Global Light Emitting Diode (LED) Market 2020-2024 | Evolving Opportunities With Advanced LED Grow Lights And Cree Inc. | Technavio
LONDON–(BUSINESS WIRE) – Technavio has been monitoring the global LED grow lights market since 2019 and the market will grow by 3.53 billion US dollars in the period 2020-2024 and reach a CAGR of more than 25% in the forecast period. Request free sample pages
Read 135-page table of contents report on Light Emitting Diode (LED) Grow Lamps Market Analysis report by Application (Commercial Greenhouses, Vertical Agriculture, and Others), Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts 2020 -2024. ”
The market is being driven by the growth in indoor farming. In addition, the use of artificial intelligence in LED grow lights is expected to stimulate growth in the LED grow light market.
Indoor farming is best for growing a wide variety of crops. The technique offers optimal growth conditions and is not influenced by the seasons. Because of these advantages, commercial growers are increasingly focusing on indoor farming. In addition, the increasing scarcity of arable land, rapid industrial development and urbanization, and increasing demand for food have all increased the need for indoor farming. With the increasing acceptance of indoor farming, the demand for LED grow lights will increase significantly in the forecast period.
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The top five LED grow light companies:
Advanced LED grow lights
Advanced LED Grow Lights operates in various segments such as LED grow lights, accessories, and grow tents and kits. The company offers a wide range of LED grow lights. The company’s main offerings include LED grow lights from the ARC 2.0 series and XML 2.0 from the Diamond series.
Cree Inc. operates the business through segments such as Wolfspeed and LED Products. The company offers a wide range of LED grow lights. Some of the products offered by the company are XLamp XP-G3 and XLamp XP-G2.
General Electric Co.
General Electric Co. operates in a variety of segments including power, renewable energy, aviation, oil and gas, healthcare, transportation, and lighting. The company offers a wide range of LED grow lights. Some of the products offered by the company include BR-30, PAR-38, linear tubes and fixtures.
GNUK Ltd. operates the business through segments such as horticulture and organic manufacturing. The company offers a wide range of LED grow lights. Some of the products offered by the company are Telos 0006, Telos 0008, and Telos 0010.
Heliospectra AB operates the business through segments such as intelligent LED lighting, helioCORE lighting control system and helioCARE technical services. The company offers a wide range of LED grow lights. ELIXIA series, EOS series, DYNA series and SIERA series are some of the products that the company offers.
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Light Emitting Diode (LED) Grow Lights Application Outlook (Revenue, $ Billion, 2020-2024)
Regional Outlook for Light Emitting Diode (LED) Grow Lights (Revenue, Billion USD, 2020-2024)
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