Global Horticulture Lighting Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at 20.5% through 2020 to 2027, reaching US$ XX Mn.
The report has covered region wise market trends with competitive landscape. The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Horticulture lighting is an artificial light source that used to supplement natural daylight and raise grow light levels to enhance photosynthesis. The global horticulture lighting market is driven by a steady supply of crops despite unfavorable weather conditions for farming across the globe, rising population, and accessibility of limited agricultural land. Increased year round high-quality yield and legalization of cannabis for medicinal purposes and government initiatives to support the adoption of energy-efficient LEDs in horticulture are also projected to fueling the market growth in the forecast period. e.g., a Canadian licensed producer of recreational and medicinal marijuana selected LumiGrow Inc. as its LED lighting partner in May 2019, for its six-acre cannabis greenhouse expansion project.
However, the high cost and lack of awareness regarding the horticulture lighting, and feasibility of cultivating a limited number of crop species are restraining the market growth at the global level. Retrofitting traditional lighting sources with LED grow lights and increasing awareness about vertical and indoor farming are expected to create beneficial opportunities for the key player in the market during the forecast period. The necessity of various light spectrums for certain crop varieties and acceptance of controlled-environment agriculture technique for large-sized fields are the major challenge for the horticulture lighting market in the near future.
Based on the technology, the LED lights segment has led the Horticulture Lighting market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. These lights are energy-efficient and also have additional benefits such as low heat, compact size, and a long operational life more than 30,000 to 50,000 hours, the increased lifetime ensures high reliability. This technology is quite cost-effective than other artificial light sources and lets farmers control the light intensity to suit different plants and crops. These factors are resulting in the high adoption of LED lights in the greenhouse and indoor agricultural processes.
Geographically, the horticulture lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe held the prominent market share of XX% in 2019 and is expected to reach US$ Mn by the end of 2027, with a CAGR of XX%. Thanks to the growing demand for horticulture lighting in greenhouses, vertical farming, and indoor farming applications. Europe is the largest exporter as well as a producer of fruits, flowers, and vegetables around the world. The European Union’s initiatives to boost the adoption of LED grow lights are likely to generate various growth opportunities for the manufacturers of LED modules and lamps in the region. The most prominent lighting companies are established their base in Europe will propel the regional market growth.
North America held the second-largest market share of XX% in 2019 and is estimated to grow at the CAGR of XX% by the end of 2027 owing to increasing greenhouses and the adoption of new farming techniques in this region. The rising investments in research and development activities for the introduction of advanced horticulture lighting are predicted to accelerate the growth of this region in the near future. The market in Asia Pacific is expected to grow at a high CAGR of XX% during the forecast period owing to its increasing disposable income and population. The developing countries in the region are focusing on modern farming techniques, such as indoor horticulture, greenhouse, and vertical farming due to the availability of limited agricultural land.
A report covers the recent development in market for the global Horticulture Lighting market e.g., In October 2019, Heliospectra AB received a US$7.46 million order for its MITRA LED lights from Nectar Farms in Victoria, Australia. The lights will be installed at a tomato-based glasshouse at Nectar Farms.
• Philips is the prominent player in horticulture lighting, which has been evolving the lighting technology for crop farming over 75 years has a newly launched product named Green power LED product.
• HeliospectraAB, It introduced LED for vertical farming called “MITRA.” It is the most versatile LED grow water-resistant light and utilized both indoors and greenhouses.
The objective of the report is to present a comprehensive analysis of the Global Horticulture Lighting Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Horticulture Lighting Market dynamics, structure by analyzing the market segments and project the GlobalHorticulture Lighting Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Horticulture Lighting Market make the report investor’s guide.
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Scope of the Global Horticulture Lighting Market:
Global Horticulture Lighting Market, by Offering:
• Software &Services
Global Horticulture Lighting Market, by Technology:
• Fluorescent Lamps
• High-Intensity Discharge (HID) Lights
• LED Lights
• Other Technologies (Plasma and Induction)
Global Horticulture Lighting Market, by Lighting Type:
• Photoperiodic lighting
• Supplemental lighting
• Sole-source lighting
Global Horticulture Lighting Market, by Deployment:
• Turnkey solutions
• Retrofit solutions
Global Horticulture Lighting Market, by Cultivation:
• Get more insight on other
• Fruits & Vegetables
Global Horticulture Lighting Market, by Application:
• Vertical Farming
• Indoor Farming
• Others (Research and Tissue Culture)
Global Horticulture Lighting Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
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