Light-Emitting Diodes Are Expected to Account for More Than Half of Horticultural Luminaire Sales in 2017, According to Navigant Research
By Business Wire News
By Business Wire News
A new 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.
Though horticultural light-emitting diode (LED) products have been commercially available for a decade, they’re now beginning to pick up steam as the technology and its quality advances. Today, LEDs are significantly more efficient, and the additional benefit of supplying the correct wavelengths of light to improve crop yield has made them the lighting technology of choice in a growing number of facilities. Click to tweet: According to a new report from Navigant Research, in some regions, LEDs are expected to make up more than half of new horticultural luminaire sales as early as 2017.
“LED technology is able to greatly improve the profitability of indoor farming, which is leading to a boom in the growth of such facilities,” says Jesse Foote, senior research analyst with Navigant Research. “By increasing crop yields and allowing more efficient use of energy and space, LEDs are leading to a boom in new indoor food production facilities.”
According to the report, the low heat output of LED lighting allows growers to place lights closer to plants without singeing leaves and without needing additional heating, ventilating, and air conditioning (HVAC) equipment, allowing a much greater density of plants within vertical indoor facilities. At the same time, the fine-tuned application of specific wavelengths of light from LEDs can increase crop yield by up to 30 percent depending on the plant species.
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.
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 an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. 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.