NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The Light-emitting Diode (LED) Grow Lights Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the light-emitting diode (LED) grow lights market between 2022 and 2027 is USD 4.87 billion. The need for energy-efficient and long-lasting grow light technology drives the LED grow lights market. Compared to fluorescent grow lights and HPS grow lights, LED grow lights are more energy efficient. LED grow lights play an important role in commercial greenhouse management. This is because it helps improve crop quality and optimize production to meet market demand. They are also efficient and energy savers. Hence, such factors drive the growth of the LED grow lights market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The light-emitting diode (LED) grow lights market is segmented by application (commercial greenhouses, vertical farming, indoor farming, and others), power rating (low power (<100 w), medium power (100-300 w), and high power (>300 w)), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
Key Companies in the light-emitting diode (LED) grow lights market:
Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Valoya Oy, Signify NV, OSRAM Licht AG, SMART Global Holdings Inc.
The micro LED display market size is expected to increase by USD 11.50 billion from 2021 to 2026, at a CAGR of 78.61%. Furthermore, this report extensively covers micro LED display market segmentation by end-user (consumer electronics, automotive, aerospace and defense, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The rise in demand for bright and power-efficient display panels is one of the key drivers fueling the micro LED display market growth.
The LED lighting market in North America is projected to grow by USD 5.81 billion with a CAGR of 9.1% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the LED lighting market in North America segmentation by application (residential, commercial, industrial, outdoor, and others) and product (LED lamps and LED luminaires). The declining manufacturing cost of LEDs is notably driving the LED lighting market in North America's growth.
Light-emitting Diode (LED) Grow Lights Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 26.8%
Market growth 2023-2027
USD 4.87 billion
YoY growth 2022-2023 (%)
Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution
Europe at 35%
US, Canada, China, The Netherlands, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Advanced Grow Lights American Co., Biological Innovation and Optimization Systems LLC, Black Dog Grow Technologies Inc., Bridgelux Inc., Controlled Environments Ltd., Dool Industries, General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., Samsung Electronics Co. Ltd., SANlight GmbH, Senmatic AS, Shenzhen Grow LED Technology Co. Ltd., Valoya Oy, Signify NV, OSRAM Licht AG, and SMART Global Holdings Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Power Rating
Market Segmentation by Geography
Drivers, Challenges, & Trends
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