Horticulture Led Grow Lights Market Size, Share, Growth, and Industry Analysis by Type (Partial Spectrum Light and Full Spectrum Light) By Application (Commercial Greenhouse, Indoor Growing Facilities, Research & Lab, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Horticulture Led Grow Lights Market REPORT OVERVIEW

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The global horticulture led grow lights market size was USD 1069.9 million in 2022 and market is projected to touch USD 3144.58 million by 2031, exhibiting a CAGR of 12.7% during the forecast period.

Horticulture is the branch of plant science in agriculture that deals with gardening crops like fruit, vegetables, and ornamental plants. An artificial light source called horticulture led grow lights is employed to support plants' photosynthetic processes. In areas where there is not enough sunlight, this process is especially helpful. The plants grow stunted and unable to reproduce without sunlight or any other light source required for photosynthesis. Sector analysts predict that the advantages of using horticulture lighting to produce crops all year round will have a significant impact on the horticulture lighting industry. The use of horticulture led grow lights makes indoor horticulture, plant propagation, and food security possible.

Due to the scarcity of cultivable land and the growing popularity of indoor farming, horticulture lighting has become more important. Plant growth depends on an efficient spectral distribution of light. The demand for horticultural led grow lights is anticipated to rise as awareness of the issue grows. With the growing trend of indoor and vertical farming applications, the significance of horticulture led grow lighting applications in the horticulture industry is expanding. LEDs are widely employed in crop cultivation for a variety of crops, including tomatoes, herbs, greens, and cucumbers, among others, because of their adjustable spectrum and illumination.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth 

The coronavirus pandemic had much of an impact on the industry lately because of numerous overstocks in the field. Only the packaging sector had some limited labor shortages during the China shutdowns. Therefore, it is doubtful that the ecology and supply chain structure of the LED sector will change significantly shortly. and global demand for consumer goods, particularly in the horticulture led grow lights market. Numerous stakeholders purchase the horticultural led grow lights products of these companies for a range of purposes. Several manufacturers of horticultural led grow lights as well as their suppliers and distributors were impacted by COVID-19.

LATEST TRENDS

"Accessibility of Constrained Farmland to Boost Market Growth"

The key factors driving the horticulture led grow lights market growth is the quick population growth and the accessibility of constrained farmland, as well as an increase in year-strong dividends and infrastructure investments and efforts. The industry has a significant possibility to grow in size thanks to the rapid improvement of technology. As more people become aware of the issue, there is expected to be an increase in the demand for horticulture lighting. The necessity to keep a managed farm environment is one of the main causes boosting the need for horticulture led grow lights. These features of horticulture lights, along with increasing farmer knowledge, are anticipated to drive the market under study forward over the course of the projected year. A surge in food suppliers and farm start-ups is anticipated to support the usage of horticultural lighting.

Horticulture Led Grow Lights Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Partial Spectrum Light and Full Spectrum Light. The partial spectrum light is dominating the horticulture led grow lights market share.

• By Application Analysis

Based on application, the market is segmented as follows: Commercial Greenhouse, Indoor Growing Facilities, Research & Lab, and Others. The commercial segment leads the horticulture led grow lights market share.

DRIVING FACTORS

"The Popularity of Indoor and Vertical Farming to Facilitate Market Development"

As agricultural land becomes more limited. To maximize the use of the land and water that is already available, methods for enhancing future food production include urban agriculture, greenhouse farming, and vertical farming. Within the limits of urban, weather high-rise structures, food production technology aims to significantly increase productivity while reducing the environmental effect. Horticulture led grow lights market is becoming more and more significant as indoor and vertical farming gain popularity. Due to their tunable spectrum and illuminance, horticulture led grow lights are frequently used in the cultivation of a range of crops, including herbs, tomatoes, greens, and cucumbers, among others.

"Rise in Demand for Advanced Lighting Products to Promote Industry Progress"

Food demand is increasing due to the world's growing population, which makes it difficult to meet it alone through conventional agriculture. However, improvements in horticulture illumination have enabled increased crop yields in indoor agriculture. Horticulture light is the main source of light for indoor farming when there is no or only a little natural light present. A rise in demand for advanced lighting products and technologies is predicted to cause the horticulture led grow lights market to grow significantly during the coming years. Other uses for these lights include the cultivation of fruits and vegetables and floriculture, both of which are expected to drive market growth

RESTRAINING FACTORS

"The High Cost of Electricity to Hinder Market Growth"

For the Horticulture led grow lights market to keep growing, several challenges must be overcome. While the restricted ability to cultivate a small number of agronomic traits and the elevated one-time material surface cost of energy-efficient horticulture led grow lights innovations are anticipated to be significant growth inhibitors over the forecast period, they are not anticipated to have a significant impact in the near term. The high cost of electricity for horticulture led grow lights technology and the feasibility of growing only a few crop species under horticulture light conditions, which are the main issues of the horticulture led grow lights market, are among the most significant challenges faced by market participants.

Horticulture Led Grow Lights Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in Europe"

In terms of revenue, Europe held the greatest market share for horticultural horticulture led grow lights in 2021. The rise of the horticulture led grow lights market can be attributed to the region's small number of the world's greatest economies and its burgeoning sectors, which encourage more capital investment capacity. Countries like Spain, the Netherlands, Italy, and France have sizable greenhouse horticulture districts. In this location, horticulture led grow lights are gradually transitioning from being a supplemental lighting source to the primary light source for indoor farming.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Signify (Netherlands)
• General Electric (U.S.)
• OSRAM (Germany)
• Everlight Electronics (Taiwan)
• Gavita (Netherlands)
• Hubbell (U.S.)
• Kessil (U.S.)
• CREE (U.S.)
• Illumitex (U.S.)
• LumiGrow (U.S.)
• Senmatic (Denmark)
• Valoya (France)
• Heliospectra (Sweden)
• Cidly (U.S.)
• Ohmax Optoelectronic (China)
• AIS LED Light (China)
• Vipple (U.S.)
• Growray (U.S.)
• California Lightworks (U.S.)
• VANQ Technology (U.S.)
• Yaham Lighting (U.S.)
• PARUS (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.