According to the latest report from Navigant Research, by 2027, the income of lighting products for global horticultural applications is expected to reach 3.8 billion US dollars. The report pointed out that LEDs have improved efficiency, increased crop yields, and achieved higher profits. In addition, the company stated that lighting manufacturers are providing LED tunable solutions to support factories at all stages of their growth cycle.
 

This increases the adjustability, allowing farmers to modify the light output, find the ideal light recipe, and maximize the yield and growth of various types of crops.
 

“The growth in the market for horticultural LED applications has helped to reduce the cost of installation of luminaires and promote the further adoption of LED technology,” said Courtney Marshall, research analyst at Navigant Research. "Because suppliers want to upgrade their products through high-quality research, this feedback loop creates a market environment characterized by innovation and experimentation between more affordable prices and higher adoption rates."
 

Navigant pointed out that the industry does not have a ready-made "one size fits all" approach. The lack of this approach provides an opportunity for start-ups and the current cooperation between companies and universities to provide customers with proven and scalable horticultural lighting.
 

The economies of scale created by more efficient growth businesses have attracted big names such as Amazon and Alphabet. In addition, Navigant said that developing countries in parts of the Asia Pacific region have expressed interest in using better growing technologies, especially in areas with pollution, water scarcity and food security issues. More and more indoor agricultural facilities have emerged around the world, leading to the realization of the market potential of indoor agriculture, leading to an increase in the adoption rate of horticultural lighting at LED bases.