factors assisting fuelling the demand for LED grow lights in developing countries of Asia-Pacific. Latin America and Middle East & Africa are expected to account for small share in the market, however impending food crisis in South African countries, is expected to stimulate the demand for CEA practices and vertical farming, thereby propelling the adoption of LED grow lights in the region
Global LED Grow Lights Market: Market Participants
Some of the key players involved in the global LED Grow Lights market include Koninklijke Philips N.V., EVERLIGHT ELECTRONICS CO., LTD., OSRAM Opto Semiconductors GmbH, GNUK LTD., ALTA LED Corporation, Bridgelux, Inc., Cree, Inc., Illumitex, Inc., Heliospectra AB, LumiGrow, TruLite, General Electric Company and others
Key companies involved in the global LED grow lights market are continuously focussing on research & development activities along with the supply contracts with the end-users in order to enhance their presence in the market across the globe
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The global LED grow lights market is anticipated to be one of the most fragmented market in nature owing to the presence of large number of regional as well as local players in the market across the globe.