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Agricultural LED Market Report
Agricultural LED Market Trends, Dynamics & Market Insights
The Agricultural LED Market is estimated to grow from USD 16.9 billion in 2020 to USD 43.0 billion by 2026 at a healthy CAGR of 17.1% during the forecast period.
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Agricultural LED technology helps in extending the hours of the natural daylight, which further increases the growth rate, health, and yield of the plants. Plasma lighting and LED lighting can further extend the life-cycle of crops throughout a season.
Key players operating in the Agricultural LED market are-
Increasing urban cultivation and vertical farming as well as rising adoption of environment-friendly production of fruits and vegetables are expected to boost the product demand in the coming years. The unprecedented growth of the global population has further increased the demand for urban agriculture, which augments the market growth. Rising awareness regarding the importance of alternative farming due to less availability of fertile agricultural land and rising population offers immense opportunities to the industry players.
Based on product, the Agricultural LED market is classified into 0-30w LED, 30-100w LED, >100w LED. The 0-30w LED segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to technological developments in energy conservation and efficiency. The agricultural LEDs with low power are more efficient when compared to high power lighting solutions, thereby bolstering the segment growth.
By region, the European market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population, coupled with high adoption of urban agriculture, which further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the agricultural LED industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic resulted in supply chain disruption and the electronic sector witnessed a halt in operations. Although, the agricultural sector was less affected and there was a strong need for agricultural LED lights for ensuring a high yield of crops to cater to the increasing population, thus driving the product demand.
Here is the list of the group of customers that the agricultural LED market hopes to have the greatest opportunity to convert-
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The agricultural LED market is expected to witness an impressive growth of 17.1% CAGR in the foreseeable future.
Philips (Netherlands), Osram (Germany), General Electric (US), Easy Agricultural (US), Illumitex (US), Fionia Lighting (Denmark), Lumigrow (US), Kind LED (US), Grow Lights (US), and Cali-fornia LightWorks (US) are among the key players in the agricultural LED market.
The agricultural LED market size is expected to reach USD 43.0 billion in the coming years.
The 0-30w LED segment is expected to register healthy CAGR in the agricultural LED market during the next five years.
Europe is expected to grow at a substantial CAGR in the agricultural LED market during the forecast period.
Agricultural LED vendors, Agricultural LED retailers, Lighting companies, Agricultural companies are the target audience in the agricultural LED market.
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