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Overview of the global LED lighting market for horticulture application
The global LED lighting market research for horticulture application predicts the market to grow steadily during the next four years and post an impressive CAGR of more than 22% by 2020. The high electricity consumption and increasing power prices is one of the primary global LED lighting market drivers. Rapid industrialization, the rise in population, and increased energy consumption result in increasing the demand for electricity across the globe. Also, the rise in raw materials used by power generation and distribution companies induces utility companies to increase electricity prices. This increase in energy costs and consumption will induce both the governments and consumers across the globe to reduce the consumption of electricity and focus more on adopting power saving technologies. Since the use of LED technology allows the effective use of lighting controls, which increases the potential for power saving, there will be an exponential increase in the demand for LED lights for horticulture lighting, especially by marijuana growers.
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 use 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 use 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 use of inefficient lighting sources.
Competitive landscape and key vendors
Though the market offers significant growth opportunities, there are no players who account for major market shares. The market has several small and regional horticulture LED lights suppliers who have captured significant positions in their respective regions. The vendor competition in the market is moderate. LED grow lights vendors are currently concentrating on increasing the awareness about the use of lighting systems in the horticulture sector and are collaborating with local horticulturists to provide knowledge about the hardware and software requirements.
According to the global LED lighting market analysis, the leading vendors in the market are -
Smart Grow Technologies
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Segmentation by application and analysis of the LED lighting market for horticulture application
Indoor and vertical farming
According to this global LED lighting market forecast, the commercial greenhouse segment dominated the market during 2015. The shift in focus of farmers across the globe toward greenhouse cultivation due to benefits such as high production rate will drive the demand for energy-efficient LED lighting, in turn, propelling market growth.
Geographical segmentation and analysis of the LED lighting market for horticulture application
This global LED lighting market study estimates that 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. The increasing demand for high nutrition processed and non-processed foods, that will drive the construction of commercial greenhouse facilities that can produce high nutrition fruits and vegetables throughout the year, will also fuel market growth in this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global LED lighting market for horticulture application?
What are the key market trends impacting the growth of the global LED lighting market for horticulture application?
What are the challenges to market growth?
Who are the key vendors in the global LED lighting market for horticulture application?
What are the market opportunities and threats faced by the vendors in the global LED lighting market for horticulture application?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global LED lighting market for horticulture application?
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