The report forecasts the global LED lighting market for horticulture application to grow at a CAGR of 22.55% during the period 206-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is focus on development of innovative products. The growth and development of horticulture crops depend on the amount of sunlight they receive. The long period of darkness, especially in Nordic Countries and North Central Europe, makes it difficult for farmers to improve the crop output. Therefore, horticulturists are supplementing sunlight with lighting technologies. As LEDs provide optimum plant light output and are cost-effective, these are gaining traction among horticulturists. The growing preference for LEDs over traditional lighting has encouraged lighting manufacturers to develop innovative LED lighting lamps and fixtures specific to the horticulture sector.
According to the report, one of the primary drivers in the market is unfavorable weather and climatic conditions. The growth and development of plants are dependent on the growing environmental conditions, as they are adapted to different agro-ecological regions. Horticulture is a high-priority sector of agriculture, where the impact of adverse climate and weather conditions will have a profound impact on the nutritional value of the crops. The climate variability affects all components of crop production including cropping area, intensity, and yield.
Therefore, farmers usually grow crops specific to location. For instance, crops such as rice, maize, cereals, pulses, and soybean, which are monsoon crops, are grown in areas with adequate rainfall. Unfavorable weather and climatic conditions such as El Nino Southern Oscillation, which is caused by variations in the sea surface temperature in the eastern tropical Pacific Ocean, often lead to droughts and decrease in crop yields. This leads to a huge loss for farmers, resulting in low production of several major crops. In May 2014, unseasonal rainfall in Bellary district of Karnataka, India, resulted in the loss of 480 hectares of horticultural crops (especially sapota). In 2016, the low temperature in late April and early May in Bulgaria affected over 80% of the cherry crop in the southwestern Kyustendil region.