LED Grow Light Market Expectations:
The LED grow light market has great potential for growth according to a recent research report via MarketsandMarkets. MarketsandMarkets analysis reveals that the LED grow light market for indoor farming, commercial greenhouse, vertical farming and Turf and Landscaping is positioned for great growth. More specifically, the MarketsandMarkets reports states that the LED grow light market is expected to rise more than $1.9 billion by 2020 as it grows at a Compound Annual Growth Rate (CAGR) of 26.9 percent over the next five years. Major players listed in the market include Alta LED Corporation, Bridgelux Inc., Cree Inc., Everlight Electronics Co. Ltd., General Electric Company, Heliospectra AB, Illumitex Inc., Lumigrow Inc., and Royal Phillips Electronics.
Interest Growing for LED Grow Light Products:
Grow light products that incorporate LED technology are gaining appeal as the technology continues to evolve, and prices associated with the technology decline. Growers are discovering that the technology can be perfectly suited for indoor grow scenarios for a multitude of reasons.
LED, which stands for light emitting diode, is a solid state device that converts electric energy directly into light of a single color. Most of the light is generated in the visible spectrum and stems from the chip which is typically mounted in the center of the LED arrangement. This arrangement is often encapsulated in epoxy. Given current, light can be produced from within the chip and the light which is emitted falls within a broad spectrum. The color of the light can be manipulated by variables associated with the composition and arrangement of the LED technology. The ability to “tune-in” to various aspects of the light spectrum is one very significant benefit of LED grow light technology. Research has shown that plants grow best when they enjoy the right wavelength of light during appropriate stages of the grow process. LED grow lights are able to provide the type of light that supports plant growth during the most appropriate developmental stages.
LED grow light technology continues to evolve, and popularity in the technology continues to grow. Rapid adoption of LED grow lights worldwide is occurring as news of their efficiencies and effectiveness spreads. The ongoing improvements in the technology will continue to grow the sector in the coming years.