LED grow light market capitalization of $ 3 billion

According to market research firm Technavio latest research results show that, by 2020, the global LED Grow Lights market value will exceed 30 billion US dollars, 2016 to 2020, will grow 12% CAGR.

The report will be global LED Grow Lights market is divided into four categories, mainly fluorescent grow lights, LED grow lights, high pressure sodium (HPS) grow lights, grow lights incandescent and halogen lamps.

By 2020, global LED grow lights market will reach $ 1.9 billion, the annual compound growth rate of over 25%. LED grow lights market is relatively new, technology has been in development, has introduced a more efficient product. LED life than ordinary energy-saving lamp 10 times longer, and far more than ordinary incandescent lamp. Although these lamps are more expensive, but more efficient, since no frequent replacement, but also save electricity costs. LED lamp life of up to 11 years, compared with other lamps, LED less heat, and therefore eliminates the expensive and complicated cooling system cost. Use of other lamps need a cooling system because overheating will damage the plant tissues.

Because of the advantages of LED more, the world's researchers are focusing on the development of LED grow lights, and therefore the market will grow further.