The global LED grow light market is rapidly growing at a CAGR of 28.2% during the forecasted period of 2024-2031. The growth of this market is attributed to the rising trend of indoor plantation, the cost-effectiveness of LED lights, and growing urban agriculture. With a high CAGR, multiple implementations, and innovations, market players are expected to launch new products, the market is expected to gain government support, and many big brands are expected to invest in the market. LED grow lights are the best for indoor plantations as they have longer lifespans, high efficiency, lower HVAC costs, and close plant proximity making it high growing market.
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Key Growth Factors in the Global LED Grow Light Market
- The growth of the market is driven due to the infrastructure development by big brands at the global scale for the development of LED grow lights. For instance, in August 2023, Signify opened its biggest factory for light sources and luminaires in China. In this venture, Signify will produce high-quality LED light products especially for grow lights including for the Philips brand, for China and the global market. This facility has 192 production lines, and a 200,000-square-meter area with world-class technology for the production of LED grow lights.
- The market is also driven by innovative product launches, tech-driven approaches, and creative designs introduced by the key players of the market. For instance, in June 2023, Fluence announced its latest product launch at GreenTech Amsterdam. The VYPR is the latest product of Fluence, a high-performance linear top light for greenhouse crops. These are available in the market of Europe, the Middle East and Africa region.
- Governments around the globe have been supporting the green agriculture cause and for that, they have been allotting grants to various ventures for the development of LED grow lights for indoor plantation and agriculture. For instance, in February 2022, Light Science Technologies was awarded with $6, 41,390 grant by Innovate UK for the development of its intelligent LED grow lighting cloche solution to strengthen its indoor farming proposition.
- The Middle East and Asia-Pacific market is bringing innovative solutions, collaborations, and partnerships to fulfill the food needs and reduce the imports of fresh produce by using vertical agriculture technology and infrastructure. These kinds of projects will drive the demand for LED growth lights in these markets. For instance, in December 2023, Food Tech Valley and ReFarmTM signed an agreement at COP28 to build a 900,000 sq. ft. GigaFarm. This facility will be able to grow two billion plants per year and recycle more than 50,000 tons of food waste replacing 1% of the country’s fresh produce imports. Intelligent Growth Solutions (IGS) will provide the infrastructure for the GigaFarm.
- The major concern that pushing the farmers, governments, and research facilities towards indoor planting and agriculture is climate change. The growing research and development for the growth of indoor agriculture by reducing harmful impacts on the environment is driving the market growth. For instance, in October 2023, a branch of JEM Farms, HORTECA, a new two-acre research facility in a joint venture with ecoation to present the latest green technologies, including advancements in integrated pest management (IPM) to robotics and AI. The partnership also involves the University of Windsor providing a multitude of research opportunities. This collaboration will highlight Sollum’s Smart LED Solution for sustainable agriculture.
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The global LED grow light market is highly competitive due to the availability of big brands. The major market players in the market are Bridgelux, Inc., Cree LED, Everlight Electronics Co. Ltd., Heliospectra AB, Lemnis Oreon BV, OSRAM Licht AG, Savant Systems Inc., and Signify, among others. These market players are consistently bringing new products and investments to the market. For instance, in August 2023, Soltech, the leading innovator in sustainable decor plant lighting launched their latest innovative product in an LED grow light collection called Grove™. The USP of Grove™ is that it can fit into any tiniest place and still can give an aesthetic look and proper lights to the indoor plants.
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