Grow Lights Market to Witness 12.5% CAGR by 2023: P&S Market Research

NEW YORK, May 26, 2018 (GLOBE NEWSWIRE) — According to the market research report published by P&S Market Research, the global grow lights market size is predicted to grow at a CAGR of 12.5% between 2017-2023, to reach $5.9 billion by 2023. The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries, and surge in per capita global GDP over the years, are expected to boost the growth of market during the forecast period.

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In the current global grow lights market scenario, large number of the existing greenhouses are using HPS lights for its farming applications. Greenhouse gardeners are becoming more aware of the fact that by replacing HPS lights in existing farming systems with LEDs, cultivators can save lot of energy, in addition to the other benefits that the LEDs bestow. LED lights, unlike HPS lights, emit very little heat, which not only lowers the energy consumption but also eliminates the need for an additional energy-consuming equipment to reduce the temperature in the growing environment. LED lights enable conveyance of the right color spectrum range of light, thus giving better quality of the plants as compared to HPS lights. As the LED sales volume has already increased in recent years, the price for retrofitting an HPS grow light with the LED lights has also dropped. This factor has contributed to the rising sale of LED grow lighting systems.

The emergence of horticultural lighting calculator and software is creating a major opportunity for grow lights market growth. Many grow lighting companies have started making agricultural lighting software by the support of various botanical scientists and PhDs, so that plant cultivators can attain reliable growth and achieve their targets. By reducing the quantity of light wasted in walls or aisles, these lights can be emitted at the precise locations with the help of correct measurements given by calculator. A blue print for installing grow lights in a particular area helps end users of grow lights to determine how much light they need for meeting their crop and growth targets. It exemplifies an ideal lighting layout for grower’s installation area to maximize light intensity and save money. Additionally, the electrician who is installing these lights can have a concreate light plan to fix electrical wiring efficiently and ahead of time and get better results.

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The major companies operating in the global grow lights market are Philips, General Electric, Heliospectra AB, Osram Licht AG, Illumitex Inc. and Dool Industries.

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https://www.psmarketresearch.com/market-analysis/ir-led-market

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