Jan 4, 2015: According to a new market research report published by MarketsandMarkets, the LED grow light market is expected to rise to more than$1.9 Billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of 26.93% between 2015 and 2020.
LED grow light is expected to witness high growth phase in applications such as vertical farming, commercial greenhouse, and indoor farming. Earlier, LED grow lights were used for indoor farming. But with increasing awareness about its benefits, such as energy efficiency, no requirement of ballast, and low heat emission, it has started being adopted in large scale in vertical farming and commercial greenhouse applications. Also, the rising trend of indoor farming, government regulations favoring LED lighting, and requirement for energy-efficient and long-lasting lighting technology as a supplement to natural lighting for plant growth, drive the growth of the LED grow light market. These new opportunities will not only drive the LED grow light market in the coming years but also lead to opening up new market segments.
The market size for the LED grow light market is included in the report for four geographical regions, namely, the North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Europe is estimated to account for a major share in this market, whereas the APAC region is expected to witness the fastest growth and overtake North America, being the second highest share holder for the LED grow light market during the forecast period.
Some of the major players in this market are Alta LED Corporation (U.S.), Bridgelux, Inc. (U.S.), Cree, Inc. (U.S.), Everlight Electronics Co. Ltd. (Taiwan), General Electric Company (U.S.), Heliospectra AB (Sweden), Illumitex, Inc. (U.S.), Lumigrow, Inc. (U.S.), Osram Licht AG (Germany), and Royal Philips Electronics N.V. (Netherlands).