LED Grow Light Market: Rise in Indoor Farming Due Lack of Land Fertility Promotes the Growth
The global LED grow lights market is set see an upswing in the next couple of years. Surge in vertical farming and urban cultivation with an interest to accept environmental-friendly product of vegetables and fruit is expected to set the market on uphill. Grow light technology which helps stretching the natural daylight in order to increase the growth rate, yield and the health of the plant, has gained unprecedented popularity among farmers and labors of agricultural industry, reports Market Research Reports.biz.
In the 147 pages report titled, “Global LED Grow Lights Market by Manufacturers, Regions, Type and Application, Forecast to 2023”, provides a growth projection by the end of the forecast years. The report also states that about various market dynamics, such a trends, opportunity, restraints, and drivers. The report caters a detailed analysis of overall happenings in the market, thus helping the readers to understand market’s condition.
The report provides the competitive landscape across the world accompanied with the strategies adopted by the market players to expand their footprints in different regions. The report provides various key segment, which helps the readers to understand about the product and its market hold. The global LED Grow Light market is expected to register a CAGR of 15% with a valuation of US$ 1810 mn by 2023.
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Rise in awareness regarding the benefits in alternative farming like unavailability of fertile agricultural land or rise in population resulting in higher demand, are the major factors driving the market in a positive way. Other benefits such as production of crops throughout the year unlike the traditional farming, helps in increasing the productivity. Apart from these, indoor farming aids to protect the crops from harsh weather, thus making the indoor farming more favorable for farmers, leads to rise in the growth of led row light market.
The global led grow light market can be segregated on the basis of type, application, and region. On the basis of type the market could be segmented into High power (>300) and low power (<300). The high power watt segment prevailed in the industry and is expected to continue so during the forecast period. It is the technological advancements that helps the market to grow. However the low power lights can used for extended time and produces less heat thus making it more efficient. On the basis of application, the market is segregated into commercial green house, indoor farming, and research application. The commercial greenhouse prevailed with the highest revenue in previous years.
On the basis of region the market is spread across Europe, North America, Middle East and Africa, Asia-Pacific, and South America. On the basis of revenue, the Europe prevailed the industry in 2016, and is expected to continue so during the forecast period. On the other hand, Asia Pacific region is expected to have a significant growth due to expansion of genetically-modified crop technology. Some of the major organizations in the market are Philips, Osram, General Electric, Illumitex, and Fionia Lighting.