Europe solid state lighting market to surpass USD 20 billion by 2024, proliferating demand for LEDs to drive the regional progression
Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.
U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)
The solid state lighting has been increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.
In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting industry in the forthcoming years.
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The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.
Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.
Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.
Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.
Author Name : Saif Ali Bepari
Vertical farming market to accrue sizable gains from indoor farm installations over 2018-2024, APAC to emerge as a highly lucrative regional avenue
Low availability of land and fluctuating weather conditions will lead vertical farming market to generate a sizable revenue over the next seven years. Of late, the issues of excess population, water conservation, crop production, and recycling have been plaguing the world, on the grounds of which vertical farming has been garnering traction as a feasible solution for these problems. Being the latest phenomenon in urban farming, vertical farming is secured with biosecurity procedures that prevent pest attacks on crops and restrict plant disease. Additionally, there is no concept of seasonal crop or run-offs, which eliminates crop spoilage and transport costs, thereby fueling vertical farming industry expansion. A report by Global Market Insights, Inc., states that vertical farming market size stood at a modest USD 2 billion in 2017.
North America Vertical Farming Market Size, By Application, 2013 – 2024 (USD Million)
Vertical farming essentially involves plants being grown in vertical layers, stacked one after the other in warehouses, barren lands, deserts, high-rise buildings, and shipping containers. Given that it reduces the necessity of pesticides, sprays, and herbicides in cropping systems and helps farmers deliver their produce on time, vertical farming market is expected to massively proliferate the farming domain in the ensuing years.
Unveiling vertical farming market trends from indoor farming techniques
While outdoor vertical farms are a rather common phenomenon, the concept of farming indoors on account of lack of space in urbane locales has been gaining momentum lately. Basically, indoor farms is inclusive of growing fruits, fish, and vegetables in a controlled environment, such as freight containers, parking spaces, and warehouses. Driven by the fact that this type of farming consumes less water, minimum land, and provides high yield, indoor farming accounted for only slightly lesser than 70% of the overall market share in 2017.
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Being a massively practiced controlled environment agriculture technique, indoor farming plays a vital role in combating the rising food demand for the ever-increasing populace. Another pivotal advantage of this type of farming is that it is controlled from external adverse climatic changes and thereby lends extra protection to crops. On account of the fact that it helps produce feed in substantially higher quantities without crop damage, vertical farming market size from indoor farming is expected to depict a CAGR of 28% over 2018-2024.
Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC vertical farming market. Indeed, APAC accounted for 30% of the overall vertical farming market share in 2017. Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming market in the years to come. for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.
Prominent players operating in this market often engage in collaborations to enhance crop yield and provide a positive impetus to vertical farming market. For instance, Philips Lighting, one of the global lighting technology leaders, announced last year that it has completed the installation of Philips GreenPower LED Production Modules at Ecobain Gardens, the largest commercial vertical farm operation in Canada. Through this venture of upgrading the previously used lighting in the facility from fluorescent to LED, Philips Lighting aims to help the vertical farming industry major enhance production on a commercial scale, improve growing cycles, and help to grow healthier plants. The move had been touted to save close to CAD 30,000 in energy costs per year.
Author Name :Saipriya Iyer