Navigant Research Report Shows Global Luminaire Revenue for Horticultural Applications is Expected to Reach $3.8 Billion by 2027

The diverse horticulture market offers incumbents, startups, and
universities opportunities to collaborate on scalable solutions

BOULDER, Colo.–(BUSINESS WIRE)–#CropYields–A new report from Navigant
Research examines the global market potential for horticultural
lighting, with a focus on light-emitting diodes (LEDs), providing
forecasts for lamps and luminaires, segmented by horticulture type,
building type, technology type, and region, through 2027.

By offering greater energy efficiency and better crop yields,
improvements in LED technology are providing growers larger profits as
well as other benefits. Leveraging a growing indoor farming market,
today’s lighting manufacturers are providing tunable solutions of LEDs
that support plants during different stages of the grow cycle, allowing
farmers to monitor every known influence on the crop’s well-being, and
encouraging further adoption. Click
to tweet: According to a new report from @NavigantRSRCH,
global luminaire revenue for horticultural applications is expected to
reach $3.8 billion by 2027.

“Market growth in horticultural LED applications has helped lower
installation costs for luminaires, driving further adoption for LED
technology,” says Courtney Marshall, research analyst with Navigant
Research. “This feedback loop between more affordable prices and greater
adoption rates has created a market environment marked by innovation and
experimentation as vendors look to upgrade their offerings with quality
research.”

While the industry’s lack of an existing one-size-fits-all approach can
be a market challenge, it also presents an opportunity for collaboration
among incumbents, startups, and universities to provide customers with
proven and scalable lighting offerings. According to the report, by
taking advantage of the academic space to conduct controlled
experiments, vendors can increase credibility and may also discover
successful lighting applications that could speak to an audience as
diverse as the horticultural market.

The report, LED
Lighting for Horticultural Applications, analyzes the global
market potential for horticultural lighting, with a focus on LEDs. The
study provides an analysis of the market issues, including drivers and
barriers, associated with lighting for horticultural applications.
Global market forecasts for lamps and luminaires, segmented by
horticulture type, building type, technology type, and region, extend
through 2027. The report also examines regional LED horticulture market
highlights, as well as the competitive landscape. An Executive Summary
of the report is available for free download on the Navigant
Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.

* The information contained in this press release concerning the
report, LED Lighting for Horticultural Applications, is a summary
and reflects Navigant Research’s current expectations based on market
data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the full
report for a complete understanding of the assumptions underlying the
report’s conclusions and the methodologies used to create the report.
Neither Navigant Research nor Navigant undertakes any obligation to
update any of the information contained in this press release or the
report.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
lindsay.funicello.paul@navigant.com