LED Horticulture Market - Forecast From 2019 To 2024

Description

The LED horticulture market is projected to grow at a CAGR of XX.XX% to reach US$XX.XXX billion by 2023, from US$XX.XXX billion in 2017.As per horticulture research, radiation at some relatively narrow spectral bands drives photosynthesis process by optimising chlorophyll absorption. As scientists continue to match monochromatic spectrum to different plants and stages of growth, LED manufactures are tapping into the rapidly growing horticulture lighting market. Use of LEDs to grow herbs, fruits, vegetables and flowers is a smart choice as it leads to energy and water saving and greater productivity. Rising global population and shrinking available farmland is driving the market growth. Use of LEDs is also establishing itself as a greener alternative to traditional farming methods.

DRIVERS

Need to fulfil food requirements of a growing world population

Limitation of geography and weather as different plants have different requirements

Limited availability of resources in terms of land, water and energy

RESTRAINTS

High cost involved

Technological and infrastructural constraints in certain areas

INDUSTRY UPDATE

In June, 2019, Signify announced a new long term collaboration with WUR to investigate how LED lighting can influence compound production, quality and plant characteristics of cannabis or marijuana crops grown for medicinal purpose

In November 2018, Samsung announced new horticulture LED lineups to advance vertical and indoor farming

In November 2018 Lumileds launched Luxeon SunPlus 2835 line for maximising crop yield

SEGMENTATION

By cultivation

Fruits and Vegetables

Flowers or Floriculture

By Application

Greenhouse

Vertical Farming

Indoor Farming

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

Others

Asia Pacific

China

Japan

South Korea

India

Others