Plant lighting LED market potential is rising
According to a report by Allied Market Research, a market research agency, the global LED plant lighting market will be worth US$1.28 billion in 2020 and is expected to reach US$12.32 billion by 2030, with a CAGR of 28.2% during 2021-2030.
A stable and controllable planting environment and an ever-increasing level of automation are one of the main factors driving the growing demand in the horticultural lighting market. With the increasing popularity of indoor and vertical planting, the application of LED lighting in the field of agricultural planting is becoming more and more important. Based on new lighting technologies, plant lighting can help maximize crop yields while also saving energy. And because of its tunable spectrum and brightness, LEDs are widely used in the production of various crops. LED grow lights offer many advantages over other lighting technologies, including longer life, lower temperatures, higher efficiency, use of the full light spectrum, compact size, and energy savings and environmental benefits.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In the horticultural lighting market in 2021, Europe will account for the highest proportion of sales, and regional markets such as Asia Pacific and North America are also ushering in growth. Today's new LED horticultural lighting products with higher profit margins may drive Acuity Brands' future revenue to rise further.