LED plant growth light export potential

As the global market grows faster than the domestic market, the export market potential of LED plant growth lights is huge, and the domestic market demand is steadily increasing.

In recent years, driven by the rapid development of technology and government policies, many lighting companies have developed into the field of plant lighting, and the market size of plant growth lights has continued to expand. Data shows that the global plant growth light industry market size will be approximately US$6.78 billion in 2022, a year-on-year increase of 22.83%. With the development of modern agriculture, new forms of agriculture such as greenhouses and plant factories will become more popular, and the demand for plant growth lights will continue to grow.

In terms of global market supply, more and more investments are tending to develop growth lamps on a large scale, companies are seeking to merge, cooperate or acquire technical capabilities, market participants are constantly increasing, and industry capacity and output are growing rapidly. According to statistics, global plant growth lamp production in 2022 will be approximately 353 million units, a year-on-year increase of 24.30%.

In terms of domestic market size, the market momentum of my country's plant lighting field has declined in recent years, and the market growth rate has slowed down, but it still maintains a rapid growth rate. Data shows that the market size of China's plant growth light industry will be approximately 1.60 billion yuan in 2022, a year-on-year increase of 17.3%. The growth rate is slightly slower than the global market, mainly due to the acceleration of global plant factory and vertical agriculture-related technologies and industrialization scale.

In terms of domestic market supply and demand, domestic market supply currently exceeds demand, and exports account for more than 70% of the consumption structure. According to statistics, the output of China's plant growth lamp industry in 2022 will be approximately 55.641 million units, the demand will be only 15.141 million units, and the import and export market will exceed 40 million units. In the future, the steady development of the downstream planting industry, the increase in the penetration level of plant growth lamp products, and the downward price driven by the industrial scale effect will become an important driving force for the growth of demand for plant growth lamps in my country.

In terms of market prices, in recent years, driven by the industrialization scale of the industry, market prices have continued to decline. Data shows that the overall average market price of plant growth lights in China has dropped from 109.2 yuan/piece in 2015 to 105.7 yuan/piece in 2022. This is mainly due to the large decline in the market price of LED plant growth lights. The price of LED plant growth lights has dropped from 352.2 yuan/unit in 2015 to 192.5 yuan/unit in 2022. At present, domestic traditional lighting companies have deployed related technologies and begun to enter the field of plant lighting, which will drive the price of plant growth lights to further decline in the future.

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