17 April 2018

Luminaire revenue for horticultural applications to reach $3.8bn by 2027

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Global luminaire revenue for horticultural applications is expected to reach $3.8bn by 2027, according to a new report from Navigant Research that focuses on light-emitting diodes (LEDs).

By offering greater energy efficiency and better crop yields, improvements in LED technology are providing growers larger profits as well as other benefits, notes the report ‘LED Lighting for Horticultural Applications’. Leveraging a growing indoor farming market, today’s lighting manufacturers are providing tunable solutions of LEDs that support plants during different stages of the grow cycle, allowing farmers to monitor every known influence on the crop’s well-being, and encouraging further adoption.

“Market growth in horticultural LED applications has helped lower installation costs for luminaires, driving further adoption for LED technology,” says research analyst Courtney Marshall. “This feedback loop between more affordable prices and greater adoption rates has created a market environment marked by innovation and experimentation as vendors look to upgrade their offerings with quality research.”

While the industry’s lack of an existing one-size-fits-all approach can be a market challenge, the diverse horticulture market also presents an opportunity for collaboration among incumbents, startups and universities to provide proven and scalable lighting offerings, notes the report. By taking advantage of the academic space to conduct controlled experiments, vendors can increase credibility and may also discover successful lighting applications that could speak to an audience as diverse as the horticultural market, it concludes.

See related items:

LED luminaire sales for horticultural applications to grow to $2.8bn by 2024

LEDs to comprise over half of horticultural luminaire sales in 2017

Tags: Lighting market

Visit: www.navigantresearch.com/research/led-lighting-for-horticultural-applications