Horticulture Lighting Market Opportunity Assesment Forecast 2028 – The Insight Partners.

Posted by niket gore on August 2nd, 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.

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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

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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

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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.

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Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 2,730.8 Million in 2019

Market Size Value by

US$ 11,383.5 Million by 2027

Growth rate

CAGR of 20.2% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

161

No. Tables

83

No. of Charts & Figures

80

Historical data available

Yes

Segments covered

Technology , Application , Cultivation and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

  • In 2020, Signify expanded its collaboration with Planet Farms, a leading European operator of vertical farms based in Italy. Planet Farms would boost the quality and yield of the crops using the Philips GreenPower LED production module managed by the Philips GrowWise Control System.
  • In 2019, Heliospectra AB announced the formation of Heliospectra Japan Co., Ltd and the opening of Tokyo, Japan office. The new office would help the company achieve a strong market position.

Horticulture Lighting Market – By Technology

  • LED Lights
  • High Intensity Discharge Lights
  • Fluorescent Lamps

Horticulture Lighting Market – By Application

  • Greenhouses
  • Vertical Farming
  • Indoor Farming

Horticulture Lighting Market – By Cultivation

  • Fruits & Vegetables
  • Floriculture

Horticulture Lighting Market –Company Profiles

  • Agrolux
  • Bridgelux, Inc.
  • General Electric Company
  • Heliospectra AB
  • Hortilux Schréder B.V
  • Hubbell, Inc.
  • Lumileds Holding B.V.
  • OSRAM Licht AG
  • PARsource
  • Signify N.V

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

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Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

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niket gore

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niket gore
Joined: July 6th, 2022
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