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NEW YORK , July 11, 2022 /PRNewswire/ -- The Light-Emitting Diode (LED) Grow Lights Market is expected to grow by USD 3.37 billion during 2021-2026, at a CAGR of over 22.14% during the forecast period. The market report offers information on several market vendors, including Advanced Grow lights, Black Dog Grow Technologies Inc., Bridgelux Inc., Cidly Co.Ltd., ControlLED Environments Ltd., General Electric Co., Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Oy, and Violet Gro Inc. among others.
The market forecast report extensively covers segmentation by:
Read the 120-page report with TOC on "Light-emitting Diode (LED) Grow Lights Market Analysis Report by Application (Commercial greenhouses, Vertical farming, and Others) and Geography (Europe , North America , APAC, South America , and the Middle East and Africa ), and the Segment Forecasts,2022-2026". Request Sample Report.
One of the main factors boosting market growth is the expansion of indoor farming. Changes in average temperatures, rainfall, and heat waves are just a few of the ways that climate change impacts agricultural land and crop productivity. A new method of farming called indoor farming eliminates the risk of climate change while allowing for speedy and reliable production. With a full range of programmable parameters, indoor farming is suitable for a wide variety of crops and offers the best growing circumstances for each crop variety.
However, high installation and setup costs are one of the challenges hindering the market growth.
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The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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During the projected period, the commercial greenhouses segment's market share will expand significantly. A greenhouse is a building with a transparent material, such as glass, covering its roof. The plants are raised in controlled climatic environments. They resolve the short growing season and inadequate light levels issues and have increased demand for LED grow lights. Commercial greenhouses' rising need for LED grow lights will fuel the market's expansion throughout the course of the forecast period.
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Light-emitting Diode (LED) Grow Lights Market Geography Outlook
Europe will account for 40% of market growth. The main markets for light-emitting diode (LED) grow lights in Europe are the Netherlands and the UK. This region's market will expand more quickly than those in other areas. Over the projection period, the market expansion in Europe will be aided by the rising popularity of vertical farming.
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Light-emitting Diode (LED) Grow Lights Market Scope
Accelerate at a CAGR of 22.14%
Europe, North America, APAC, South America, and Middle East and Africa
US, Canada, China, The Netherlands, UK, US, Canada, China, The Netherlands, UK, US, Canada, China, The Netherlands, and UK
Leading companies, Competitive strategies, Consumer engagement scope
Advanced Grow lights, Black Dog Grow Technologies Inc., Bridgelux Inc., Cidly Co.Ltd., ControlLED Environments Ltd., General Electric Co., GrowRay Lighting Technologies, Heliospectra AB, Kessil, Kind LED Grow Lights, LED Hydroponic Ltd., LumiGrow Inc., OSRAM GmbH, Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Oy, and Violet Gro 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 forecast period
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