LED Lighting Horticulture Market-Demand is Increasing Day by Day
U.S has legalized the cultivation of marijuana in locations away from public spaces, along with certain other countries in the Americas. In conjunction with this demands for high nutrition foods, will drive the requirement for vegetable and fruits over the next few years. Owing to unfavorable weather conditions, requirements to meet these demands, construction of commercial greenhouses and LED lighting equipment will drive the market growth through the forecast period.
Chief industry participants in the LED lighting horticulture market include Fluence Bioengineering, Cree, Illumitex, Kessil Lighting, Heliospectra, Hubbell Lighting, LumiGrow, Lemnis Oreon, Osram Sylvania and Smart Grow Technologies. Industry is expected to be characterized by the next generation product launches to garner higher consumer inclinations. For instance, in January 2014, Philips Lighting launched LED toplighting range for commercial applications, which was featured with relatively higher efficiency than the other available LED modules.
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Industry is largely characterized by the presence of conventional alternatives such as fluorescent and high pressure sodium (HPS) products. These products are featured with high power consumption, these in turn lead to heavy electricity bills and lower profit margins for commercial applications. However, horticulturists are increasingly encouraging the use of LED lighting for applications owing to the related power savings, optimum plant light outputs and considerably longer lifecycles up to 5X the conventional products. These factors are expected to provide major traction to the LED Lighting Horticulture market during the next few years.
Moreover, rather than increasingly focusing on the commercial sales of the products, major industry participants that include Philips Lighting and Osram Sylvania are increasingly focusing on awareness through investing in trial projects. For instance, Philips has already made significant investments in Europe, Americas and Asia Pacific for several such projects to gain higher consumer inclinations. Moreover, offering products with 3 to 5 years warranty is expected to garner higher consumer inclinations over the long run.
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