The light-emitting diode (LED) grow-light market will rise at a compound annual growth rate (CAGR) of 26.93% from 2015 to more than $1.9bn by 2020, according to the 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' from MarketsandMarkets.
The LED grow-light market is expected to witness a high-growth phase in applications such as vertical farming, commercial greenhouse, and indoor farming. LED grow-lights were used initially for indoor farming, but with increasing awareness about their benefits (such as energy efficiency, no need for a ballast, and low heat emission) large-scale adoption has begun in vertical farming and commercial greenhouse applications. Also, the rising trend for indoor farming, government regulations favoring LED lighting, and the requirement for energy-efficient and long-lasting lighting technology as a supplement to natural lighting in plant growth, are all driving growth in the LED grow-light market.
Europe is estimated to account for the major share of the market, whereas the Asia-Pacific (APAC) region is expected to see the fastest growth and overtake North America.
The new opportunities will not only drive the LED grow-light market in the coming years but will also lead to the opening up new market segments, forecasts the report.
The major players in the market are listed as Alta LED Corp (USA), Bridgelux Inc (USA), Cree Inc (USA), Everlight Electronics Co Ltd (Taiwan), General Electric Company (USA), Heliospectra AB (Sweden), Illumitex Inc (USA), Lumigrow Inc (USA), Osram Licht AG (Germany), and Royal Philips Electronics N.V.
