BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market potential for horticultural lighting, with a focus on light-emitting diodes (LEDs), providing forecasts for lamps and luminaires, segmented by horticulture type, building type, technology type, and region, through 2027.
By offering greater energy efficiency and better crop yields, improvements in LED technology are providing growers larger profits as well as other benefits. 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. Click to tweet: According to a new report from @NavigantRSRCH, global luminaire revenue for horticultural applications is expected to reach $3.8 billion by 2027.
“Market growth in horticultural LED applications has helped lower installation costs for luminaires, driving further adoption for LED technology,” says Courtney Marshall, research analyst with Navigant Research. “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, it also presents an opportunity for collaboration among incumbents, startups, and universities to provide customers with proven and scalable lighting offerings. According to 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.
The report, LED Lighting for Horticultural Applications, analyzes the global market potential for horticultural lighting, with a focus on LEDs. The study provides an analysis of the market issues, including drivers and barriers, associated with lighting for horticultural applications. Global market forecasts for lamps and luminaires, segmented by horticulture type, building type, technology type, and region, extend through 2027. The report also examines regional LED horticulture market highlights, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* 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.