FREMONT, California, Oct. 3, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global LED Grow Lights Market - Analysis and Forecast, 2019-2024', the LED grow lights market generated a revenue of $1.32 billion in the year 2018 and is expected to reach $4.60 billion by 2024, rising at a CAGR of 23.15% from 2019 to 2024. The market growth is largely attributed to the adoption of LED grow lights pertaining to indoor vertical farms along with livestock farming and aquaculture.
Browse more than 58 Data Tables and 117 Figures spread through 236 Pages and in-depth ToC on "Global LED Grow Lights Market"
The need for sufficient food for the burgeoning population on a global level is currently a matter of concern for governments across countries. According to the United Nations, the global population is expected to reach 9.7 billion by 2050 from 7.7 billion, as of 2018. The most severely affected are the low-income populations of countries in Africa and South America.
Additionally, the decreasing arable land, worsening climatic conditions, and ageing farmer population are also adding to the misery of the traditional agricultural sector. Identifying these global concerns, various companies have currently come up with a range of LED grow lights, which assist in cultivating crops indoors as a substitute to traditional farming. Additionally, these LED grow lights create a conducive environment for the livestock and support in enhanced meat and dairy production to meet the growing demand for protein, globally. These LED grow lights help in maximizing the quality, productivity, and sustainability in agricultural production systems.
BIS Research Report: https://bisresearch.com/industry-report/led-grow-lights-market.html
The traditional grow lights, such as high pressure sodium (HPS), high intensity discharge (HID), and fluorescent lights are comparatively less efficient than LED grow lights. These have often come under government scrutiny, eventually being banned by some countries in order to help growers adopt the much efficient LED grow lights. Increasing commercialization of the indoor farming concept across the globe is driving the demand for LED grow lights, since they help growers drive profitability and stability in operations, along with better results. The companies present in the LED grow lights market are engaged in numerous product developments and launches to improve their market presence. It is expected that by 2020, more technologically advanced companies will enter the LED grow lights industry, and resources will consolidate further.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "In 2018, the LED grow lights market by type of spectrum is dominated by full photosynthetically active radiation (PAR) spectrum. These types of LED grow lights have been predominantly used in greenhouses and by indoor farm cultivars. Some users of LED grow lights also prefer partial spectrum LED grow lights to tackle specific growing issues. The treatment spectrum is the most upcoming spectrum for LED grow lights in the coming years, with growers increasingly looking forward to IoT controlled LED grow lights that are connected with sensors and monitors to provide better insights and eliminate the need for labor. Although many solution providers in this segment are currently providing the same at high costs, new players aim to provide pocket-friendly solutions for growers."
Some of the most prominent players in the LED grow lights market are OSRAM Litch AG, Signify, Current by GE, Heliospectra AB, Valoya, Stadium Grow Lighting, TSL Green Grow Solutions, Everlight Electronics, and DeLaval. The result of the emerging strategies and developments are already surging the market in the form of partnerships, collaborations, and joint ventures. Moreover, the growing market of LED grow lights is further expected to increase the involvement of companies across different segments of the value chain. Majority of the companies preferred launching new products to offer the customers with a wide variety to choose from, while the relatively less adoptive strategies comprised collaborations with similar companies in the supply chain, thus consolidating a small part of the market.
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Strategic partnerships, collaborations, and joint ventures across the value chain of the LED grow lights industry presented a major strategic move made by a large number of companies since 2016. For instance, in May 2018, Heliospectra AB collaborated with ABB Ltd. in the Middle East for improving technological innovations for their LED grow lights. Earlier, in February 2019, Fluence Bioengineering, now acquired by OSRAM Litch AG, collaborated with Wageningen University and Research to test and prove the viability of the LED grow lights provided by them.
This report is a meticulous compilation of research on more than 100 players in the LED grow lights ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 25 leading companies across the LED grow lights supply chain.
Key Questions Answered in the Report:
- How much revenue was generated by the global LED grow lights market in 2018? How is the market expected to grow during the forecast period, 2019-2024?
- How are LED grow lights a viable solution to the increasing global food demand and depleting natural resources?
- What are the major factors promoting the uptake of LED grow light technologies?
- How is the high investment cost affecting the overall adoption of LED grow lights by growers? What type of solutions can be undertaken by the companies to overcome the cost factor?
- How competitive is the industry in terms of market developments by key players such as business expansions, collaborations, acquisitions, agreements, and new product developments?
- What are the key strategies, both inorganic and organic, that are being adopted by market participants to expand their market share, regionally as well as in new product lines?
- How much revenue is expected to be generated by each of the segments of the LED grow lights market during the forecast period from 2019-2024:
- on the basis of power, including low power led grow lights (<300 watts) and high power led grow lights (>= 300 watts)
- on the basis of spectrum, including full PAR spectrum, partial spectrum, and treatment spectrum
- on the basis of application, including Greenhouses, Indoor Farming, Turf and Landscaping, Livestock Farming and Aquaculture, and Research
- on the basis of region, including North America, Europe, Asia-Pacific, Rest-of-the-World (ROW)
- How has been the investment and funding landscape in the global LED lights market in the last three years? How attractive is the market for emerging start-ups?
- Which are the leading players offering technologies for different facilities in the LED grow lights?
- What are the internal and external factors that impact the company's positioning in the market?
About BIS Research:
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With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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