Yearly Revenue of Horticultural LED Expected to Grow by 2020.

2021-09-07 19:05:14 15

Owing to the gradual legalization of marijuana cultivation and the pandemic-induced surge of recreational and medical marijuana markets in North America, horticultural LED has become one of the fastest-growing lighting markets in 2020, according to TrendForce’s latest investigations. Moreover, as the COVID-19 pandemic’s impact on the food supply chain starts to surface, capital expenditure (CAPEX) for indoor agricultural infrastructure has once again shown an upward momentum due to the rising demand for equipment replacement and procurement, resulting in a rapid growth in enterprise orders for horticultural LED. Global yearly horticultural LED revenue is expected to reach US $158 million in 2020, a 39.7% increase. While cost and useful life of equipment remain two major challenges for manufacturers, indoor agriculture will become the primary driver of horticultural LED in the future.