The preference for indoor and open-air general lighting is reducing from the lower purchasing power of people, and financial plans require across ventures such as retail, fabricating, and various companies as they are bringing huge financial losses. The delay in development projects is another big concern for the LED lighting market.
Lockdowns and strict travel restrictions all over the world for containing the spread of coronavirus has also resulted in trade suspension. Many countries and areas that heavily reply on food import thus suffered from the crisis of food shortage. The issues of maintaining food security and increasing food self-sufficiency are becoming even more critical during and after the crisis of COVID-19.
Innovative agriculture technology such as vertical farming base on LED lighting and hydroponics breakthroughs the limitation of weather conditions and is regarded one of the solutions to tackle the problem of global food shortage.
Apart from serving as a major light source for large scale vertical farming facilities, horticulture LED lighting can also be used for household farming, allowing consumers to grow their own food during the lockdown and enhancing food security. Combining both market driven by the agriculture transformation, it is believed that demands for horticulture LED lighting will keep rising.