Market Overview:
The Horticulture lighting market is expected to grow at a compound annual growth rate (CAGR) of 23.1 percent during the forecast period, indicating significant growth. The horticulture lighting market is mainly expected to grow from USD 2,928.6 million in 2019 to USD 16.41 billion by 2030. Horticulture is the branch of plant science in agriculture that deals with gardening crops such as fruit, vegetables, decorative plants, and many more. Horticulture lighting is a type of artificial light that is used to help plants with photosynthesis. This procedure is especially useful in areas where there is a lack of sunlight. Plants become stunted and unable to grow in the absence of sunlight or any other light source required for photosynthesis.
According to industry analysts, the benefits of growing crops all year round using horticulture lighting will have a significant impact on the horticulture lighting industry. Grow lights make indoor horticulture, plant multiplication, and food security possible. Rapid population growth and urbanization, diminishing water resources, and ongoing climate change caused by increased greenhouse gas emissions have all contributed to decreased arable land reserves per person. As agricultural land becomes scarcer, policymakers face issues of sustainability and feeding the world’s rapidly growing population, which is expected to reach 9.6 billion by 2050.
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Market Segmentation:
By application: The Horticulture Lighting Market. During the forecast period, the global horticulture lighting market is expected to grow moderately.
By way of Example: The horticulture lighting market is divided into greenhouse, indoor farming, vertical farming, and others based on application.
By Customers: The market is divided into propulsion types, such as high-intensity discharge lighting, LED lighting, fluorescent lighting, and others.
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Regional Classification:
Artificial lighting market based companies in the horticulture lighting market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Favorable government policies will be a key growth driver for regional markets. However, dynamic policies and regulations will turn out to be a threat. For the forecast period 2019 to 2026 each of these regional markets are studied in the report. Starting from North America, the regional market and artificial lighting vertical based companies are spread across the United States, Canada, and Mexico. The shifting preference for cheaper alternatives will turn out to be a major challenge from 2019 to 2026. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.
The market in the region will be benefitted by the increasing demand from various industry verticals as well as the changing social behavior, suggests the report. Similarly, the artificial lighting sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the horticulture lighting market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2026.
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Key Players:
Due to the presence of key players in the market, the horticulture lighting companies are highly fragmented. The major key players in this market are as follows: Bridgelux, Inc. (US), LumiGrow, Inc. (US), 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 (The Netherlands), PARsource (The Netherlands), PARsource (The Netherlands), PARsource (The Netherlands), PARsource (The (US) are some major potential global horticulture lighting suppliers market competitors.
Horticulture Lighting Market Research Report: 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 2030
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