The horticulture lighting market in SAM is expected to grow from US$ 161. 6 million in 2019 to US$ 580. 6 million by 2027; it is estimated to grow at a CAGR of 18. 0% from 2020 to 2027. Improvements in greenhouse and indoor farming techniques along with rising population are expected to boost the growth of the horticulture lighting market in South America.
New York, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South America Horticulture Lighting Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, Application, and Cultivation" - https://www.reportlinker.com/p05978926/?utm_source=GNW
According to the latest UN estimates, the population of South America would rise at a fast pace by 2030.
Due to the population boom witnessed in Brazil and Argentina, the demand for food products is anticipated to increase in the next few years.This is why several countries are focusing on greenhouse and indoor farming techniques to increase their agricultural yield significantly.
Use of artificial lights for farming purposes is quite low, particularly in countries, such as Brazil and Argentina.Still, with the growing popularity of horticulture and indoor crop cultivation, the horticulture lighting market is expected to pace up quickly in the near future as the farmers are adopting big data technologies, predictive analytics, Internet of things, and automation in the farming techniques.
Such developments and research initiatives taken in the horticulture field are driving the growth of the SAM horticulture lighting market. Moreover, rise in government initiatives to create awareness about sustainable cropland in order to support sustainability is among the other factors expected to positively influence the demand for horticulture lighting in SAM.
Based on technology, the LED lights segment led the SAM horticulture lighting market in 2019.LED lights are made from a very thin layer of doped semiconductor material.
An LED emits colored light at a particular spectral wavelength, depending on the semiconductor material used and the amount of doping.Though the cost of LED light bulbs is higher than the other horticulture lighting technologies, such as fluorescent lamps and HID lights but the major advantage it provides is its ability to separate waste heat from the illumination source, which allows the placement of LEDs near plant canopies without the risk of plants overheating.
While working in indoor farms, the personnel need to use eye protection, since LEDs can be harmful to human eyes.Long lasting capability and low power consumption of LED lights is the main reason for their success in market, which ultimately drives the SAM horticulture lighting market.
Furthermore, the ongoing COVID-19 pandemic has severely impacted the SAM region. Brazil has the highest number of COVID-19 confirmed cases, followed by other countries, such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region would face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners, such as China, Europe, and North America. At present, the total number of cases in Brazil accounted for 3,627,217 out of which 115,451 total deaths are recorded. The sharp decline in the sales of various horticulture lighting products in the region due to lockdown measures is expected to directly impact the growth of the horticulture lighting market in this region. The sharp decline in business activities and product sales is expected to directly affect the growth rate of the horticulture lighting market in SAM region for the next three to four quarters.
The overall SAM horticulture lighting market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the horticulture lighting market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the SAM horticulture lighting market. General Electric Company; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V. are among a few players operating in the SAM horticulture lighting market.
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