DUBLIN–(BUSINESS WIRE)–Feb 16, 2021–
The "Horticulture Lighting Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com’s offering.
The Horticulture Lighting market is expected to record a CAGR of 20.61% over the forecast period (2021 – 2026).
- Royal Philips Electronics BV
- Heliospectra AB
- OSRAM GmbH
- Illumitex Inc.
- LumiGrow Inc.
- Everlight Electronics Co. Ltd
- Gavita International BV
- Epistar Corp.
- Grow LED Hydro
- LEDiL Oy
- Samsung Electronics Co. Ltd
- Hubbell Inc.
- Cree Inc.
- Signify Holding (Koninklijke Philips NV)
- Lumileds Holding BV
Key Market Trends
LEDs are Expected to Hold a Significant Share
- The LED technology is gaining popularity in the horticultural sector, mainly due to NASA, which continues to conduct plant-growth experiments under LED lighting. It shows immense potential as horticultural lighting fixtures because of low energy consumption, cool operation and the capability to customize the spectral output to emit the specific wavelengths usable by plants.
- These lights are also more cost-efficient than other artificial light sources. LEDs do not burn out like traditional light bulbs but experience minimum lumen depreciation over time. Though light bulbs are liable to fail on average after one year, LEDs can be operated for more than 50,000 hours (depending on the type of application). The increased lifetime ensures high reliability.
- LEDs can emit light in an efficient way that produces much less heat than other lighting fixtures. In most of the indoor farming, heat is considered waste and is removed by an air conditioner or fan, but LEDs can reduce the energy consumption associated with the removal of excess heat by not producing it in the first place.
- UVC LED suppliers used to rely on increased efficiency and competitive prices to receive branding contrast. However, affected by the coronavirus epidemic, UVC LED with disinfecting function is becoming a standard component for home appliance, making its way to the mainstream market.
- IR LEDs with sensing function can be applied for people flow monitoring in public areas, helping individuals to keep social distance when lockdowns lifted. The COVID-19 pandemic has inspired a new application for IR sensing, that is, social distance control. IR sensing technology enables anonymous and accurate track and analyze the flow of people, supporting malls, public building, banks, airports and other venues visited by large amount of people to monitor people flow and maintain safe social distance between individuals.
Europe is Expected to Hold the Largest Share
- Europe accounted for a significant share in the horticulture lighting market and continues to grow with other European countries promoting plant factory and providing subsidies to spur the local demands. The European Union’s initiatives to encourage the adoption of LED technology are expected to create more opportunities for the providers of LED lights for the horticulture sector.
- Increasing awareness of benefits and rising demand for food owing to the rising population is expected to drive the adoption of vertical farms in the region. Researchers in the Netherlands are calculating the viability of vertical farming in urban areas. For instance, Staay Food Group built a vertical farm in the country that is using Philips GreenPower LED horticultural lighting.
- LED lighting providers in the region are also developing full range horticultural products and are broadening collaboration with different partners. For instance, in 2019, Osram Opto Semiconductors GmbH launched the Duris S5 purple, which combines key wavelengths of red and blue into a single purple LED that can make horticulture applications more cost-effective.
- With strawberries ranking among the most sought-after seasonal fruits in Europe, Hungarian lighting technology group Tungsram has set out to further fortify its expertise in commercial strawberry growing. The Budapest-based company has teamed up with the University of Reading, one of the most prestigious higher education institutions in the field of horticulture in the UK, to gauge the benefits of using LED lighting for strawberry cultivation.
- Signify is expanding its collaboration with Planet Farms, a European operator of vertical farms based in Italy. Thanks to the latest agreement, Europe’s largest vertical farm will boost the quality and yield of the crops using the Philips GreenPower LED production module managed by the Philips GrowWise Control System.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Assessment of Impact of COVID-19 on the Market
4.3 Market Drivers
4.3.1 Growing Population and Availability of Limited Agricultural Land
4.3.2 Government Initiatives to Support Adoption of LEDs in Horticulture
4.4 Market Restraints
4.4.1 High Cost of LED Grow Light Technologies
4.5 Value Chain Analysis
4.6 Porters Five Force Analysis
4.7 Stakeholder Analysis
4.7.1 Opportunities in LED Drivers
4.7.2 Opportunities in LED Fixtures
5 MARKET SEGMENTATION
5.1 Lighting Type
5.2 Lighting Technology
5.3 Application Type (Qualitative)
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/2yf9n2
View source version on businesswire.com:https://www.businesswire.com/news/home/20210216005843/en/
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SOURCE: Research and Markets
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PUB: 02/16/2021 09:58 AM/DISC: 02/16/2021 09:58 AM