Current trends and Future Analysis of LED Lighting Horticulture Market
U.S has legalized the cultivation of marijuana in locations away from public spaces, along with certain other countries in the Americas. In conjunction with this demands for high nutrition foods, will drive the requirement for vegetable and fruits over the next few years. Owing to unfavorable weather conditions, requirements to meet these demands, construction of commercial greenhouses and LED lighting equipment will drive the market growth through the forecast period. Ask for detailed Sample of the Research Report @ https://www.coherentmarketinsights.com/insight/request-sample/668 Increased power saving features of LED lights will present lucrative product demands through the forecast period Industry is largely characterized by the presence of conventional alternatives such as fluorescent and high pressure sodium (HPS) products. These products are featured with high power consumption, these in turn lead to heavy electricity bills and lower profit margins for commercial applications. However, horticulturists are increasingly encouraging the use of LED lighting for applications owing to the related power savings, optimum plant light outputs and considerably longer lifecycles up to 5X the conventional products. These factors are expected to provide major traction to the LED Lighting Horticulture market during the next few years. Moreover, rather than increasingly focusing on the commercial sales of the products, major industry participants that include Philips Lighting and Osram Sylvania are increasingly focusing on awareness through investing in trial projects. For instance, Philips has already made significant investments in Europe, Americas and Asia Pacific for several such projects to gain higher consumer inclinations. Moreover, offering products with 3 to 5 years warranty is expected to garner higher consumer inclinations over the long run. Low light intensity is the major drawback that will restrain the growth of LED lighting horticulture market Conventional alternatives that includes specifically includes HPS are associated with additional costs owing to their short lifecycles, requirement to alter the lights almost every year and high labor costs. However, these are expected to remain in the industry for long owing to their high intensity and low light degradation that is 1% every thousand hours of utilization. However, long term warranties of the LED counterparts only ensures only 70% of the initial lumen output over its lifecycle. This is expected to remain as the major restraining