DUBLIN, July 21, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/rkjlsh/led_grow_light) has announced the addition of the "LED Grow Light Market by Wattage, Type of Installation (New, Retrofit), Spectrum (Partial, Full), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Research, and Others), and Geography - Forecast to 2020 " report to their offering.
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.
The agriculture market is on the transition path from using traditional lighting technology to new lighting technology such as Light-Emitting Diode (LED) grow light. The traditional lighting, such as incandescent lamps, halogens, and fluorescent lighting, is witnessing decline due to consumers' awareness of LED grow light technology. This trend is being seen more in Europe and the North America, whereas the APAC region is showing the highest growth in the use of LED grow light in urban farming. Also, the Rest of the World (RoW) region, especially in Middle East, commercial greenhouse trend has increased, which is ultimately driving the LED grow light business in the country.
The traditional lighting can be used for the growth of a plant, but the high energy wasted with this lighting technology has restraints that force users to switch to LED grow light. Also, the governments from developed countries and regions such as the U.S. and Europe have been stringently passing resolutions in banning incandescent bulbs and supporting the adoption of efficient and eco-friendly technologies such as LED. For instance, The European Commission has planned to phase out halogen lamps from European Union by 2018.
In this report, drivers, restraints, opportunities, and challenges for the LED grow light market have been covered. Major driving factors for this market are rising trend of indoor farming, government initiatives and mandates, long life and low energy consumption, and efficient and robust design of LED for better productivity.
The figure given below shows the estimated growth of the LED grow light market between 2014 and 2020.
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).
For more information visit http://www.researchandmarkets.com/research/rkjlsh/led_grow_light
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SOURCE Research and Markets