Horticulture Lighting Market Size, Share, Growth and Forecast to 2027
The Horticulture Lighting Market size is projected to expand at a compound annual growth rate (CAGR) of 16.41 percent
The global horticulture lighting market spans across North America, Europe, Asia-Pacific, rest of the World.
There are different types of lighting applications and characteristics used in horticulture including photoperiodic lighting, supplemental lighting, and sole-source lighting. Lamps in horticulture lighting operate for 18 to 24 hours continuously. In this rapidly progressing environment, legalization of cannabis for medicinal purposes and a steady supply of crops despite unfavorable weather conditions for farming across geographies are contributing to the growth of electronic industry. This is resulting in the growth of the horticulture lighting market analysis. The study also indicates that the lighting industry would expect a substantial increase in the horticulture lighting market due to rising demand for indoor grown fruits, vegetables, and flowers.
There has been a considerable increase in the demand for grow lights. Rapid population growth & availability of limited agricultural land, increased in year-round high-quality yield, and the government investments and initiatives are driving the horticulture lighting market. High capital cost associated with LED grow light technologies which would be a restraining factor for the horticulture lighting market.
The horticulture market in North America is growing at a CAGR of 16.62%. Many startup farms and food suppliers have been adopting LED horticulture lighting solutions to tackle weather-related challenges. LEDs provides sustainable and efficient solution for issues arising due to the changing weather conditions. ANSI/UL 1598 is a national safety standard for lighting/luminaires for use within North America; it includes safety testing for temperature, shock, and reliable mounting methods. In November 2018, Osram launched the new VYPR 2p and VYPR 2x light systems. These systems are used to improve the amount of photosynthetic photon flux (PPF) by up to 1,700 micromoles/second (µmol/s), at an efficient rate of 2.7 micromoles/Joule (µmol/J). The top-lighting subsegment of lighting type and HID light subsegment of technology are dominating in North America region.
As Asia is the most populated area in the world, horticulture lighting is considered as an efficient way to increase the production of crops for Asian food growers. Japan leads the Asia-Pacific region in the introduction and adoption of cutting-edge technologies. The Japan Plant Factory Association has introduced new approaches for horticulture. In 2017 and 2018 India was the second largest producer of fruits and vegetables accounting for 10.9% and 8.6% of the world’s total fruit and vegetable production, respectively. In May 2019, Samsung Electronics, a well-established manufacturer in South Korea, has launched a new horticulture LED with a feature of its advanced “red LED” package.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 159 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Horticulture Lighting Market Research Report –Forecast till 2026”.
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Global Horticulture Lighting Market: Segmentation
The global Horticulture Lighting market is segmented into technology, lighting type, cultivation, application, and region.
By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others.
By lighting type, the market has been segmented into top-lighting and inter-lighting.
By cultivation, the market has been segmented into fruits & vegetables and floriculture.
Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others.
The key players of the global horticulture lighting market are Bridgelux, Inc. (US), LumiGrow, Inc. (US), EYE Hortilux (US), Maxigrow Ltd (UK), Signify Holding (Philips Lighting) (The Netherlands), GE Lighting (US), Hortilux Schreder (The Netherlands), Osram Licht AG (Germany), Gavita International BV (The Netherlands), Lumileds (US), Hubbell Lighting (US), Agrolux (The Netherlands), PARsource (US), Illumitex (US), and Heliospectra AB (Sweden) among others.
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