The Latin America agricultural grow lights market size is expected to reach USD 0.88 billion in 2024 and reach USD 1.56 billion by 2029, growing at a CAGR of 12.21% from 2024 to 2029.
LED grow lights are more efficient and powerful as compared to the older generation high-pressure sodium and metal halide bulb grow lights. They lower the electricity bill and produce less heat. Less heat allows for putting the light closer to plants so they do not get burned. The quality of light is better for growing with LED specialized grow lights. These specialized grow lights provide homogeneous light distribution. Light distribution at precisely the right wavelengths is made possible. LED light sources offer light distribution for good photosynthetic response. Vendors are able to stimulate plant growth. Flora series LEDs provide accelerated photosynthesis and energy savings.
Grow lights, especially LEDs, are used extensively in farming-related applications due to the advantages they offer, such as high reliability, low power consumption, and spectral intensity. The increasing commercial greenhouse and vertical farming practices, which require the use of different grow lights, are driving the growth of the overall grow lights market. Factors such as the constantly growing demand for food coupled with the depleting availability of land for farming are further going to aid the market growth. Moreover, plant factories that allow the growing of vegetables indoors all year round using LED lights that minimize power consumption. It artificially creates the environment necessary for plants to grow by controlling the amount of culture solution, air, and light from light-emitting diodes. Because the amount of light, temperature, humidity, and carbon dioxide concentration levels can be optimized without being affected by the weather, not only is the growth rate better than those grown in open fields, but even the yield is at least ten times higher.
Traditional lighting technologies such as high-intensity discharge (HID) and fluorescent lighting are quite popular among commercial growers as well as hobbyists. Even though LED grow light is a new technology, it is proving to be far more effective than other lighting technologies. Though LED grow lights are expensive, their long-term benefits in terms of energy efficiency make them an ideal option for indoor plant cultivation.
The market for retrofit installations is likely to hold a larger market share during the forecast period. Retrofitting is defined as the removal of an existing grow light and installing a new one, either of the same lighting technology or of a different lighting technology. New installations are generally characterized by the expansion of existing facilities or the setting up of a new facility, such as a new greenhouse or a vertical farm.
On the basis of geography, the market is analyzed under various regions namely Brazil, Argentina and Mexico. In places where there is a deficiency in the environment, plant factories have continued to thrive with the use of LED grow lights in large warehouse type entities that provide food for the general public and for people who need specialized nutrition.
The market is dominated by companies like Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V., LumiGrow, Inc., Heliospectra AB, Transcend Lighting Inc., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V. and Sunlight Supply Inc.
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