Global LED Grow Light Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global LED grow light market in its upcoming report titled, “Global LED Grow Light Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2027”. The global LED grow light   market is estimated to register a CAGR of X.X% in terms of value during forecast period 2017–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global LED grow light   market report has been segmented on the basis of spectrum, technology, application, and region.

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This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Grow lights also known as plant lights that are commonly electrically powered lights and help to stimulate growth of plants by providing them light required for photosynthesis. LED grow lights are used where there is not enough sunlight or in indoor farming. They provide light spectrum that is similar to light spectrum of the sun. Special type of spectrum, colors, temperatures of LED grow lights are used in various stages of plant growth.  Currently, LED glow lights are used for industrial purposes, as well as household purposes.

Increasing adoption of alternate farming techniques and growing popularity of indoor farming are major factors driving growth of the LED grow light market.  Rising concerns regarding high energy consumption has resulted into increased use of LED lights is a key factor fueling growth of the global market. In addition, government initiatives regarding saving electricity by encouraging use of LED lights is also a factor propelling growth of the market. In addition, booming global population, increasing urbanization which is leading to increased demand for food, and limited availability of arable land is also expected to drive the market for innovative farming techniques, thereby supporting growth of the global LED grow light market in the coming years.

However, high cost of glow lights and requirement of different light spectrums for growth of plants are major factors expected to hamper growth of the global LED grow light market. Nonetheless, development of cost-effective LED grow lights and further development in spectrums of glow lights can create high revenue opportunities for target players in the market.

The market in Europe accounts for largest market share in terms of revenue and is expected to maintain its dominance over the forecast period, owing to changing weather conditions and presence of less fertile land in the region, which is expected to give rise to indoor faming in the region.  The market in North America is expected to account for second-highest share in the market in terms of revenue over the forecast period, owing to presence of key players in the region especially in the US. The market in Asia Pacific is expected to show a significant growth, owing to increasing adoption of new farming technologies especially in developing economies.

Global LED Grow Light Market Segmentation:

Segmentation by spectrum:

• Full Spectrum
• Partial Spectrum

Segmentation by technology:

• Light Emitting Diode (LED)
• High Intensity Discharge (HID)
• Fluorescent Lighting
• Lighting emitting plasma (LEP)

Segmentation by application:

• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Others (Research and Turf and Landscaping, etc.)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa