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High Consumption and Price of Electricity to Push Demand for LED Lighting Market For Horticulture Application
MarketResearchReports.biz has announced the addition of a new market study to its repository, titled “Global LED Lighting Market For Horticulture Application 2016-2020.” The study is a complete analysis of the growth drivers, market challenges, trends presently impacting the industry, and future opportunities in LED lighting market for horticulture application. The report studies the market in detail by segmenting it on the basis of key criteria. It then gives information such as leading and declining segments, and also attributes the reasons behind a segment’s respective status. The degree of competition, threat of substitutes, and buyer and supplier bargaining power as well as the threat of new entrants have been analyzed. As such, the report proves to be ideal for investors who wish to make investments and earn profits in the global LED lighting industry for horticulture application.
As per the report, the global LED lighting market for horticulture application will expand at a stupendous CAGR of 22% between 2016 and 2020. The increase in the consumption of electricity and the high electricity prices are expected to be the main reasons behind this healthy growth of the market. The high cost of electricity is pushing more and more consumers to adopt LED lighting market for horticulture application. In addition to this, factors such as growth in population, and thus a rise in energy consumption, and industrialization have created a high demand for electricity all across the world. This environment is proving to be more than favorable for the global LED lighting market for horticulture application.
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The high cost of raw materials used by power distribution and generation companies is compelling utility companies to increase the price of electricity. This increasing cost of electricity is pushing governments and consumers across the globe to adopt power saving technologies, thus driving the demand for LED lighting. High demand for LED lighting is especially expected from marijuana growers.
Concerns such as global warming and depletion of non-renewable power sources are pushing countries across the globe to focus on energy saving technology. As a result of this, many countries have already banned the use of incandescent bulbs and halogen lamps, that are energy wise inefficient.
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No specific player in the global LED lighting market for horticulture application holds major shares as the market has many small and regional suppliers. These small players have occupied significant positions in their regions. As per the study, competition among vendors is of a moderate level. To increase market shares, companies must invest in patent acquisitions and expand their geographical presence. Some of the companies mentioned in the report include: Cree, Heliospectra, Fluence Bioengineering, OSRAM SYLVANIA, Hubbell Lighting, Kessil Lighting, Illumitex, LumiGrow, Lemnis Oreon, and Smart Grow Technologies.
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