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
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