LED grow light modules markets at $395 million in 2013 are anticipated to reach $3.6 billion by 2020
Albany, NY (PRWEB) November 19, 2014
The report states that the global LED grow light market was worth US $395 million in 2013 and is estimated to reach US$3.6 billion by 2020. With rapid growth coming in from restaurant and home market segments, the global LED grow lights market is poised to grow at a healthy rate.
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The 459-page market study includes over 221 tables and figures. The analysis is based on primary and secondary data collection techniques, and interviews from vendors and end-user businesses.
Factors Propelling the LED Grow Light Market
The LED grow light market has achieved significant growth for the past few years as the global food supply market started adopting automated processes. The adoption of solar and wind energy by greenhouses and plant factories across the globe has also made LED grow lights more sophisticated and less expensive.
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The rising need for growing food products consistently to meet the demands of the rising global population, demand for strengthening domestic food markets, and cutting-on global imports has proven favorable for the global LED grow light market.
Competitive landscape of the LED grow lights market
The global LED grow light market is characterized by dominance of some key market players such as LEDHydroponics, Nihon Advanced Agri, Shenzhen Sanxinbao Semiconductor Lighting, Everlight Electronics, and Iwasaki EYE Hortilux. Other than these, other companies operating in the global LED grow light modules market include Daystar, General Electric (GE), Genesis Photonics (GPI), Delta Group, and Philips Horticulture Lamps.
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