High Demand for Fresh Produce to Augment the LED Lighting Horticulture Market Growth

 

LED Lighting Horticulture

Horticulture is a growing field because of the many advantages that are associated with it. The first advantage of being involved with horticulture is being able to grow and harvest various different types of plants, flowers, vegetables, and fruit, which will ultimately result in providing food to many people. Horticultural crops are diverse; they include annual and perennial species, delicious fruits and vegetables, and decorative indoor and landscape plants. Horticulture is truly a burgeoning application. Thus, LED lighting horticulture market has been rising steadily in the recent years.

LED lighting is gaining traction in the market due to its numerous advantage such as cost-effective, efficient, brighter, low power consumption, and a longer life compared to incumbent technologies. Moreover, they can be placed near a lower layer of plants that are generally shaded from light by the upper layer, and enhance their production consistency, or yield. Furthermore, horticulture experts are increasingly encouraging the use of LED lighting for many applications due to the associated power savings, optimal plant light output, and longer lifespan up to 5X the conventional products.

The HortiCann Light+ Tech Conference (2020) shared the latest advances, research, and case-study findings regarding lighting optimization and efficacy, energy and cost savings, operations and environmental control systems, and strategies for integrating multiple ag-tech management technology platforms to attendees. The above-mentioned factors are expected to provide major traction to the LED lighting horticulture market. There is a high demand for fresh produce in quick time due to increasing global population and loss of arable land. According to the Food and Agriculture Organization (FAO) of the United Nations, overall food production needs to increase by 70% from 2005/07 to 2050 to sustain a population of 9.1 billion.

The LED lighting horticulture market is expected to witness significant growth due to increase in population and lack of adequate sunlight in some European regions, such as North Central Europe and Nordic countries. North America is also expected to offer lucrative growth opportunities to the market due to the unfavorable climatic conditions and increasing demand for LED lighting equipment. For instance, in February 2020, Cree, Inc. launched the next-generation XLamp XP-E2 Photo Red and Far Red LEDs, delivering breakthrough performance for horticulture applications.

These higher-performance horticulture LEDs increase the efficiency of LED luminaires, which makes them more affordable to grow food under optimized lighting. Moreover, in February 2021, TSRgrow announced Lighting as a Platform, a revolutionary technology that delivers unparalleled results to indoor growers, while significantly reducing up-front and long-term operating costs. However, high setup and installation costs of LED grow lights are the factors restraining the growth of the LED lighting horticulture market.