Light-emitting diode (LED) grow lights market, Growth in indoor farming to boost market growth

The Light-Emitting Diode (LED) Grow Lights Market is expected to grow by USD 3.37 billion during 2021-2026, at a CAGR of over 22.14% during the forecast period. The market report offers information on several market vendors, including Advanced Grow lights, Black Dog Grow Technologies Inc., Bridgelux Inc., Cidly Co.Ltd., ControlLED Environments Ltd., General Electric Co., Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Oy, and Violet Gro Inc. among others.

The market forecast report extensively covers segmentation by:

• Application - Commercial greenhouses, vertical farming, and others
• Geography - Europe, North America, APAC, South America, and Middle East and Africa

Key Market Driver

One of the main factors boosting market growth is the expansion of indoor farming. Changes in average temperatures, rainfall, and heat waves are just a few of the ways that climate change impacts agricultural land and crop productivity. A new method of farming called indoor farming eliminates the risk of climate change while allowing for speedy and reliable production. With a full range of programmable parameters, indoor farming is suitable for a wide variety of crops and offers the best growing circumstances for each crop variety.

However, high installation and setup costs are one of the challenges hindering the market growth.

Major Light-emitting Diode (LED) Grow Lights Companies:

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Advanced Grow lights
• Black Dog Grow Technologies Inc.
• Bridgelux Inc.
• Cidly Co.Ltd.
• Controlled Environments Ltd.
• General Electric Co.
• GrowRay Lighting Technologies
• Heliospectra AB
• Kessil
• Kind LED Grow Lights

Light-emitting Diode (LED) Grow Lights Market Application Outlook

During the projected period, the commercial greenhouses segment's market share will expand significantly. A greenhouse is a building with a transparent material, such as glass, covering its roof. The plants are raised in controlled climatic environments. They resolve the short growing season and inadequate light levels issues and have increased demand for LED grow lights. Commercial greenhouses' rising need for LED grow lights will fuel the market's expansion throughout the course of the forecast period.

Light-emitting Diode (LED) Grow Lights Market Geography Outlook

Europe will account for 40% of market growth. The main markets for light-emitting diode (LED) grow lights in Europe are the Netherlands and the UK. This region's market will expand more quickly than those in other areas. Over the projection period, the market expansion in Europe will be aided by the rising popularity of vertical farming.

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Source: https://www.yahoo.com/now/light-emitting-diode-led-grow-064000076.html