Product Code: AG029B
"Global LED Grow Lights Market to Grow at a CAGR of 23.15% from 2019-2024."
Key Questions Answered in this Report:
- How are LED grow lights a viable solution to the increasing global food demand and depleting natural resources?
- What are the major factors promoting the uptake of LED grow light technologies?
- How is the high investment cost affecting the overall adoption of LED grow lights by growers? What type of solutions can be undertaken by the companies to overcome the cost factor?
- How competitive is the industry in terms of market developments by key players such as business expansions, collaborations, acquisitions, agreements, and new product developments?
- What are the key strategies, both inorganic and organic, that are being adopted by market participants to expand their market share, regionally as well as in new product lines?
- What is the positioning of the leading players in the lighting systems market on the basis of their revenue contribution?
- What has been the investment and funding landscape in the global LED lights market in the last three years? How attractive is the market for emerging start-ups?
- Which is the most common application area to deploy LED grow lights? What is the expected growth potential for different applications during the forecast period, 2019-2024?
- Which are the leading players offering technologies for different facilities in the LED grow lights?
- What is the expected future scenario and revenue generated by different types of LED grow lights including hardware systems, software, and services?
- What are the emerging crop types that are expected to be compatible with LED grow lights market?
- Which is the most dominant region in terms of technology adoption, revenue generation, and presence of companies, as of 2018?
- What are the internal and external factors that impact the company's positioning in the market?
Global LED Grow Lights Market Forecast, 2019-2024
The LED Grow Lights Industry Analysis by BIS Research 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 global climate is 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 rise in the demand for food globally and increasing push from 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 are anticipated to create numerous opportunities for the market growth.
"With a burgeoning global population and lack of food security globally, stakeholders across nations have identified the need for alternate 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 grow lights market. Additionally, 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 the farming practices."
Scope of the Global LED Grow Lights Market
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.
Table of Contents
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. Overview
- 184.108.40.206. Role in Global LED Grow Light Market
- 3.6.2. Middle East Lighting Association (MELA)
- 220.127.116.11. Overview
- 18.104.22.168. Role in Global LED Grow Light Market
- 3.6.3. Japan Plant Factory Association (JPFA)
- 22.214.171.124. Overview
- 126.96.36.199. Role in Global LED Grow Light Market
- 3.6.4. Association for Vertical Farming (AVF)
- 188.8.131.52. Overview
- 184.108.40.206. Role in Global LED Grow Light Market
- 3.6.5. International Society of Horticultural Science (ISHS)
- 220.127.116.11. Overview
- 18.104.22.168. Role in Global LED Grow Light Market
- 3.6.6. USDA Committee on Controlled Environment Technology and Use
- 22.214.171.124. Overview
- 126.96.36.199. Role in Global LED Grow Lights Market
- 3.6.7. National Cannabis Industry Association
- 188.8.131.52. Overview
- 184.108.40.206. Role in Global LED Grow Lights Market
- 3.6.8. American Society of Agricultural and Biological Engineers (ASABE)
- 220.127.116.11. Overview
- 18.104.22.168. Role in Global LED Grow Light Market
- 3.6.9. Farmtech Society International Network
- 22.214.171.124. Overview
- 126.96.36.199. Role in Global LED Grow Light Market
- 3.6.10 United Kingdom Controlled Environment Users' Group
- 188.8.131.52. Overview
- 184.108.40.206. Role in Global Agriculture Drones and Robots Market
- 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
- 6.2. Greenhouses
- 6.3. Indoor Farming
- 6.4. Turf and Landscaping
- 6.5. Livestock Farming and Aquaculture
- 6.6. Research
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)
- 220.127.116.11. U.S.
- 18.104.22.168. Canada
- 22.214.171.124. Mexico
- 7.2. Europe
- 7.2.1. Europe (by Application)
- 7.2.2. Europe (by Country)
- 126.96.36.199. Netherlands
- 188.8.131.52. U.K.
- 184.108.40.206. Spain
- 220.127.116.11. Italy
- 18.104.22.168. France
- 22.214.171.124. Russia
- 126.96.36.199. Rest-of-Europe
- 7.3. Asia-Pacific
- 7.3.1. Asia-Pacific (by Application)
- 7.3.2. Asia-Pacific (by Country)
- 188.8.131.52. Japan
- 184.108.40.206. China
- 220.127.116.11. South Korea
- 18.104.22.168. Singapore
- 22.214.171.124. Australia and New Zealand (ANZ)
- 126.96.36.199. Rest-of-Asia-Pacific
- 7.4. Rest-of-the-World (RoW)
- 7.4.1. RoW (by Application)
- 7.4.2. Rest-of-the-World (by Country)
- 188.8.131.52. U.A.E.
- 184.108.40.206. Saudi Arabia
- 220.127.116.11. Brazil
- 18.104.22.168. South Africa
- 22.214.171.124. Others
8. Company Profiles
- 8.1. Advanced LED Lights
- 8.1.1. Company Overview
- 8.1.2. Role of Advanced LED Lights in LED Grow Lights Market
- 8.1.3. SWOT Analysis
- 8.2. Agrilight B.V.
- 8.2.1. Company Overview
- 8.2.2. Role of Agrilight B.V. in LED Grow lights Market
- 8.2.3. SWOT Analysis
- 8.3. California LightWorks
- 8.3.1. Company Overview
- 8.3.2. Role of California LightWorks in LED Grow Lights Market
- 8.3.3. SWOT Analysis
- 8.4. Cirrus Systems, Inc.
- 8.4.1. Company Overview
- 8.4.2. Role of Cirrus Systems, Inc. in LED Grow Lights Market
- 8.4.3. SWOT Analysis
- 8.5. Cree, Inc.
- 8.5.1. Company Overview
- 8.5.2. Role of Cree, Inc. in LED Grow Lights Market
- 8.5.3. Financials
- 8.5.4. Key Insights About the Financial Health of the Company
- 8.5.5. SWOT Analysis
- 8.6. Current by General Electric
- 8.6.1. Company Overview
- 8.6.2. Role of Current by General Electric in LED Grow Lights Market
- 8.6.3. SWOT Analysis
- 8.7. DeLaval
- 8.7.1. Company Overview
- 8.7.2. Role of DeLaval in LED Grow lights Market
- 8.7.3. SWOT Analysis
- 8.8. Everlight Electronics Co., Ltd.
- 8.8.1. Company Overview
- 8.8.2. Role of Everlight Electronics Co., Ltd. in LED Grow Lights Market
- 8.8.3. Financials
- 8.8.4. Key Insights About the Financial Health of the Company
- 8.8.5. SWOT Analysis
- 8.9. GEA Group
- 8.9.1. Company Overview
- 8.9.2. Role of GEA Group in Global LED Grow Light Market
- 8.9.3. Financials
- 8.9.4. SWOT Analysis
- 8.10 Heliospectra AB
- 8.10.1. Company Overview
- 8.10.2. Role of Heliospectra AB in LED Grow Lights Market
- 8.10.3. Financials
- 8.10.4. SWOT Analysis
- 8.11 Illumitex
- 8.11.1. Company Overview
- 8.11.2. Role of Illumitex in LED Grow Lights Market
- 8.11.3. SWOT Analysis
- 8.12 LedsMaster LED Lighting
- 8.12.1. Company Overview
- 8.12.2. Role of LedsMaster in LED Grow Lights Market
- 8.13 Lumigrow
- 8.13.1. Company Overview
- 8.13.2. Role of Lumigrow in LED Grow Lights Market
- 8.13.3. SWOT Analysis
- 8.14 Lumileds
- 8.14.1. Company Overview
- 8.14.2. Role of Lumileds in LED Grow Lights Market
- 8.14.3. SWOT Analysis
- 8.15 OSRAM Litch AG
- 8.15.1. Company Overview
- 8.15.2. Role of OSRAM Litch AG in LED Grow Lights Market
- 8.15.3. Financials
- 8.15.4. Key Insights about the Financial Health of the Company
- 8.15.5. SWOT Analysis
- 8.16 PlatinumLED Lights LLC
- 8.16.1. Company Overview
- 8.16.2. Role of PlatinumLED Lights LLC in LED Grow Lights Market
- 8.16.3. SWOT Analysis
- 8.17 Planet Lighting Ltd
- 8.17.1. Company Overview
- 8.17.2. Role of Planet Lighting Ltd in LED Grow lights Market
- 8.17.3. SWOT Analysis
- 8.18 Pro Max Grow
- 8.18.1. Company Overview
- 8.18.2. Role of Pro Max Grow in LED Grow Lights Market
- 8.18.3. SWOT Analysis
- 8.19 RHENAC GreenTec AG
- 8.19.1. Company Overview
- 8.19.2. Role of RHENAC GreenTec AG in LED Grow Lights Market
- 8.19.3. SWOT Analysis
- 8.20 San'an Optoelectronics Ltd.
- 8.20.1. Company Overview
- 8.20.2. Role of San'an Optoelectronics Ltd. in LED Grow lights Market
- 8.21 Signify N.V.
- 8.21.1. Company Overview
- 8.21.2. Role of Signify N.V. in LED Grow Lights Market
- 8.21.3. Financials
- 8.21.4. Key Insights about the Financial Health of the Company
- 8.21.5. SWOT Analysis
- 8.22 Stadium Grow Lighting
- 8.22.1. Company Overview
- 8.22.2. Role of Stadium Grow Lighting in LED Grow Lights Market
- 8.22.3. SWOT Analysis
- 8.23 Shenzhen Honteck-Wins Electronics Co., Ltd.
- 8.23.1. Company Overview
- 8.23.2. Role of Shenzhen Honteck-Wins Electronics Co., Ltd. in LED Grow lights Market
- 8.23.3. SWOT Analysis
- 8.24 TSL Green Growing Solutions Litch AG
- 8.24.1. Company Overview
- 8.24.2. Role of TSL Green Growing Solutions Litch AG in LED Grow lights Market
- 8.25 Valoya
- 8.25.1. Company Overview
- 8.25.2. Role of Valoya in LED Grow Lights Market
- 8.25.3. SWOT Analysis
9. Report Scope and Methodology
- 9.1. Report Scope
- 9.2. LED Grow Lights Market Research Methodology
- 9.2.1. Assumptions
- 9.2.2. Limitations
- 9.3. Primary Data Sources
- 9.4. Secondary Data Sources
- 9.5. Data Triangulation
- 9.6. Market Estimation and Forecast