Global Light-Emitting Diode Grow Lights Market, 2020-2024: Cree Inc, General Electric Co, LumiGrow Inc & Senmatic AS - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 23, 2020--
The “Light-emitting Diode (LED) Grow Lights Market by Application and Geography - Forecast and Analysis 2020-2024” report has been added to ResearchAndMarkets.com’s offering.
Global Light-emitting Diode (LED) Grow Lights Market: About this market
The light-emitting diode (LED) grow lights market analysis considers sales from commercial greenhouses, vertical farming, and other applications. Our study also finds the sales of light-emitting diode (LED) grow lights in APAC, Europe, MEA, North America, and South America. In 2018, the commercial greenhouses segment had a significant market share. However, LED grow lights market growth in the greenhouse segment will be slower than the growth of the market in the vertical farming segment. Factors such as high demand for LED grow lights from greenhouse operators will play a significant role in the vertical farming segment to maintain its market position. Also, our global light-emitting diode (LED) grow lights market report looks at factors such as growth in indoor farming, need for energy-efficient and long-lasting grow light technology, and new product developments. However, high installation and setup costs, harmful effects of LED grow lights, and weight of LED grow lights may hamper the growth of the light-emitting diode (LED) grow lights industry over the forecast period.
Global Light-emitting Diode (LED) Grow Lights Market: Overview
Growth in indoor farming
There has been a growing scarcity of arable lands with increasing industrial development and urbanization. The need for indoor farming has increased due to the growing demand for food. The establishment of various facilities such as greenhouses, storage containers, refurbished warehouses, and other structures has eased the practice of indoor farming. There are various ways to produce crops indoors, including vertical farming, aquaponics, and hydroponics. This has led to high productivity in small areas. For instance, Signify NV launched its new Philips GreenPower LED toplighting with an optimized light spectrum for cut rose cultivation. This growth in indoor farming will lead to the expansion of the global light-emitting diode (LED) grow lights market at a CAGR of over 25% during the forecast period.
Use of artificial intelligence in LED grow lights
The demand for artificial intelligence in various fields has been growing. Artificial intelligence helps in discovering various environmental factors, which can affect plant growth during indoor farming. Indoor farming needs a controlled environment with the right amount of temperature, humidity, CO2 level, water, and light. AI-enabled LED grow lights are also helping end-users in saving electricity bills. Vendors such as Osram Light are manufacturing AI-enabled LED grow lights that not only regulates light input but also predicts crop diseases. This development is expected to have a positive impact on the overall market growth.
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DRIVERS AND CHALLENGES
PART 10: MARKET TRENDS
PART 11: VENDOR LANDSCAPE
PART 12: VENDOR ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/cjtpwr
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SOURCE: Research and Markets
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PUB: 01/23/2020 01:02 PM/DISC: 01/23/2020 01:02 PM