Overview
The horticulture lighting market will observer a solid development from 2019 to 2026, an exploration report recommends. Developing at a CAGR of 16.41%, the market is projected to arrive at US$2,928.6 million by 2026. The development in city cultivating is relied upon to help the market development alongside the headway in innovation. As anticipated by investigators, high organization costs will adversely influence the market's presentation from 2019 to 2026. During the estimate time frame, the market will be upheld by the utilization of electronic lighting and expanding mindfulness levels. The moving inclination for less expensive choices then again will challenge fake lighting area based associations working in the worldwide Horticulture lighting industry.
The market examiners have parted the market into application, development, lighting type, and innovation sections in view of items and administrations. Counterfeit lighting based organizations have been profiled. The absence of interests in R&D is set to influence the worldwide market during the gauge time frame 2019 to 2026. The report additionally gives the market's presentation gauges till 2026. Examiners have concentrated on the system of fake lighting portion based associations to help new contestants and laid out organizations. The counterfeit lighting area itself is upheld by an ascent in extra cash as well as shoppers focusing on more accommodation. During the figure time frame 2019 to 2026, the Horticulture Lighting Market Analysis is set to observe a wellbeing development across application, development, lighting type, and innovation portions as well as territorial markets.
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Segmental Analysis
The worldwide horticulture lighting market has been sectioned in view of innovation, lighting type, development, application, and district. The market for horticulture lighting is relied upon to become dramatically inferable from the fast interest for counterfeit lights in the horticulture business. Positive unofficial laws are relied upon to drive the development of the horticulture lighting market during the conjecture time frame. Because of different social and financial advantages, state run administrations are putting fundamentally in horticulture lighting, consequently advancing the development of the market. The market development is primarily determined by fast populace development and accessibility of restricted agrarian land, expanded in all year excellent yield, and government ventures and drives. Also, quick innovation advancements have set out the freedom for the market development. Nonetheless, high capital expense related with LED develop light advances might slow the development of the horticulture lighting market.
By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others. The past decade has witnessed a decrease in land resources for agriculture. This has given rise to challenges for sustainability and feeding the rapidly growing world population. Therefore, policy makers are promoting options such as indoor farming, greenhouse farming, and vertical farming, that involve the use of technology such as advanced lighting and automation to improve the future food production.
By lighting type, the market has been segmented into top-lighting and inter-lighting. Horticulture lighting is also called a grow light or plant light. It is an artificial lighting source that aids plant growth by producing light in the required range for photosynthesis. This is an electric light which is used in plant cultivation by emitting light in a spectrum like that of the sunlight.
By cultivation, the market has been segmented into fruits & vegetables and floriculture. The art and science of growing plants is evolving with emerging digital and smart technologies. The lightings used in horticulture provides light needed by plants for their growth. Cultivation is a process of farming or growing crops of fruits, vegetables, and flowers on arable land.
Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others. Greenhouse horticulture is the production of crops using greenhouses, glasshouses, shade houses, screen houses, and crop top structures under modified growing conditions. It also protects the crop from pests, diseases, and adverse weather conditions. The amount of sunlight in greenhouses in the winter is insufficient to maintain growth and production of horticultural crops. Therefore, horticulture lightings are used to provide artificial lighting, which is necessary to supplement the amount of light. Horticulture lighting uses high degree of reliability and is well suited to withstand high temperatures and humidity levels.
The global horticulture lighting market, by region, has been segmented into North America, Europe, Asia-Pacific, rest of the World. Europe accounted for the largest market share of 32.09% in 2019, with a market value of USD 939.9 million; it is expected to register a CAGR of 15.98% during the forecast period. North America was the second-largest market in 2019, valued at USD 779.5 million; it is projected to exhibit a CAGR of 16.62%. However, Asia-Pacific is expected to register the highest CAGR of 17.94% during the forecast period.
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Competitive Analysis
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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