LED Agricultural Grow Lights Market Key Players, Competitive Landscape, and Business Opportunities, 2023

Global LED agricultural grow lights market is anticipated to witness an exponential growth in the forecast period. LED agricultural grow lights are an artificial source of light, mostly an electric light that is intended to stimulate plant development by devising an electromagnetic spectrum appropriate for photosynthesis.

Factors such as technical innovations, increasing farm yields, rapid acceptance of LED lighting, rising consequence of grow lights in numerous applications such as in the indoor farming, greenhouse, turf, and vertical farming, growing urbanization, increasing governments’ initiatives to make people aware of the benefits of using LED lights, energy efficiency, low space requirement, and low emanations and vast advantages of LED lights are likely to drive the LED agricultural grow lights market in the forthcoming period.

On the other hand, longer exposure in LED lights has caused minor headache, itchiness, and redness in eyes; which are anticipated to hinder LED agricultural grow lights market growth in the forthcoming period. However, the necessity for long-lasting and energy-efficient lighting technology as a supplement to natural lighting for plant development is likely to create lucrative opportunities for the market. The market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Market could be explored by type, spectrum, application, and geography. Market could be explored by type as Low Power (<300W) LED Grow Lights and High Power (=300W) LED Grow Lights. Based on the spectrum, the market could span partial and full.

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The key applications that could be explored in the LED agricultural grow light market include Research, Vertical Farming, Commercial Greenhouse, Space Ecological Systems and Turf and Landscaping. The “Vertical Farming” segment accounted for a prominent share in the market. It is likely to emerge highly lucrative in the forthcoming period. The key factors that could be attributed to the growth include increasing in urban farming and increasing government initiatives to make people aware of the benefits of using LED lights.

Asia-Pacific is a leading region in the LED agricultural grow lights to market. It is likely to maintain its dominance in the forecast period owing to factors, such as rapidly rising the electronic industry in the emerging countries such as China and India. The foremost manufacturers are concerned towards the region owing to the availability of inexpensive labor and large customer base. Asia-Pacific is followed by North American and European region owing to established key manufacturers and increasing demand.

Leading key players operating in the LED agricultural grow lights market include Osram, Philips, GE, ever light Electronics, Illumitex, Opto-LED Technology, Epistar, Syhdee, Sanxinbao Semiconductor, LumiGrow, Valoya, Kessil, Fiona Lighting, Apollo Horticulture, Nestled and Grow LED Hydro. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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