Horticulture Lighting Market Opportunity Assessment Forecast 2028 – The Insight Partners.Posted by niket gore on July 28th, 2022 The horticulture lighting market was valued at US$ 2,730.8 million in 2019 and is expected to reach US$ 11,383.5 million by 2028; it is estimated to grow at a CAGR of 20.2% during 2020–2028.Horticultural lighting is used in urban agriculture, multi-layer cultivation, supplemental lighting, and daylight-free cultivation. Due to increasing awareness about sustainable farming, researchers, governments, and organizations have taken global initiatives to improve horticulture with efficient and adequate lighting. Increase in demand for advanced lighting-related technologies is expected to boost the growth of the horticulture lighting market. Toshiba and Panasonic have started to support the farmers by providing financial and technical support to establish vertical farms. Such developments in vertical agriculture are boosting the growth of the horticulture lighting market. The horticulture lighting market is segmented based on technology, application, and cultivation. Based on technology, the market is segmented into LED lights, highintensity discharge (HID) lights, and fluorescent lamps. The LED lights segment led the horticulture lighting market in 2019, and is anticipated to grow at the highest CAGR during the forecast period.In terms of application, the market is categorized into greenhouses, vertical farming, and indoor farming. The greenhouses segment held the largest market share in 2019.The vertical farming segment is anticipated to grow at the fastest CAGR during the forecast period. Based on cultivation, the market is segmented into fruits and vegetables and floriculture. The fruits and vegetables segment is expected to dominate the market due to increase in demand for fresh vegetables. Get Sample Pdf:- https://www.theinsightpartners.com/sample/TIPRE00005263/ 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. Lucrative Regional Horticulture Lighting Market Get more information on this report : Request Free Sample PDF Market Insights–Horticulture Lighting Market Government Initiatives Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy. Similarly, the Dutch government is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives, such as soft loans and tax breaks, the government has supported the growers. Furthermore, the legalization of cannabis for medicinal purposes by various governments globally over the past few years is accelerating the growth of the market. In the U.S., in 33 states, including Alaska, Arizona, Connecticut, Delaware, Columbia District, Arkansas, California, Colorado, Florida, Hawaii, and Illinois, the government has legalized medical cannabis. In Canada, cannabis purchases have been fully authorized across the country as well. Europe is the most advanced region regarding cannabis legalization for medicinal purposes. Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access. Such initiatives taken by the government is the primary driving factor for the global horticulture lighting market. Technology-BasedInsights Based on technology, the horticulture lighting market is segmented into fluorescent lamps, high intensity discharge lights, and LED lights.LED lights held the largest share of the horticulture market. The unique properties of LED lights, such energy-efficiency, low heat production, compact size, and lifespan up to 50,000,are anticipated to drive their demand in horticulture lighting application during the forecast period. Horticulture Lighting Market, by Technology– 2019 and 2027 Get more information on this report : Request Free Sample PDF Application-Based Insights Based on application, the horticulture lighting market is segmented into greenhouses, vertical farming, and indoor farming. The greenhouses allow horticulturists to carry out their practices in a covered and controlled environment that ensures optimum yield. Greenhouses trap and retain sunlight and moisture. This makes it a preferred choice for farming professionals to grow different plant types. Cultivation-Based Insights Based on cultivation, the horticulture lighting market is segmented into fruits and vegetables and floriculture.The fruits and vegetables segment includes a variety of entities, including tomatoes, basil, mint, mustard greens, lettuce, and cucumbers. On the other hand, the floriculture segment comprises roses, African violets, cannabis, poinsettia, and begonia. The cultivation of fruits and vegetables is carried out on a much larger scale than the floriculture. Thus, the former segment holds a larger market share and is likely to continue the same in the coming years. Buy Now:- https://www.theinsightpartners.com/buy/TIPRE00005263/ Strategic Insights
Market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
Horticulture Lighting Market – By Technology
Horticulture Lighting Market – By Application
Horticulture Lighting Market – By Cultivation
Horticulture Lighting Market –Company Profiles
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