LED Lighting Horticulture Market Revenue Growth Predicted by 2025
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.
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LED lighting horticulture market is directly addressed to the businesses associated with the commercial, indoor and R&D activities associated with plants, which is in contrast of the field farming and animal husbandry. These addressable segments are directly dependent on the presence of sunlight for the crops growth. However, with the increase in global population and lack of adequate sunlight in regions that include North Central Europe and Nordic countries, requirement of additional production of vegetables, fruits, medicines and other agricultural products is expected to drive the demands for these industry products.
Increased power saving features of LED lights will present lucrative product demands through the forecast period
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.
Conventional alternatives that includes specifically includes HPS are associated with additional costs owing to their short lifecycles, requirement to alter the lights almost every year and high labor costs. However, these are expected to remain in the industry for long owing to their high intensity and low light degradation that is 1% every thousand hours of utilization. However, long term warranties of the LED counterparts only ensures only 70% of the initial lumen output over its lifecycle. This is expected to remain as the major restraining factor for the industry over the forecast period. Moreover, low overall initial outputs also require the plants to be located in the close proximity. This in turn can lead to blocking of the naturally available sunlight, which may lead to 24 hours requirement of these lights. This may hamper the overall yield up to 30% which is not ideal for growers who want to maintain the annual yield which may in turn lead to decreased consumer inclinations.
These factors are anticipated to be most likely be dealt with the utilization of increased intensity with certain product developments over the next few years. Moreover, aforementioned benefits outweigh these drawbacks and LED lighting horticulture market is expected to gain highest traction over the coming years.
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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