Horticultural LED lighting to grow at 17.8% CAGR from 2016-22: Yole - Energy Watch News


Horticultural LED lighting to grow at 17.8% CAGR from 2016-22: Yole

The 2016 horticultural lighting market (i.e. system level) represented a business of ~$3.1B, which should grow to ~$3.8B in 2017. The current business is mostly driven by greenhouse applications (~92% in 2017) and incumbent technologies (~79% in 2017), but a transition to LED technology and the emergence of new applications will further increase this market’s size and attractiveness, both at system and LED device levels. In this context, we expect the horticultural lighting market to reach nearly $8.6B in 2022 (at a CAGR of 17.8%) – but this is only a starting point. Indoor/vertical farms are poised to boom from 2022 – 2027, propelling the total market to more than $17B in 2027. This report provides an analysis of horticultural lighting applications and technologies, and details the function of grow lights and different light source types, as well as current and emerging/new applications. http://bizled.co.in/

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