Market Overview:
According to the new research report titled “Horticulture Lighting Market Forecast to 2027 – COVID-19 Impact and Analysis,” published by The Insight Partners, the global horticulture lighting market is expected to reach US$ 11,383.5 million by 2027, registering a CAGR of 20.2% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the horticulture lighting market; it also includes estimation and forecast of the revenue as well as market sizeanalysis, along with spotting significant market players and their key developments.
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Impact of COVID-19 Pandemic on Horticulture Lighting Market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. As of August 12, 2020, there are around 20,162,474 confirmed COVID-19 cases globally, with ~737,417 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well. The pandemic has disturbed horticulture businesses and suppliers around the globe. Fresh vegetables and fruits have become increasingly scarce in various regions since the COVID-19 pandemic has hampered the global movement of crops and the people required to gather crops.
Europe Accounted for Highest Market Share in 2019
Germany, France, the UK, Russia, and Italy are among the major countries in Europe. In 2019, the region held a significant share in the global horticulture lighting market due to growing advancements in LED technology and increasing application of vertical farming. The governments in Europe are highly investing in the horticulture field for economic progress. The European Union initiatives are accelerating the adoption of LED lights and are likely to generate market opportunities for the manufacturers of LED modules and lamps in Europe. Several companies based in the region are highly involved in building market strategies to gain traction in the global market. For instance, Osram, a Germany-based company, acquired Fluence Bioengineering, a US-based company. It has also invested in Motorleaf, a Canadian startup, in order to strengthen its horticulture portfolio.
Companies in the region are also involved in partnering with various European companies to hold a significant market position. For instance, in June 2018, Signify, the Netherlands-based company, partnered with Agro-Inwest, a Russia-based food supplier involved in cultivating fresh vegetables. Agro-Inwest expanded the use of Philips LED lighting for growing tomatoes. In 2018, Agro-Inwest extended its farm size to 68.5 hectares andinstalled LED lights for energy reduction. Additionally, in 2017, both the companies announced a major LED horticulture lighting project, which accelerated yields in the winter and saved 50% on energy costs compared to traditional high-pressure sodium lighting.
Further, in April 2018, Sterling Suffolk collaborated with Plessey, a UK-based electronics company. Sterling Suffolk deployed Plessey’s Hyperion 1750 LED top light in its first greenhouse, which has a maximum light performance output. Thus, a number of inorganic strategies by various vendors are driving the market growth in Europe.
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Key Findings of Study:
Increase in population worldwide creates a huge demand for food, which cannot be fulfilled only through conventional or outdoor farming. In order to meet the increasing food demand, various countries are designing and implementing vertical farms, which includes cultivating plants on vertically inclined surfaces. Vertical farming produces crops by incorporating several technologies, such as robotics, IoT, big data analytics, and artificial intelligence; thus, it produces healthy crops without any agronomic constraint. The environmental degradation caused by traditional farming methods allows various countries to opt for vertical farming. It ensures pollution reduction, leads to increase in food production, and mitigates resources. Several vertical farming businesses worldwide, such as AeroFarms and Ecopia Farms, are growing across the urban parts of several countries with limited agricultural land. Vertical farming offers numerous opportunities for growers to sustainably produce crops by diminishing the use of water, reducing fertilizers, maintaining healthy ecosystems, and safeguarding crops from weather-related disasters.
Due to the growing importance of advanced vertical farming, it has attracted several investments. Various companies from the US and Europe have been funded by investors across the globe. For instance, Ocado, a UK-based company, invested US$ 21.3 million in vertical farming. Furthermore, the company purchased a 58% stake in Jones Food, which grows herbs with the help of LED lighting. Such trending technologies and growing investments create huge opportunities for horticulture lighting providers to integrate their solutions with vertical farming applications to change the outlook of food production.
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