The increasing world population and the rapid urbanization has resulted in an increase in demand for food while conventional farming is on a decline. The world population is expected to reach 9.7 billion by 2050 and according to the United Nations around 66% of those will be living in urban areas. There is a need to employ better farming methods that help in improving the yields. With food security gaining increased importance in the worldwide scenario, government across the globe are promoting modern farming techniques which help in producing the best yield from each farmed acre. Vertical and indoor farms help in improving the yields manifold while eliminating the use of chemical fertilizers and pesticides.
It has been mentioned in a statistic by Macrothink Institute that the growth of vegetables like carrots, potatoes, tomatoes and lettuce was increased 2-15 times due to the better technology on offer in vertical farms. Whereas the increase in yield was 340-700 times when the effect of stacking was combined with the technology.
Vertical and indoor farms also protect the vegetation from the effects of external climatic conditions like drought which is useful in preventing agricultural losses. LED grow lights are an important part of these farms where they compensate for the absence of sunlight.
Moreover the introduction of LED technology into the grow lights market has been revolutionary as it reduces the energy consumption and heat radiation. Thus LED grow lights provide an effective and efficient solution to the existing problems that the agricultural sector faces.
According to a new market intelligence report by BIS Research, titled ‘Global LED Grow Lights Market- Ana…ecast (2016-2021)’, the global LED grow lights market is expected to reach $2.59 billion by 2021, growing at a CAGR of 28.9% between 2016 and 2021. The overall growth in the LED grow lights market is fuelled by the growing demand for food, increasing urbanization, need to reduce energy consumption, increasing emphasis on food security, and the rising trend for indoor farming.
According to Rakhi Tanwar, an analyst at BIS Research, "Low power LED grow lights dominated the global LED grow lights market with the market share of approximately 61.2% in 2016, registering the CAGR of 29.1% between 2016 and 2021". Low power LED grow lights offer better focus and customization to the grower and are preferred by small-scale growers.
Since the use of LED grow lights for commercial purposes is very less currently, the market of low power LED grow lights is larger. With the developing technologies, there is a huge possibility that low power LEDs would be good enough to be used for large-scale applications as well.
However, partial spectrum LED grow lights emit only those wavelengths which are most efficiently used by plants during photosynthesis, thus eliminating the power required to emit unnecessary wavelengths. The power saving nature of partial spectrum LED grow lights and the development of technologies to make the control over their spectrum and intensity automated through software integration has helped the market to flourish.
The commercial greenhouse application dominated the global LED grow lights market with a market share of 28.7% in 2016, registering the CAGR of 29.1% between 2016 and 2021. Increasing sales from greenhouses over the years has been the main reason for the growth of this application.
They provide a better way of growing plants and thus people are investing more to get the maximum yield from greenhouses. The vertical farming application is expected to have the highest growth rate of 29.6% from 2016-2021.
Vertical farming involves the stacking of crops, which increases the yield manifold. Thus, this type of farming is a key to solving the future issue of meeting the growing demand for food.
Some of the key players in the LED grow lights market are Philips Lighting, Osram Licht AG, General Electric, Heliospectra AB, Cree, Inc., Everlight Electronics, California LightWorks, Cirrus Systems, Inc., High Power 4s, Illumitex, Lumigrow, Platinum LED Lights LLC, Pro Max Grow, Advanced LED Lights, and Stadium Grow Lighting, among others. These companies provide a broad product portfolio for specific needs and applications.
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Key questions answered in the report:
- What is the size, in terms of value ($million) of LED grow lights market in 2016, and growth rate during the forecast period, 2016-2021?
- What are different types of applications of LED grow lights?
- What is the market share of different types of LED grow lights on basis of power consumption and their growth rate during the forecast period, 2016-2021?
- What is the market share of different types of LED grow lights on basis of spectrum type and their growth rate during the forecast period, 2016-2021?
- What is the market size of different power consuming LED grow lights, in terms of value, on the basis of different applications?
- What is the market size of different spectrum emitting LED grow lights, in terms of value, on the basis of different applications?
- What is the LED grow lights market size for different regions and countries in terms of value?
- What are the key trends and opportunities in LED grow lights market, pertaining to countries included in different geographical regions?
- How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of LED grow lights?
- What are the major driving forces that tend to increase the demand for LED grow lights during the forecast period?
- What are the major challenges inhibiting the growth of the global LED grow market?
- What kind of new strategies is being adopted by existing market players to make a mark in the industry?
- What is the competitive strength of key players in the LED grow market by analyzing through market share analysis?
- What are the key market players in the market, along with their detailed analysis & profiles (including their financials, company snapshots, key products & services, and SWOT analysis)?
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