LED grow lights are used to stimulate growth of plants by providing certain amount of light spectrum for photosynthesis. LED grow lights provide high yield of plants in less amount of time, as it does not depend on external weather conditions for growth of plants.
Major factors driving growth of the global LED grow light market are rising adoption of innovations in alternate farming methods and increasing indoor farming. However, high cost of LED glow lights and requirement of different spectrum lights in various stages of plant growth are factors expected to hamper growth of the target market in the near future.
The global LED grow light market report has been segmented on the basis of spectrum, technology, application, and region. On the basis of spectrum, the market is segmented into full spectrum and partial spectrum. Currently, partial spectrum segment dominates the global market. Full spectrum segment is expected to dominate the global market in the near future, owing to use of full spectrum lights in every stage of plants growth.
On the basis of technology, the market is segmented into light emitting diode (LED), high intensity discharge (HID), fluorescent lighting, and lighting emitting plasma (LEP). Lighting emitting plasma segment is expected to witness lucrative growth in terms of revenue over the forecast period, owing to advantages of plasma grow lights over conventional LED grow lights.
On the basis of application, the market is segmented into indoor farming, vertical farming, commercial greenhouse, and others. Vertical farming segment is expected to dominate the global market over the forecast period, owing to increasing adoption of vertical gardening and farming.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to dominate the global market in terms of revenue over the forecast period, owing to growing adoption of alternate farming methods for horticulture and floriculture in this region. The market in Asia Pacific is expected to witness lucrative growth in terms of revenue, owing to increasing adoption of LED lights in many countries in the region.
Key players operating in the global LED grow light market include Alta Energy, Inc., Bridgelux, Inc., Cree, Inc., Everlight Electronics Co Ltd., General Electric Company, Heliospectra AB, Illumitex, Inc., Lumigrow, Inc., OSRAM Licht AG, and Koninklijke Philips N.V.