According to a report released by Navigant Research, a US market research organization, LEDs have improved efficiency, increased crop yields, and achieved higher profits for customers. In addition, major lighting manufacturers are offering tunable LED solutions to support lighting needs at all stages of the plant growth cycle. This increases the adjustability of the light, allowing farmers to adjust the light output to find the ideal proportion of light, thereby maximizing yield and planting various crops.
According to Courtney Marshall, a research analyst at Navigant Research, “The growth in the horticultural LED application market has contributed to a reduction in the cost of installation of luminaires and has driven the further adoption of LED technology. Suppliers continue to enhance product competitiveness through high-quality research. More affordable prices and higher adoption rates have created a market environment characterized by innovation and experimentation."
Navigant pointed out that currently the industry does not have a ready-made “one size fits all” approach, which in turn provides opportunities for startups, major companies, and universities to collaborate to provide customers with effective and scalable horticultural lighting solution.
In addition, developing countries in parts of the Asia Pacific region, especially in areas that suffer from pollution, water shortages, and food security issues, are hoping to use better technologies. The continuous rise of indoor agricultural facilities in the world has promoted the development of the indoor agricultural market, which in turn has promoted the constant popularity of LED horticultural lighting.