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LED Grow Lights in 2021

LED Grow Lights in 2021

A new report from Market Reports Hub predicts a bright future for LED grow lights. Looking at LED grow light market shares worldwide, Market Reports Hub estimates that the $395-million market share LEDs captured in 2014 will reach $1.8 billion by 2021. Rapid growth is anticipated as greenhouse and plant factory growers discover that LED grow lights improve agriculture. Commercial greenhouse applications held the largest share in the LED grow light market in 2015, and are expected to dominate the market during the forecast period. Supplemental reports from Market Reports Hub also forecast a 30.29% CAGR for vertical farming applications of LED grow lights. Vertical farming applications are expected to reach a value worth $401.72 million by 2020. The low-space cultivation area of vertical farming, especially in urban areas, is the main reason for its high growth in the LED grow light market.