The global LED market for horticulture application was valued at almost $1 billion in 2015 and is expected to surpass $1 billion by 2020, says Technavio.
Technavio’s lighting portfolio has announced its latest market research report on the LED market for horticulture application for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that influence the growth of the global LED market for horticulture application during the forecast period. Some of the top vendors listed in this industry analysis include Cree, Fluence Bioengineering, Heliospectra, Hubbell Lighting, illumitex, Kessil Lighting, Lemnis Oreon, LumiGrow, OSRAM SYLVANIA, and Smart Grow Technologies.
In terms of geographical analysis, the Americas will be the largest region in the global market, accounting for a share of more than 41% in 2015. The legalization of marijuana cultivation in several parts of the region will lead to the growth of this market.
“Manufacturers in the market are focusing on the development of new technologies to improve the crop output. Horticulturists are supplementing sunlight with lighting technologies to substitute sunlight in regions with prolonged darkness. LEDs provide optimum plant light output and are cost-effective, making it popular among horticulturists. The increasing demand for these products is encouraging vendors to develop innovative LED lighting lamps and fixtures specific to the horticulture sector,” says Navin Rajendra, a lead analyst at Technavio for research on lighting.
Click here to request a free sample of this report
This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing legal marijuana market
The legalization of marijuana cultivation for medicinal as well as recreational purposes in smaller scales across the globe will fuel the growth of the LED market. The use of marijuana for medical purposes is increasing at a rapid pace, as it helps cure muscular pains, seizures, and spasms. Pharmaceutical companies across the globe are applying for a license to grow marijuana legally for medical and research purposes. The method of indoor farming of marijuana in controlled facilities under proper lighting systems will boost the demand for LED lighting across the horticulture sector.
Unfavorable weather and climatic conditions
The adverse climate and weather conditions impact the nutritional value of the crops. The climate variability affects all components of crop production including cropping area, intensity, and yield. The traditional farmers are switching over to horticulture to ensure increased profit and high yield. The demand for LED lighting products is driving by the horticulture sector for sustainable plant growth.
Growing demand for floriculture
LED lighting supplements natural illumination and provides the specific light spectrum and density needed to produce floriculture crops with specific attributes at specific times of the year. Cut flowers are the major floriculture crops that are sold across the world. The other variant of floriculture crops include live whole flower plants, flower bulbs, and cut foliage. The increasing demand for floriculture crops for decorating consumers’ houses during festivals and celebration events will lead to the growth of this market segment.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global LED Market for Horticulture Application 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Li-Fi Market 2016-2020
- Global Agricultural Harvester Market 2016-2020
- Global Greenhouse Horticulture Market 2015-2019
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
