Global LED grow light industry by 2030 – cannabis legalization offers opportunities – ResearchAndMarkets.com

DUBLIN – (BUSINESS WIRE) – The report “LED Grow Lights Market by Watts, Spectrum, Installation Type and Application: Global Opportunity Analysis and Industry Forecast 2021-2030” has been added ResearchAndMarkets.com to offer.

The global LED grow light market size was estimated at $ 1.28 billion in 2020 and is projected to reach $ 12.32 billion by 2030, which has a CAGR of 28.2% from 2021 to 2030 photosynthesis and let Plants grow with little or no sunlight. This makes it ideal for all types of indoor plants and as additional lighting for outdoor and greenhouse plants.

Some of the main drivers of the LED grow light industry are the benefits it offers, such as high controllability and efficiency, as well as the increasing acceptance of vertical farming. It is estimated that these factors are driving market growth rapidly during the forecast period. However, high initial investments and a lack of standardization are a major obstacle to the growth of the LED grow light market. The conflicting legalization of cannabis creates lucrative opportunities for market growth over the forecast period.

The LED Grow Light Market is segmented by watt, spectrum, installation type, application, and region. Based on the wattage, it will turn into a low power (< 100 W), medium power (100-300 W), and high power (>300W). Based on the spectrum, the market is divided into narrow and wide. Depending on the type of installation, the market is divided into new installations and retrofits. Both the new installation and the retrofitting are further divided into remote and touch.

By application, the market is segmented into indoor farming, commercial greenhouse, vertical farming, lawn and landscaping, research, and others. By region, the market trends for LED grow lights are shown in North America (United States, Canada, and Mexico), Europe (United Kingdom, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of the Asia-Pacific region ) and LAMEA (Latin America, Middle East, and Africa).

Market dynamics

driver

  • LED grow lights are more efficient

  • LED grow lights offer a high level of controllability

  • Increase in the acceptance of vertical farming

Reluctance

  • Lack of standardization

  • High initial investment

Opportunities

Key characters

  • Black Dog Grow Technologies Inc.

  • Bridgelux Inc.

  • CreeLED Inc.

  • EVERLIGHT Electronics Co. Ltd.

  • Heliospectra AB

  • Lumigrow Inc.

  • OSRAM GmbH

  • Samsung Electronics Co. Ltd.

  • Savant Systems Inc.

  • Keep

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