Sep 22, 2021   SOURCE: BusinessWire

Worldwide LED Grow Lights Industry to 2030 - Legalization of Cannabis Presents Opportunities - ResearchAndMarkets.com

The "LED Grow Lights Market By Wattage, Spectrum, Installation Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global LED grow lights market size was valued at $1.28 billion in 2020, and is projected to reach $12.32 billion by 2030, registering a CAGR of 28.2% from 2021 to 2030. LED grow lights are specialized LEDs with a full spectrum designed to aid in photosynthesis and allow plants to grow with little or no sunlight. This makes it ideal for all types of indoor plants and for supplemental lighting for outdoor and greenhouse plants.

Some of the major drivers of the LED grow lights industry are benefits offered by it such as high controllability, and higher efficiency, and rise in adoption of vertical farming. These factors are estimated to propel the market growth rapidly during the forecast period. However, high initial investment, and lack of standardization acts as a major barrier for the LED grow lights market growth. Contradictory, legalization of cannabis creates lucrative opportunities for the market growth during the forecast period.

The LED grow lights market is segmented into wattage, spectrum, installation type, application, and region. On the basis of wattage, it is fragmented into low power (< 100 W), medium power (100-300 W), and high power (>300 W). On the basis of spectrum, the market is segregated into narrow, and broad. By installation type, the market is divided into new installation, and retrofit. Both the new installation and retrofit are further bifurcated into remote and touch.

By application, the market is divided into indoor farming, commercial greenhouse, vertical farming, turf and landscaping, research, and others. Region-wise, the LED grow lights market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Market Dynamics

Drivers

  • LED grow lights offer higher efficiency
  • LED grow lights offers high controllability
  • Rise in adoption of vertical farming

Restraint

  • Lack of standardization
  • High initial investment

Opportunities

  • Legalization of cannabis

Key Players

  • Black Dog Grow Technologies Inc.
  • Bridgelux Inc.
  • CreeLED Inc.
  • EVERLIGHT Electronics Co. Ltd.
  • Heliospectra AB
  • Lumigrow Inc.
  • OSRAM GmbH
  • Samsung Electronics Co. Ltd.
  • Savant Systems Inc.
  • Signify Holding

For more information about this report visit https://www.researchandmarkets.com/r/27jly7