LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global grow lights market is expected to exceed USD 3 billion by 2020, growing at a CAGR of almost 12% during the forecast period.
This research report titled ‘Global Grow Lights Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global grow lights market by product into four broad categories, which are as follows:
- Fluorescent grow lights
- LED grow lights
- HPS grow lights
- Incandescent and halogen lights
Global fluorescent grow lights market
The global fluorescent grow lights market is expected to reach USD 1 billion by 2020. Fluorescent grow lights are popular among home gardeners. Standard fluorescents were used for seed germination, but they were not very efficient. In order to overcome the drawbacks in standard fluorescents, advances in technology were incorporated to manufacture high output and compact fluorescent lights. These emit a strong light spectrum compared to standard fluorescents, produce less heat, and are significantly more efficient and cost-effective than incandescent lamps.
In addition, fluorescent fixtures are lightweight and easy to assemble, making it easy for users. Replacement lamps for fluorescent grow lights are readily available.
Global LED grow lights market
The global LED grow lights market is expected to reach USD 1.9 billion by 2020, growing rapidly at a CAGR of over 25%. LED grow lights are relatively new and have been increasing in efficiency with evolving technology. LEDs last up to 10 times as long as compact fluorescent lamps and far longer than typical incandescent. Although these lights are more expensive than other lights, they are proven to be cost-effective because they do not require frequent replacement and also save on cost incurred through electricity usage. LEDs can last as long as 11 years. LED grow lights produce less heat compared to other lights thus, reducing the need for expensive and complicated cooling systems required to minimize plant tissue damage.
Since LED has proved to be more beneficial in comparison to traditional lighting systems, researchers and scientists worldwide are focusing on further enhancing LED grow lights to upgrade greenhouses. Thus, with advances in technology, the demand for LED grow lights is expected to increase further.
Global HPS grow lights market
The global high pressure sodium (HPS) grow lights market is expected to reach USD 157 million by 2020. HPS bulbs produce orange and red spectrum, which enables flower production, fruiting, and ripening. The incorporation of advanced technology in HPS lights renders them a high lumen per watt ratio, which enables them to provide adequate lighting to large greenhouses. An advantage of this system is that one grow light can be used to cover a large area, and it is not necessary to place the light close to the plants as they produce a significant amount of heat. The additional heat is essential in the greenhouse during winters. With time, HPS bulbs get weaker and need to be replaced. The average lifespan of these lights is about 18,000 cumulative hours..
According to Abhay Sinha, a lead analyst at Technavio for agricultural equipment research, “HPS lights are considered to be the most efficient among high-intensity discharge (HID) lights categories. They are considered to be six times more efficient than incandescent lights in terms of luminosity per watt, which is a significant difference and can prompt the indoor farming industry to adopt these lights in the near future.”
Global incandescent and halogen lights market
The global incandescent and halogen grow lights is expected to reach USD 79.5 million by 2020, declining at a CAGR of 1.5%.
Incandescent light bulbs are commonly found in grocery and hardware stores and can be easily used as grow lights. However, one drawback in using them is that they are not energy efficient. Therefore, the energy that is not completely utilized to produce light is used to generate heat. “Although the initial expenditure to purchase incandescent bulbs is less, their operation costs are higher in comparison to fluorescent bulbs. Hence, incandescent lights are not preferred as grow lights. Halogen lights are also not preferred as they have the same characteristics as incandescent lights,” says Abhay.
Technavio research analysts highlight the following four vendors as the top contributors to the global grow lights market:
- Royal Philips
- PARsource Lighting Solutions
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