Market Highlights
Overview
The global horticulture lighting market is expected to reach USD 7,878.4 million by 2026 at a CAGR of 16.41% during the forecast period. Market Research Future (MRFR), in its report envelops segmentation and drivers to provide a better glimpse of the market in the coming years.
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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Segmentation:
The global horticulture lighting market has been segmented based on technology, lighting type, cultivation, application, and region. The market for horticulture lighting is expected to grow exponentially owing to the rapid demand for artificial lights in the horticulture industry. Favorable government regulations are expected to drive the growth of the horticulture lighting market during the forecast period. Due to various social and economic benefits, governments are investing significantly in horticulture lighting, thereby promoting the growth of the market. The market growth is mainly driven by rapid population growth and availability of limited agricultural land, increased in year-round high-quality yield, and government investments and initiatives. Moreover, rapid technology developments have created the opportunity for the market growth. However, high capital cost associated with LED grow light technologies may slow the growth 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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By Technology (High Intensity Discharge Light, LED light, Florescent Lighting, Others), Lighting Type (Top-Lighting, Inter-Lighting), Cultivation (Fruits & Vegetables, Floriculture), Application (Greenhouse, Vertical Farming, Indoor Farming, Others), By Region (North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America) - Forecast till 2027
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