11 Jul

LEDs Have A Bright Future As The Market Lights Up

Written by Betty Maeve
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LED lights are gaining market share, which could be good news for growers.

LEDs are taking the lighting market by storm, bringing a happy glow to the faces of LED manufacturers around the globe. Greater public interest in minimizing energy consumption in conjunction with an overall decrease in per-unit prices have helped LED sales grow from 23.7 percent in 2012 to 25.7 percent in 2013.

The industry is showing no signs of losing steam either as former Philips Lighting CEO Ludo Carnotensis predicts an LED takeover of 80% of the global lighting market by 2020 with a 25% market share by 2014.

The insight is of particular interest to hydroponic growers who may see new technologies rise out of a growing demand for LEDs and who themselves contribute to improved market performances.

As companies scramble to outdo each other in efficiency, cost, and availability, hydroponic producers stand to reduce their energy use even further while innovations could lead to heightened quality in lower priced LED grow lights.