The outlook of the LED plant lighting market is quite optimistic

The market prospects of LED plant lighting are quite optimistic. According to the latest research data from TrendForce, the global LED plant lighting market will grow 49% annually to reach 1.3 billion US dollars in 2020. It is estimated to be 4.7 billion US dollars in 2025 and from 2020 to 2025. The compound growth rate is 30%. Mainly divided into two major growth drivers:

1. Driven by the policy, LED plant lighting in North America has been expanded to enter the recreational cannabis and medical cannabis cultivation markets.

2. Frequent extreme weather changes and epidemic factors have increasingly highlighted the importance of consumers for food safety and localized crop production and supply, thus driving agricultural growers' market demand for leafy vegetables, strawberries, tomatoes and other crops.

Globally, Americas and EMEA are the areas with the largest demand for plant lighting, and are expected to account for 81% in 2021.

Americas: During the epidemic, North America has accelerated the process of lifting the ban on cannabis, which has played a significant role in promoting the demand for plant lighting. The Americas will continue to maintain a rapid growth trend in the next few years.

EMEA: The Netherlands, the United Kingdom and other European countries actively advocate the establishment of plant factories and propose relevant subsidy policies to boost the willingness of agricultural growers. They have built plant factories in Europe to increase the demand for plant lighting. In addition, the Middle East, represented by Israel and Turkey, and the African region represented by South Africa, are increasing their own agricultural output due to intensified climate change factors, and are gradually increasing investment in facility agriculture.

APAC: In response to COVID-19 and the needs of the localized agricultural market, Japanese plant factories have received renewed attention, developing high-value crops such as leafy vegetables, strawberries, and grapes. Plant lighting in China and South Korea continues to shift to the cultivation of high-economic crops such as Chinese medicinal materials and ginseng to improve the economic benefits of products.