The high efficiency and potential of LED grow lights for the plant growth and development globally and other major driving factors is expected to favour the rise in the global LED agricultural grow lights market
Global LED Agricultural Grow Lights Market, By Offering (Hardware, Software and Services), By Lighting Type (Toplighting and Interlighting), By Installation Type (New Installations, Retrofit Installations), By Watt (<300 Watts, >300 Watts), By Application (Greenhouses, Vertical Farms, Indoor Farms, and Research and Tissue Culture Laboratories), By Cultivated Plant (Fruits and Vegetables, Flowers, and Cannabis), By Spectrum (full spectrum and limited spectrum), By Sales Channel (Distribution Channels, E-commerce Channels, and Direct Sales Channels) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
Solid state lighting technologies employ light-emitting diode (LED) as a lighting source that represents an essentially distinct and energy efficient approach for the greenhouse industry that has masterly benefits over high pressure sodium lamps, which are majorly gaseous discharge kind of lamps that are currently used in majority of the greenhouses.
A LED grow light is an electric light which acts as an artificial light source in order to incite plant growth by emitting light appropriate for photosynthesis. The LED agricultural grow lights powerfully surpassed the old-fashioned high pressure sodium lightings in the context of lifespan, energy efficiency, compliance, as well as colour quality, which helps them gain massive traction in the global markets. Thus, the global LED agricultural grow lights market is expected to rise expeditiously in the coming years.
The LED grow lights allow the regulation of spectral structure coordination with the plant photoreceptors in order to enhance plant growth and continuation of basic biological processes including photosynthesis and flowering efficiency. Owing to which, the global LED agricultural grow lights market is anticipated to hike rapidly over the forecast period.
In other respects, the LED agricultural grow lights ensure substantial maintenance and energy cost savings for greenhouses employing supplementary lighting. They are adopted and preferred more over the traditional sodium lamps owing to the fact that it downsizes the electricity bills as well as emits less heat, which ultimately contribute to the better plant growth and development. Attributable to all such beneficial factors, the LED agricultural grow lights are expected to observe enormous demand in the near future, thereby witnessing major breakthroughs in the growth of the global LED agricultural grow lights market in the given timeframe.
With the same token, governments all across the world are also escalating investments in projects concerned with the vertical farms and greenhouses, thereby promoting the adoption of controlled-environment agriculture (CEA) practices and solid state lighting technology. Such factors are further playing a positive role in the accelerated growth of the global LED agricultural grow lights market in the forthcoming future.
MMC Study identifies some of the key participating players in the LED agricultural grow lights market globally are Signify Holding, OSRAM, Gavita, Valoya, California Lightworks, and Heliospectra AB, among others.
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