Jan 07th, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Agricultural LED Market.
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.
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.
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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.
Agricultural LED Market Share: By Region
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.
COVID-19 Impact on Global Agricultural LED Market
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.
Key players operating in the Agricultural LED market are-
General Electric (US)
Easy Agricultural (US)
Fionia Lighting (Denmark)
Kind LED (US)
Grow Lights (US)
California LightWorks (US)
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Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Agricultural LED Market analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors.
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