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Global LED Grow Lights Market, Analysis & Forecast - 2016 to 2021LONDON, Oct. 18, 2017 /PRNewswire/ -- Global LED Grow Lights Market Anticipated to Reach $2.59 Billion by 2021, Reports BIS Research The most commonly used strategy for developing a better hold on the market has been through business expansions followed by product launch and development. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years. Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), South America and Middle East and Africa. Each geography details the individual push and pull forces in addition to the key players from that region. The prominent players operating in the global LED grow lights market are are Philips Lighting, Osram Licht A.g., Cree, Inc., and Heliospectra AB, among others. Executive Summary 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. The need to reduce energy consumption, increasing emphasis on food security and a developing trend for indoor farming have helped the market for LED grow lights to flourish. Several restaurants have setup their indoor farms to bring the farm to plate concept into practice. The increasing demand for healthy food from the highly urban world population and the legalization of marijuana in the U.S. and similar legislations being set up in Canada further drive the growth of the LED grow lights market. In spite of having many benefits, the requirement of a large capital investment and the lack of quality standards for LED grow lights pose a challenge to the growth of the market. The LED grow lights market is expected to grow from $XX.X million in the year 2016 to $2590.0 million by 2021, at a CAGR of XX.X% from 2016 to 2021. The growth is attributed to the increase in demand for food which leads to the need for increasing farm yields. LED grow light applications provide a solution to the problems faced during conventional farming. The concept of LED grow lights market revolves around the major applications which include commercial greenhouses, vertical farming, indoor farming, turf and landscaping, and others (research). The market can also be classified on basis of the power consumed by LED grow lights. They can either be low power (<300W) or high power (>=300W). Further, the LED grow lights market can also be classified on the basis of spectrum type. They can either be partial or full spectrum. The trends of the LED grow lights market varies with different geographical regions. The LED grow lights market holds a prominent share in various countries of Asia-Pacific (APAC), North America, Europe, South America, and Middle East and Africa. The competitive landscape for the LED grow lights market demonstrates an inclination towards companies adopting strategies such as business expansion and product launch and development. The major established players in the market, are focusing more on business expansion to keep a strong hold on the market. Heliospectra, Philips Lighting, and Illumitex are few of the major industry players that have adopted this strategy to grow their business. These companies expanded their business in different countries to expand their customer base in the market. The need for more R&D and appropriate regulatory environments is a prerequisite for sustained growth of this market. Various government and private research institutes, and regulatory bodies and associations are putting in substantial efforts to identifying how LED grow lights can be important for required food production. The need for sophisticated farming techniques is necessary to fulfill the increasing demand for food. LED grow lights not only makes farming more productive, it also helps in developing the agriculture and farming sectors in highly urban countries. Farmers need to step up in order to improve the yields and suffice the growing demand. LED grow lights play a major role in doing so. The improving technologies for LED grow lights are expected to reduce their prices. Moreover, the software integration through portable devices can develop further which provides a good growth opportunity for the LED grow lights market. Countries Covered • North America • U.S. • Canada • Mexico • Europe • Germany • U.K. • France • Netherlands • Spain • Sweden • Italy • Belgium • Poland • Rest of Europe • Asia-Pacific • China • Japan • South Korea • Southeast Asia • India • Australia Download the full report: https://www.reportbuyer.com/product/5148520 About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers https://www.reportbuyer.com For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +44 208 816 85 48 Website: www.reportbuyer.com View original content:http://www.prnewswire.com/news-releases/global-led-grow-lights-market-analysis--forecast--2016-to-2021-300539215.html SOURCE ReportBuyer |