LONDON–(BUSINESS WIRE)–Technavio has been monitoring the global LED grow lights market since 2019 and the market is poised to grow by USD 3.53 billion during 2020-2024, progressing at a CAGR of more than 25% during the forecast period. Request free sample pages
Read the 135-page report with TOC on “Light Emitting Diode (LED) Grow Lights Market Analysis Report by Application (Commercial greenhouses, Vertical farming, and Others), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024.”
The market is driven by the growth in indoor farming. In addition, the use of artificial intelligence in LED grow lights is anticipated to boost the growth of the LED grow lights market.
Indoor farming is best suited for growing a wide range of crops. The technique provides optimum growing conditions and is not affected by seasons. Owing to such advantages, commercial growers are increasing their focus on indoor farming. In addition, growing scarcity of arable land, rapid industrial development and urbanization, and rising demand for food have increased the need for indoor farming. With growing adoption of indoor farming, the demand for LED grow lights will increase significantly during the forecast period.
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Major Five LED Grow Light Companies:
Advanced LED Grow Lights
Advanced LED Grow Lights operates the business across various segments such as LED grow lights, Accessories, and Grow tents and kits. The company offers a wide range of LED grow lights. Some of the key offerings of the company include ARC Series 2.0 LED grow lights and Diamond Series XML 2.0.
Cree Inc.
Cree Inc. operates the business across segments such as Wolfspeed and LED Products. The company offers a wide range of LED grow lights. Some of the products offered by the company include XLamp XP-G3 and XLamp XP-G2.
General Electric Co.
General Electric Co. operates the business across various segments such as Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, and Lighting. The company offers a wide range of LED grow lights. Some of the products offered by the company include BR-30, PAR-38, Linear tubes, and Fixtures.
GNUK Ltd.
GNUK Ltd. operates the business across segments such as Horticulture and Biomanufacturing. The company offers a wide range of LED grow lights. Some of the products offered by the company include Telos 0006, Telos 0008, and Telos 0010.
Heliospectra AB
Heliospectra AB operates the business across segments such as Intelligent LED lightings, helioCORE light control system, and helioCARE technical services. The company offers a wide range of LED grow lights. ELIXIA series, EOS series, DYNA series, and SIERA series are some of the products offered by the company.
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Light-Emitting Diode (LED) Grow Lights Application Outlook (Revenue, USD Billion, 2020 – 2024)
- Commercial green houses
- Vertical farming
- Others
Light-Emitting Diode (LED) Grow Lights Regional Outlook (Revenue, USD Billion, 2020 – 2024)
- APAC
- Europe
- MEA
- North America
- South America
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