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LED Grow Light Market is Dazzling Worldwide, Forecast to Reach USD 3.5 Billion by 2030
[SEO Tags: LED Grow Light Market, LED Grow Lights, Horticulture, Agriculture, Sustainability, Greenhouse, Indoor Farming]
March 15, 2023 – In a significant development, the LED Grow Light Market is expected to continue its remarkable growth trajectory, driven by the increasing adoption of sustainable and energy-efficient practices in horticulture and agriculture. According to a recent report by MarketsandMarkets, the global LED Grow Light Market is forecast to reach USD 3.5 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.5% during the period.
Key Highlights:
- The LED Grow Light Market is projected to reach USD 3.5 billion by 2030, growing at a CAGR of 15.5% during the period.
- The market is driven by the increasing demand for sustainable and energy-efficient solutions in horticulture and agriculture.
- The growing trend of indoor farming and greenhouse cultivation is expected to fuel the demand for LED Grow Lights.
- Asia-Pacific is expected to dominate the market, accounting for over 50% of the global share.
- Key players in the market include Philips Lighting, Heliospectra, Valoya, and Lumigrow.
Market Drivers:
- Sustainability: The increasing focus on sustainable and energy-efficient practices in horticulture and agriculture is driving the demand for LED Grow Lights.
- Indoor Farming: The growing trend of indoor farming and greenhouse cultivation is expected to fuel the demand for LED Grow Lights.
- Government Regulations: Stringent regulations and guidelines for energy efficiency and environmental sustainability are expected to drive the adoption of LED Grow Lights.
- Advancements in Technology: Advances in LED technology and the development of new products are expected to increase the adoption of LED Grow Lights.
Regional Analysis:
- Asia-Pacific: The Asia-Pacific region is expected to dominate the market, accounting for over 50% of the global share.
- North America: The North American market is expected to grow at a CAGR of 14.2% during the period.
- Europe: The European market is expected to grow at a CAGR of 13.8% during the period.
Competitive Landscape:
The LED Grow Light Market is highly competitive, with key players such as Philips Lighting, Heliospectra, Valoya, and Lumigrow. These players are focusing on product innovation, R&D, and strategic partnerships to maintain their market share.
Conclusion:
The LED Grow Light Market is expected to continue its remarkable growth trajectory, driven by the increasing demand for sustainable and energy-efficient solutions in horticulture and agriculture. The market is expected to reach USD 3.5 billion by 2030, growing at a CAGR of 15.5% during the period. Key players in the market are focusing on product innovation, R&D, and strategic partnerships to maintain their market share.
About the Author:
[Your Name] is a seasoned journalist and writer with a focus on technology and industry trends. He has written extensively on various topics, including sustainability, energy efficiency, and horticulture.
Disclaimer:
The information contained in this article is based on market research and industry trends. It is intended to provide general information and may not be accurate or up-to-date. Readers are advised to verify the information contained in this article through independent research and due diligence.
The ~global LED Grow Light market~ is anticipated to grow at a significant CAGR of around 28.2% during the forecast period. The rising number of plant factories need for sustainable development, and the rise in urban agriculture are major factors that are attributed to driving the market growth. Moreover, many people in urban areas are inclined towards growing indoor plants for fresh and nutritious vegetables and floral arrangements, fragrant herbs. . Apart from these, the benefits associated with LED grow lights such as high efficiency, longer lifespan, cooler temperature, lower HVAC costs, proximity to plants, and others makes them suitable option for growing indoor plantation. In February 2022, Orphek launched OR3 LED Grow Light Bars. Itoffers the most effective spectrum for photosynthesis, excelling in promoting growth, development, and photomorphogenesis control of plants. These lights are specially designed for indoor/Urban/Vertical farming, Green walls, Hydroponic cultivation, Growth chambers, Greenhouses, and Sustainable agriculture.
Get Free Sample link @ https://www.omrglobal.com/request-sample/led-grow-light-market
The global global LED Growth market was negatively impaced by the COVID-19 owing to the raw part supply chain disruption.Various instruments that are used for installation and development of the plants and LED grow lights were disordered due to travel restrictions. Several companies in the globe have stopped their manufacturing facilities due to less demand of the product from end-user verticlas. Post COVID-19 pandemic, the market is expected to regain its momentum with increased product demand.
full report of LED Grow Light Market available @ https://www.omrglobal.com/industry-reports/led-grow-light-market
· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global LED Grow Light Market Report Segment
By Installation Type
- New
- Retrofit
By Spectrum
- Full
- Partial
By Application
- Indoor Farming
- Vertical Farming
- Turf & Landscaping
- Commercial Greenhouse
- Others
Global LED Grow Light Market Report by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global LED Grow Light market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/led-grow-light-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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