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The LED-based horticultural lighting market will reach $3.8 billion by 2027
According to the latest report from Navigant Research, by 2027, the global horticultural application lighting revenue is expected to reach 3.8 billion US dollars. According to the report, LEDs increase efficiency, increase crop yields, and achieve higher profits. In addition, the company said lighting manufacturers are offering LED tunable solutions to support their lives According to Navigant Research's latest report, by 2027, global horticultural applications are expected to reach $3.8 billion. According to the report, LEDs increase efficiency, increase crop yields, and achieve higher profits. In addition, the company said lighting manufacturers are offering LED tunable solutions to support plants at all stages of their growth cycle. This increases adjustability, allowing farmers to modify light output, find the ideal light formula, and maximize yield and variety of crop growth. The market growth of horticultural LED applications has helped reduce the installation cost of luminaires and promoted the further adoption of LED technology, said Navigant Research research analyst Courtney Marshall. Because suppliers want to upgrade their products through high-quality research, this feedback loop creates a market environment characterized by innovation and experimentation at a more affordable price and higher adoption rate. Navigant pointed out that the industry does not have a ready-made, one-size-fits-all approach. The lack of this approach provides an opportunity for startups, current companies and universities to collaborate and provide customers with proven and scalable horticultural lighting. The economies of scale created by more efficient growth businesses have attracted big-name investors such as Amazon and Alphabet. In addition, Navigant said developing countries in parts of the Asia-Pacific region expressed interest in using better growth technologies, especially in areas of pollution, water scarcity and food security issues. More and more indoor agricultural facilities have emerged around the world, leading to the realization of the market potential of indoor agriculture, leading to an increase in the adoption rate of horticultural lighting at LED bases.