LED Grow Lights Market to Reach $12.32 Bn, Globally, by 2030 at 28.2% CAGR: Allied Market Research
Prime Determinants of Growth
High efficiency and controllability offered by LED grow lights and rise in adoption in vertical farming drive the growth of the global LED grow lights market. However, lack of standardization and high initial investment hinder the market growth. On the other hand, legalization of cannabis presents new opportunities in the coming years.
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Covid-19 Scenario
The Low Power Segment to Maintain its Lead Position during the Forecast Period
Based on wattage, the low power segment contributed to the highest share in 2020, holding more than half of the global LED grow lights market, and is estimated to maintain its lead position during the forecast period. This is due to ease in installation and operation as it functions on the basis of plug-and-play. However, the medium power segment is estimated to register the highest CAGR of 32.0% from 2021 to 2030, owing to rise in demand for indoor farming and the need for suitable intensity of light to generate optimum yield.
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The Narrow Segment to Maintain its Dominant Share during the Forecast Period
Based on spectrum, the narrow segment held the highest share in terms of revenue in 2020, accounting for more than three-fifths of the global LED grow lights market, and is projected to maintain its dominant share during the forecast period. This is attributed to the selective spectrum of lights required by certain plants. However, the broad segment is projected to manifest the largest CAGR of 31.5% from 2021 to 2030, owing to its crucial role in the treatment of bacterial infections in plants.
Asia-Pacific, Followed by North America, to Grow at the Fastest CAGR
Based on region, Asia-Pacific, followed by North America, is estimated to witness the fastest CAGR of 30.8% during the forecast period, owing to rapid surge in urban agriculture, such as greenhouses, vertical farming, and growth chambers. However, Europe accounted for the highest market share in 2020, contributing to more than one-third of the global LED grow lights market, and is expected to maintain its leadership status by 2030. This is due to considerable investments in indoor farming due to lack of sufficient sunlight for healthy development of fruits and vegetables.
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