According to Union Consulting, the global LED plant grow light market is expected to have the opportunity to grow to $20.56 billion by 2029.

According to the latest report "2025 LED Plant Growth Lamp and Main Application Development Trends" by TrendForce, the demand for LED lighting for greenhouse greenhouses focusing on fruit and vegetable cultivation is expected to recover in 2024, driven by investments in small and medium-sized vertical farms. The market size of the LED plant lighting market in 2024 is estimated to be 1.315 billion US dollars. Over the next few years, with the continuous penetration of LED technology, the market is expected to grow as farmers actively adopt LED lighting equipment for their higher photosynthetic photon efficiency (PPE), photosynthetic photon flux density (PPFD), and multi-channel adjustable lighting products, as well as invest heavily in emerging agricultural technologies. By 2029, the market size is expected to reach 2.056 billion US dollars, with a compound annual growth rate of 9.4% from 2024 to 2029. The report further indicates that the highest application demand for LED plant lighting comes from greenhouse greenhouses (including non-stacked indoor cultivation), followed by vertical farming, and consumer applications. In 2024, greenhouse greenhouses accounted for over 60% of the market share for LED plant lighting, while vertical farms accounted for over 30%. With the investment in emerging agricultural technologies, the demand for vertical farms is expected to gradually increase in the future. 01 Opportunities in the Greenhouse Greenhouse (including non-stacked indoor cultivation) Application Market The market for LED plant lighting in greenhouse greenhouses is currently dominated by the demand for LED to replace HPS, mainly benefiting from the significant energy-saving benefits of LED technology. The market focus has shifted towards high-power solutions above 600W, with products in the 600W to 1500W range gradually becoming mainstream. The overall level of photosynthetic photon efficiency (PPE) has increased to 3.0-4.5mol/J, improving plant growth efficiency and reducing overall production costs for farmers. In 2024, the market demand for LED plant lighting for indoor cannabis cultivation has significantly decreased, while the demand for high-value crops such as tomatoes, strawberries, grapes, and flowers, which require strict freshness, has increased. The market value of LED plant lighting for greenhouse greenhouses in 2024 is estimated to account for 61.5% of the market, and is expected to continue growing to reach 1.158 billion US dollars by 2029, with a compound annual growth rate of 7.5% from 2024 to 2029. To seize market opportunities, brands such as Signify's Philips and Fluence, Hawthorne's Gavita and Agrolux, Acuity, Lumatek, Hortilux, Heliospectra, California Lightworks, and Sananbio have launched products that focus on optimizing spectrum formulas and have adjustable spectrum functions with multi-channel control. In addition to the standard 120-degree beam angle, wider beam angles of 140 degrees and 150 degrees are also highly regarded. 02 Opportunities in the Small and Medium Vertical Farming Market After experiencing a period of adjustment in the past two years, the vertical farming market began to turn around in 2024, with small and medium-sized vertical farms seeing signs of development. Research by TrendForce suggests that driven by factors such as the increasing demand for localized cultivation, the growing emphasis on fresh and healthy fruits and vegetables, and government subsidies, small and medium vertical farms are moving towards profitability. This includes small-scale farms, container farms focused on urban neighborhoods, and in-store farms operated by supermarkets or retailers, becoming a good source of sustained demand growth. The key markets for container farms include urban neighborhoods, island resorts (such as Sri Lanka), school education and research institutions, and resource-constrained areas (such as Alaska); in-store farms can be deployed in stores, hotels, restaurants, and even on ocean-going vessels, such as the Agwa Farm product used on Synergy Marine Group-managed oil tankers. The cultivation of crops has expanded from low-growing green vegetables to high-value crops such as strawberries, onions, and breeding. TrendForce estimates that the market value will continue to grow, reaching 822 million US dollars by 2029, with a compound annual growth rate of 13.1% from 2024 to 2029. 03 Opportunities in the Consumer Application Market According to TrendForce, as consumers in Europe and the United States are increasingly interested in indoor home gardening and decorative plants, and the rise of e-commerce platforms makes it easier for consumers to purchase equipment at lower costs, the demand for consumer-grade plant growth lights has increased. In 2024, the consumer and other LED plant lighting market accounted for 4.8% of the overall market size. With the continuous popularity of home gardening among European and American consumers, and the introduction of new plant growth light products, the market is expected to further expand. TrendForce estimates that the market value of consumer applications has the potential to reach 76 million US dollars by 2029, with a compound annual growth rate of 3.7% from 2024 to 2029.