LED Grow Light Technology Leading the Way:
LED grow light technology is growing primarily due to its ability to grow plants, and more importantly, food bearing plants, efficiently in a controlled environment. The technology is so promising that NASA, as well as other space exploring companies, are researching and developing LED grow light technology to support expeditions into space. In space, natural lighting will not always be available and LED grow lights can help produce food when natural light is unavailable. The same goes for growing fruit and vegetable bearing plants here on Earth. LED grow light technology is efficient and effective at helping the growing numbers of people grow fruits and vegetables to feed the masses. The LED light revolution is moving forward and recent business reports reveal that the positive trends will likely continue over the next five years. The future looks bright for grow light technology, and LEDs are leading the way.
Recent data posted by MarketsAndMarkets reveals that the LED grow light market could grow by approximately 2 billion dollars by the year 2020. The compound annual growth rate potential is about 27 percent between now and 2020. The analysis is based off business potential which includes four geographic regions. The North America, Europe, Asia-Pacific and Rest of the World (RoW) regions were considered during this analysis. The Asia-Pacific region is expected to experience the largest rate of growth in the grow light market over the next five years. LED grow light technology will lead the way based on data analysis by MArketsAndMarkets.
According to the MarketsAndMArkets review, the primary players in the marketplace include Cree Inc. Bridgelux Inc., Alta LED Corporation, HelioSpectra AB, Illumitex Inc., Lumigrow Inc, General Electric Co., and Everlight Electronics Company. These companies remain at the forefront of technological advances and are positioned to benefit from the LED grow light market expansion over the next five years. Additional research and development focused on indoor farming, vertical farming and commercial greenhouses will help to drive the market during the next five years.
Companies are investing money into the varied farming and greenhouse techniques that incorporate LED grow light technology. These investments have payed dividends over the last five years and are expected to provide a positive return over the next five. The foundation of LED grow light technology is firmly in place. Moving forward, companies like the ones listed above are positioned to build on this foundation and grow into the marketplace through 2020.