Here at LED Grow Lights Expert, we’ve always known that LED grow lights offer many benefits and advantages over conventional grow lights, and we’ve been offering lots of LED grow light reviews and buying guides over the years. Now, several market analysts are taking notice, and earlier this month there was a new market analysis report published by MarketsAndMarkets on the LED grow lights industry, and projects this will be a multi-billion dollar industry in 5 years.
LED Lighting Market Forecast
The LED grow light market is forecast to grow from $400Million today to more than $1.9 Billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of 26.93% between 2015 and 2020. Access this industry report here.
The report notes a trend away from using traditional less efficient lighting with higher operating costs (from the high energy wasted), towards switching to use LED grow lights. This is largely driven by economics, as LED lighting is becoming cheaper to manufacture and consumes less energy thus costs less to operate.
Established commercial growers are always looking for ways to reduce operating expenses, and energy use is a significant ticket item. Thus we are witnessing the rush towards replacing the old lights with newer LED grow lights. By now, the technology has been perfected for plant growth, delivering the most optimal light spectrum to stimulate plant growth throughout the plant’s growth cycle.
Furthermore, many governments in developed countries such as the U.S. and Europe are passing resolutions banning incandescent bulbs and supporting the adoption of green technology such as LEDs.
Recently, we have learned that the European Commission, for instance, has planned to phase out halogen lamps from European Union by 2018. General Electric has just announced they are killing CFL (Compact Fluorescent Light) bulbs by the end of 2016, and focusing on LED lighting production. As a prominent GE executive said, “The time for LEDs is now!”
Now it’s time for you to get with the program too. Check out our many LED grow lights reviews and recommendations.
Legal marijuana sales forecast to hit $23B
In a new article on USAToday.com, a new economic forecast predicts that legal marijuana sales in the US will reach $24 Billion by 2020. Many US states already allow medical marijuana, and many other states are actively considering it. This is picking up momentum, and is fast becoming a fully legitimate business enterprise. This of course bodes well for the LED lighting industry, which will also grow along with the whole industry. A rising tide lifts all boats, as they say