The inception of vertical farming in the midst of increasing food safety concerns and food crisis was a revolutionary invention. Now with the addition of latest Led grow light technology, this revolution has gained pace and the world is getting ready to tackle the problems thrown by environmental degradation. The ever-increasing population puts an immense pressure on a nation to fulfill the food demand and achieve food sufficiency. The rate at which the population is rising has raised a concern worldwide since many countries are still a victim of famine and malnutrition. According to the United Nations (UN), the world population will grow by about 2.5 billion by the year 2050, and 80% of this population will live in cities, which is a staggeringly high number.
The introduction of vertical farming has led to a global revolution wherein governments of different countries are promoting this idea in order to fight the food shortage and crop damage due to climate change. Constant research and development have rendered vertical farming as feasible and affordable compared to earlier times. Earlier, grow lights, used in vertical farming, came in the form of high-intensity discharge (HID) lamps and fluorescent lamps, which used more energy and radiated heat, but now with the introduction of the latest LED technology into the grow light market the energy consumption and heat radiation has reduced considerably.
Just in a span of last ten years, the agricultural sector has borne the weight of loss caused due to an unpredictable climate. There is an impending need to reduce this loss, with 80% of the arable land already in use, and the alternative options are indoor and vertical farms that keep vegetation safe from external climate. Thus, vertical and indoor farming are increasingly being accepted as the future of modern agriculture and this increasing demand is influencing the market for LED grow lights, which is expected to flourish in the coming years. The LED grow lights market is being driven by the factors such as the increasing emphasis on food security, a developing trend of indoor farming and the need to reduce energy consumption.
The market comes with certain challenges as well which are large capital requirement and a lack of quality standards for LED grow light. However, many big firms such as Philips, Illumitex, General Electric, etc. are investing huge amounts in the research and development of LED technology for vertical and indoor farming. The availability of sophisticated and cost-effective lighting is fundamental for small and large operations of an indoor farm. The cost of LED lights are decreasing which is also reflected in the grow lights market, and thus, is helpful in reducing costs of growing foods indoors.
The global LED grow lights market is expected to reach $2.6 billion by 2021. The LED grow light applications provide a viable solution for the problems faced in conventional farming. The applications include commercial greenhouse, vertical farming, indoor farming, turf and landscaping, and others (research). The commercial greenhouse segment generated the highest revenue in the year 2016 and is expected to grow at a robust rate by 2021. However, the vertical farming segment is expected to register the highest growth among all the applications by 2021.
BIS Research has conducted an extensive market research on ‘Global LED Grow Lights Market, Analysis & Forecast- 2016 to 2021'. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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