Light-emitting Diode (LED) Grow Lights Market by Application and Geography - Forecast and Analysis 2020-2024
Global Light-emitting Diode (LED) Grow Lights Market: About this market
Technavio’s light-emitting diode (LED) grow lights market analysis considers sales from commercial greenhouses, vertical farming, and other applications. Our study also finds the sales of light-emitting diode (LED) grow lights in APAC, Europe, MEA, North America, and South America. In 2018, the commercial greenhouses segment had a significant market share. However, LED grow lights market growth in the greenhouse segment will be slower than the growth of the market in the vertical farming segment. Factors such as high demand for LED grow lights from greenhouse operators will play a significant role in the vertical farming segment to maintain its market position. Also, our global light-emitting diode (LED) grow lights market report looks at factors such as growth in indoor farming, need for energy-efficient and long-lasting grow light technology, and new product developments. However, high installation and setup costs, harmful effects of LED grow lights, and weight of LED grow lights may hamper the growth of the light-emitting diode (LED) grow lights industry over the forecast period.
Global Light-emitting Diode (LED) Grow Lights Market: Overview
Growth in indoor farming
There has been a growing scarcity of arable lands with increasing industrial development and urbanization. The need for indoor farming has increased due to the growing demand for food. The establishment of various facilities such as greenhouses, storage containers, refurbished warehouses, and other structures has eased the practice of indoor farming. There are various ways to produce crops indoors, including vertical farming, aquaponics, and hydroponics. This has led to high productivity in small areas. For instance, Signify NV launched its new Philips GreenPower LED toplighting with an optimized light spectrum for cut rose cultivation. This growth in indoor farming will lead to the expansion of the global light-emitting diode (LED) grow lights market at a CAGR of over 25% during the forecast period.
Use of artificial intelligence in LED grow lights
The demand for artificial intelligence in various fields has been growing. Artificial intelligence helps in discovering various environmental factors, which can affect plant growth during indoor farming. Indoor farming needs a controlled environment with the right amount of temperature, humidity, CO2 level, water, and light. AI-enabled LED grow lights are also helping end-users in saving electricity bills. Vendors such as Osram Light are manufacturing AI-enabled LED grow lights that not only regulates light input but also predicts crop diseases. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global light-emitting diode (led) grow lights market during the forecast period 2020-2024, click here.
With the presence of several major players, the global light-emitting diode (LED) grow lights market is highly fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading light-emitting diode (LED) grow lights manufacturers, that include Advanced LED Grow Lights, Cree Inc., General Electric Co., GNUK Ltd., Heliospectra AB, Illumitex Inc., LumiGrow Inc., OSRAM Licht AG, Senmatic AS, and Signify NV.
Also, the light-emitting diode (LED) grow lights market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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