LEDs can increase crop yields and allow for more efficient use of energy and space in horticultural applications
A recent report from Navigant Research examines the market for lighting within horticultural applications, including global forecasts for unit sales and revenue, segmented by region, horticultural type, lamp type, equipment type, and construction type, through 2024.
The next five years are expected to bring great opportunity for lighting companies as new indoor growing facilities are built and as new horticultural market entrants make decisions on available brands. Light-emitting diodes (LEDs) are now the preferred lighting technology in an increasing number of facilities, despite being more expensive than other technologies, because of advantages that can increase energy efficiency and crop yields. Click to tweet: According to a recent report from @NavigantRSRCH, LED luminaire sales for horticultural applications are expected to total $2.8 billion by 2024.
“The United States and Canada are seeing some of the fastest adoption rates for LEDs in horticultural applications,” says Benjamin Freas, principal research analyst with Navigant Research. “With high labor rates and land near population centers at a premium, even a small increase in crop yield can have a big impact on net revenue.”
Indoor space used to grow food crops is expected to more than triple in the coming decade, according to the report. Of the other horticultural applications, indoor cannabis production, which is forecast to grow steadily worldwide and quickly in North America as legalization laws change, can particularly benefit from the dramatically lower costs associated with LED lighting.
The report, LED Lighting for Horticultural Applications, analyzes the global market for lighting within horticultural applications. The study provides an analysis of the market issues, including drivers and trends, barriers, cost issues, and technological developments, associated with lamps and luminaires intended for horticultural use. Global market forecasts for unit sales and revenue, segmented by region, horticultural type, lamp type, equipment type, and construction type, extend through 2024. The report also examines the key codes and standards and regional influences related to horticultural lighting, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, LED Lighting for Horticultural Applications, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.