The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rise of indoor farming is likely to spur innovation in LED grow light manufacturing, propelling the market throughout the forecast period.

The global LED grow light market is expected to grow from $2.47 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The global LED grow light market size is expected to reach $7.77 billion in 2027 at a CAGR of 25.8%.

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Global LED Grow Light Market Segments Include:

• By Spectrum: Narrow, Broad
• By Wattage: Low Power (<100 W), Medium Power (100–300 W), High Power (>300 W)
• By Installation Type: New Installation, Retrofit
• By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf And Landscaping, Research, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global LED grow light market in 2021.

Major Market Players in the LED grow light market include Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd.

Product innovation is an important trend that is gaining traction in the LED grow light industry. To maintain their market position, major players are launching novel products such as ‘nurturGrow’ sustainable LED grow lights. Light Science Technologies, a UK-based manufacturer of controlled environment agriculture solutions, for example, unveiled nurturGrow LED grow lights in July 2021. The new device is unique and sustainable, with 85% of its components reusable, allowing indoor farmers to easily change the components and save money on lighting. The nurturGrow light has a changeable length of up to 2.78 m, making it the market’s longest luminaire.

The LED Grow Light Global Market Report 2023 provides a LED grow light market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The LED grow light market forecast analyzes LED grow light market size, LED grow light market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

LED grow lights are specialised LED lights that aid photosynthesis in plants, allowing them to grow without or with little sunlight. These lights are used to cultivate crops inside.

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