DALLAS, July 14, 2015 /PRNewswire/ --
According to a new market research report "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", 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.
Browse 38 market data Tables and 56 Figures spread through 119 Pages and in-depth TOC on "LED Grow Light Market".
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Light-Emitting Diode (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.
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In this report, the LED Grow Light Market is segmented on the basis of spectrum into partial spectrum and full spectrum. The product used in this technology are categorized into low power (<300 W) and high power (>300 W). The application segments for LED grow light covered in this study include indoor farming, commercial greenhouse, vertical farming, turf and landscaping, research, and others. Each product, application, and component is analyzed both in terms of qualitative and quantitative aspect, and it includes all sub segments with detailed analysis.
One of the objectives of the report was to analyze the market trends for each of the LED grow light market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter's five forces analysis, value chain with a detailed process-flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the LED grow light market.
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).
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