The horticulture lighting market will witness a healthy growth from 2019 to 2026, a research report suggests. Growing at a CAGR of 16.41%, the market is projected to reach US$2,928.6 million by 2026. The growth in city farming is expected to support the market growth along with the advancement in technology. As predicted by analysts, high deployment costs will negatively affect the market’s performance from 2019 to 2026. During the forecast period, the market will be supported by the use of electronic lighting and increasing awareness levels. The shifting preference for cheaper alternatives on the other hand will challenge artificial lighting sector based organizations functioning in the global Horticulture Lighting Market.
The market analysts have split the market into application, cultivation, lighting type, and technology segments based on products and services. Artificial lighting based companies have been profiled. The lack of investments in R&D is set to affect the global market during the forecast period 2019 to 2026. The report also provides the market’s performance forecasts till 2026. Analysts have studied the strategy of artificial lighting segment based organizations to help new entrants and established businesses. The artificial lighting sector itself is supported by a rise in disposable income as well as consumers aiming for more convenience. During the forecast period 2019 to 2026, the horticulture lighting market is set to witness a health growth across application, cultivation, lighting type, and technology segments as well as regional markets.
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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.
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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 Horticulture Lighting Market size is projected to expand at a compound annual growth rate (CAGR) of 23.1 percent, indicating significant growth during the forecast period. By 2030, the Horticulture Lighting Market is projected to grow to a value of USD 16.41 billion, from a current value of USD 2,928.6 million in 2019.
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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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