According to the findings of a research study made available by Radiant Insights, Inc., the worldwide horticultural LED lighting market is predicted to witness significant development over the forecast period i.e., from 2016 to 2022. Globally rising energy prices along with high energy consumption is considered to be one of the key factors likely to drive the adoption of LED lighting in horticulture during the estimated period. Increased electricity prices have been attributed to rise in prices of raw materials used by energy generation and distribution companies.
The report “Global Horticultural LED Lighting Industry 2017 Market Research Report” is available now at https://www.radiantinsights.com/research/global-horticultural-led-lighting-industry-2017
Factors such as rise in population and rapid industrialization across the globe have resulted in increasing demand for electricity. Use of LED technology enables effective usage of lighting controls, which, in turn, enhances the potential for energy saving. This factor is also anticipated to help increase global demand for horticulture LED lighting. A significant share of the demand is likely to stem from marijuana growers across the globe, there by contributing toward the development of the global market. Rising awareness among farmers about the benefits of greenhouse farming, such as high rate of production, is driving the demand for energy-efficient LED lights. This, in turn, is likely to boost the global market in future.
Many countries across the globe are increasingly focusing on energy efficiency as a result of major concerns such as rapid depletion of non-renewable power resources and global warming. This is expected to force various government bodies to launch new policies that restrict the use of luminescent light bulbs with low energy efficiency. This is sure to boost the overall market. For instance, the Australian Federal Government has banned the use of halogen lamps. U.S., Brazil, Russia, and China are some of the regions that have passed a legislation to ban the usage of inefficient bulbs.
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The global horticultural LED lighting market is categorized as per product type, application or enduser, and region. Based on product type, the market is segmented into far-red light, visible light, and ultraviolet (UV) light. Based on end user, the market is categorized into vertical farming, indoor farming, and commercial greenhouse. Based on region, the market is divided into North America, Southeast Asia, China, India, Japan, and Europe.
The North America region is predicted to be the major revenue generator for horticulture LED lighting during the forecast years. Many economies in the region have legalized the cultivation of marijuana for medical and recreational use. Unfavorable weather and climate conditions, along with the need to grow marijuana away from public places, are expected to boost the adoption of horticulture farming in the region. Rise in demand for high-nutrition processed and non-processed food products is driving commercial greenhouse facilities to adopt LED lighting to ensure availability of high nutrition vegetables and fruits throughout the year. This is also expected to fuel the development of the regional market.
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Major companies operating in the global horticultural LED lighting market are Illumitex, Inc.; Fluence Bioengineering; Smart Grow Technologies, Inc.; OSRAM Sylvania Inc.; LemnisOreon B.V.; and Hubbell Inc. Product portfolio expansion, M&As, and novel technology developments are some of the primary strategies adopted by most market players. For instance, Illumitex Inc. recently announced that it will be expanding its LED offerings with a new X6 full-spectrum light. The company also stated that it has added three new horticulture scientists to its team.
About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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