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Horticulture LED market to grow at 22.55% CAGR by 2020

Horticulture LED market to grow at 22.55% CAGR by 2020

Jan 26, 2017: 2016 LED lighting market for horticulture application research says one of latest trends in the market is focus on development of innovative products. The growth and development of horticulture crops depend on the amount of sunlight they receive. The long period of darkness, especially in Nordic Countries and North Central Europe, makes it difficult for farmers to improve the crop output. Therefore, horticulturists are supplementing sunlight with lighting technologies. As LEDs provide optimum plant light output and are cost-effective, these are gaining traction among horticulturists. The growing preference for LEDs over traditional lighting has encouraged lighting manufacturers to develop innovative LED lighting lamps and fixtures specific to the horticulture sector.

Complete report on LED lighting market for horticulture application spread across 69 pages, analysing 10 major companies and providing 27 data exhibits now available at http://www.sandlerresearch.org/global-led-lighting-market-for-horticulture-application-2016-2020.html.

Growing environmental conditions

This analyst forecast the global LED lighting market for horticulture application to grow at a CAGR of 22.55% during the period 2016-2020. According to the LED lighting market for horticulture application report, one of the primary drivers in the market is unfavourable weather and climatic conditions. The growth and development of plants are dependent on the growing environmental conditions, as they are adapted to different agro-ecological regions. Horticulture is a high-priority sector of agriculture, where the impact of adverse climate and weather conditions will have a profound impact on the nutritional value of the crops. The climate variability affects all components of crop production including cropping area, intensity, and yield. Therefore, farmers usually grow crops specific to location. For instance, crops such as rice, maize, cereals, pulses, and soybean, which are monsoon crops, are grown in areas with adequate rainfall.

The global LED lighting market for horticulture application was valued at almost $1 billion in 2015 and is expected to surpass $1 billionby 2020. In terms of geographic regions, the Americas will be the major revenue contributor to the LED lighting market for horticulture application throughout the forecast period. Several countries in the region including the US, have legalized the cultivation of marijuana for medical purposes. Unfavourable weather and climatic conditions and the need to cultivate marijuana away from public places, will drive the adoption of horticulture farming in this region.

The global LED lighting market for horticulture application analyst says with global warming and the rapid depletion of non-renewable power resources becoming a major concern, several countries across the globe will increasingly focus on energy efficiency. This will induce governments to introduce policies that ban the usage of incandescent light bulbs with low power efficiency. The Australian Federal Government has already banned the sales of incandescent light bulbs and the European Union introduced legislations that ban the usage of halogen lamps. The US, Russia, Brazil, China, and South Korea are some of the other countries that have already passed legislations that prevent the usage of inefficient lighting sources.

The following companies are the key players in the global LED lighting market for horticulture application: Cree, Fluence Bioengineering, Heliospectra, Hubbell Lighting, illumitex, Kessil Lighting, Lemnis Oreon, LumiGrow, OSRAM SYLVANIA, and Smart Grow Technologies. Order a copy of Global LED Lighting Market for Horticulture Application 2016-2020 report @ http://www.sandlerresearch.org/purchase?rname=62096.

Source: Sandler Reseacrh

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