DUBLIN--(BUSINESS WIRE)--The "Global LED Grow Lights Market: Focus on Spectrum (Full PAR, Partial, Treatment), Application (Indoor Farms, Greenhouses, Livestock and Aquaculture, Turf and Landscaping), and Power Consumption - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The report projects the market to grow at a significant CAGR of 23.15% during the forecast period from 2019 to 2024.
Governments are increasingly concerned about the growing food demand of the global population. Extremities in the global climate are highly impacting the overall agricultural output. The growing protein demand is also raising concerns for the quality and amount of yield produced. Therefore, to meet the global food demand, making use of LED grow lights to operate indoor farms and greenhouses is increasingly being adopted by the growers currently.
The LED grow lights market growth is majorly driven by factors such as a rise in the demand for food globally and increasing push from the government for the adoption of alternative agricultural practices. Along with this, the initiative by many governments to ban the traditional grow lights has also benefitted the LED grow lights industry. However, factors such as considerable investments to adopt technologically advanced LED grow lights and consequent profitability hamper the overall market growth. Moreover, the development of cost-efficient LED grow light technologies for indoor vertical farms is anticipated to create numerous opportunities for market growth.
With a burgeoning global population and lack of food security globally, stakeholders across nations have identified the need for alternative sustainable agricultural practices, one of which is indoor farming. Since sunlight forms an important part of plant growth recipe, artificial lighting is essential for running an indoor farm.
LED grow lights offer energy efficiency, better plant growth, and more yield as compared to traditional grow lights. These factors combined are expected to drive the LED to grow lights market. Additionally, the treatment spectrum is anticipated to be the potential segment, expected to register the highest CAGR from 2019 to 2024. The demand for the applications of LED grow lights in indoor vertical farming is increasing due to the upcoming trends in farming practices.
Scope of the Report
The global LED grow lights market research provides a detailed perspective regarding the applications of the LED grow lights, its value, and estimation, among others. The purpose of this market analysis is to examine the LED grow lights industry outlook in terms of factors driving the market, trends, developments, and emerging trends, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contributions of the key players operating in the market. The LED grow lights report is a compilation of different segments including market breakdown by spectrum type, application type, power consumption type, and region.
The LED grow lights market (on the basis of spectrum type) has been segmented into full PAR spectrum, partial spectrum, and treatment spectrum. The full PAR segment dominated the global LED grow lights market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2024).
The LED grow lights market on the basis of application type has been segmented into greenhouses, indoor farms, turf and landscaping, livestock farming and aquaculture, and research. The greenhouse segment dominated the global LED grow lights market in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The LED grow lights market segmentation on the basis of power consumption has been done into low power consumption (<300 watts) and high-power consumption (>=300 watts). The high-power consumption segment dominated the global LED grow lights market in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The LED grow lights market by region has been segregated under four major regions, such as North America, Europe, APAC and Rest-of-the-World. Data for each of these regions is provided by application type and by country.
Key Companies in the LED Grow Lights Industry
The key market players in the global LED grow lights market include Signify N.V., OSRAM Litch AG, Current by GE, Heliospectra AB, Valoya, Stadium Grow Lighting, and Agrilight B.V., among others.
Key Topics Covered
1 Market Dynamics
1.1 Market Drivers
1.1.1 Advent of Indoor Farming to Address Global Food Insecurity
1.1.2 Need for Energy Efficient Lighting for Crop Cultivation
1.1.3 Increasing Consumption of Animal Proteins Globally
1.2 Market Restraints
1.2.1 High Initial Investments
1.3 Market Opportunities
1.3.1 Asia-Pacific, Middle East, and Africa: New Market Avenues for LED Grow Lights
1.3.2 Growing Demand for Livestock LED Grow Lighting
2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 Product Launches and Developments
2.1.2 Partnerships, Collaborations, and Joint Ventures
2.1.3 Business Expansions and Contracts
2.1.4 Mergers and Acquisitions
2.2 Market Share Analysis of Key Global LED Grow Lights Manufacturing Companies
3 Industry Analysis
3.1 Investment and Funding Landscape
3.2 Crops Requiring LED Grow Lights for Cultivation
3.3 Emerging Trends in the LED Grow Lights Industry
3.3.1 Applications of UV and IR in LED Grow Lights
3.3.2 Application of IoT and Automation in LED Grow Lights
3.4 Comparative Analysis Between Different Grow Lights
3.5 Case Studies
3.5.1 LED Grow Light Project by Heliospectra AB
3.5.2 LED Grow Light Project on Livestock Farms
3.5.3 LED Grow Light Project by Stadium Grow Lighting
3.6 Consortiums and Associations
3.6.1 International Artificial Grow Light Association (IAGLA)
188.8.131.52 Role in Global LED Grow Light Market
3.6.2 Middle East Lighting Association (MELA)
3.6.3 Japan Plant Factory Association (JPFA)
3.6.4 Association for Vertical Farming (AVF)
3.6.5 International Society of Horticultural Science (ISHS)
3.6.6 USDA Committee on Controlled Environment Technology and Use
3.6.7 National Cannabis Industry Association
3.6.8 American Society of Agricultural and Biological Engineers (ASABE)
3.6.9 Farmtech Society International Network
3.6.10 United Kingdom Controlled Environment Users' Group
3.7 Supply Chain Analysis
4 Global LED Grow Lights Market (by Power)
4.1 Assumptions and Limitations for Analysis and Forecast of the Global LED Grow Lights Market
4.2 Market Overview
4.3 Low Power LED Grow Lights (<300 Watts)
4.4 High Power LED Grow Lights (>= 300 Watts)
5 Global LED Grow Lights Market (by Spectrum)
5.1 Market Overview
5.2 Full PAR Spectrum
5.3 Partial Spectrum
5.4 Treatment Spectrum
6 Global LED Grow Lights Market (by Application)
6.1 Market Overview
6.3 Indoor Farming
6.4 Turf and Landscaping
6.5 Livestock Farming and Aquaculture
7 Global LED Grow Lights Market, (by Region)
7.1 North America
7.1.1 North America (by Application)
7.1.2 North America (by Country)
7.4 Rest-of-the-World (RoW)
8 Company Profiles
8.1 Advanced LED Lights
8.1.1 Company Overview
8.1.2 Role of Advanced LED Lights in the LED Grow Lights Market
8.1.3 SWOT Analysis
8.2 Agrilight B.V.
8.3 California LightWorks
8.4 Cirrus Systems, Inc.
8.5 Cree, Inc.
8.6 Current by General Electric
8.8 Everlight Electronics Co. Ltd.
8.9 GEA Group
8.10 Heliospectra AB
8.12 LedsMaster LED Lighting
8.15 OSRAM Litch AG
8.16 PlatinumLED Lights LLC
8.17 Planet Lighting Ltd
8.18 Pro Max Grow
8.19 RHENAC GreenTec AG
8.20 San'an Optoelectronics Ltd.
8.21 Signify N.V.
8.22 Stadium Grow Lighting
8.23 Shenzhen Honteck-Wins Electronics Co. Ltd.
8.24 TSL Green Growing Solutions Litch AG
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