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.
Request to Get the Sample Pages: https://www.psmarketresearch.com/market-analysis/grow-lights-market/report-sample
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.
Access Report Summary with Detailed TOC on “Grow Lights Market at: https://www.psmarketresearch.com/market-analysis/grow-lights-market
The major companies operating in the global grow lights market are Philips, General Electric, Heliospectra AB, Osram Licht AG, Illumitex Inc. and Dool Industries.
More Reports by P&S Market Research
Infrared LED Market
Geographically, Asia-Pacific has been the largest contributor to the global IR LED market and is also expected to register significant growth, during the forecast period. The growth of infrared based products, such as IR LED, IR emitter and receiver, in Asia-Pacific can be mainly ascribed to the growth of emerging economies of the region, including China and India. Moreover, Asia-Pacific has emerged as a hub for major original equipment manufacturers (OEMs) for miscellaneous infrared-related products, which makes it a booming market for IR LED.
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research-based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
P&S Market Research
347, 5th Ave. #1402
New York City, NY – 10016
Toll-free: +1-888-778-7886 (USA/Canada)