Market Snapshot:
Agricultural LED is mainly used in horticultural farming. It improves sustainable agricultural practices. This LED are highly energy efficient. They offer comfortable environment compared to the conventional bulbs. Increasing indoor farming driving the demand for the market. Further, rising technical advancements in farming created lucrative opportunities for the market. Geographically, North America is anticipated to grow with higher market shared followed by Europe and Asia Pacific over forecast period.
Segment Analysis
AMA Research have segmented the market of Global Agricultural Led market by Type, Application and Region.
On the basis of geography, the market of Agricultural Led has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Trend
Rapidly Increasing Vertical Farming
Market Drivers
Growing Infrastructure of Agricultural Industry and Rising Inclination towards Sustainable Farming
Opportunities
Increasing Technological Advancements has Created Growth Opportunities and Augmenting Adoption of Genetically Modified Crops across the Globe
Restraints
In addition to the aforementioned factor, Growing Infrastructure of Agricultural Industry
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
Market players are focusing on providing Agricultural LED with higher quality along with complying all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further gain popularity for indoor farming. The market is fragmented owing to the presence of several international and local providers. The high focus on the offering cost effective properties. Besides, the numerous industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
The key Vendors profiled in the study are Illumitex (United States), Heliospectra (Sweden), Hubbell Lighting (United States), Lemnis Oreon B.V (Netherland), LumiGrow (United States), Smart Grow Technologies (United States), Urban-gro (United States), Sollum Technologies (Canada), VividGro (United States), Shenzhen HSY LED CO., LTD. (China), AgroLED (Slovakia), Agnetix (United States), Spectrum King Grow Lights (United States), MechaTronix Horticulture Lighting (Taiwan), Shenzhen Aurora Technology Limited (China), Foshan Growspec Biotech Co., Ltd. (China), Valoya (Finland) and Weshine LED (China).