Agricultural Lighting Market Growth to Surpass USD 21.4 billion

Posted by edwardzmusso on June 22nd, 2023

The global agricultural lighting market is projected to grow from USD 11.8 billion in 2023 to USD 21.4 billion by 2028; it is expected to grow at a CAGR of 12.5% from 2023 to 2028. The key factors fueling the growth of this market include increased awareness for fresh farm produce, day-by-day increasing global population, leading to the increase in the demand for farm produce as well as milk, meat and eggs; along with the increase in demand for fishes as well, increasing funding to develop livestock facilities, vertical farms and greenhouses.

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The agricultural lighting market has promising growth potential due to several factors, including the increase in demand for locally grown food, year-round crop production, crop rotation, increasing demand for LED technology for horticulture, livestock and aquaculture applications.

Countries in the North America and Europe regions have also witnessed increasing development of CEA facilities which has aided in the growth of the agricultural lighting market. The high demand for LED technology in these regions is driving the growth of the agricultural lighting market. The launch of several innovative agricultural lighting products at regular intervals in last few years by manufacturers in North America has revived the market growth of agricultural lighting. Additionally, increasing food demand, prevailing unfavorable weather conditions for conventional farming and presence of leading providers of horticulture lights in European region is expected to drive the market demand for agricultural lighting in Europe, and therefore, global demand will also tend to rise.

The agricultural lighting market for LED is projected to register the highest CAGR during the forecast period, by light source. Since LED light source tends to consume less power, is more efficient, and has a longer lifespan, the shift towards this light source will increase during the forecast period owing to the energy and cost consumption. LED lights and lamps also dissipate lesser heat aas compared to other lkight sources. Hence, it provides more comfort to animals and fish in livestock facilities and water bodies. These factors are expected to drive the market growth of LED technology.

The agricultural lighting market for below 50W holds the largest market share owing to the presence and emergence of LED light source, which tends to consume lesser power and hence lesser wattage lamps and lighting systems are used. Hence the share for below 50W lamps is more in the agricultural lighting market.

The horticulture application of the agricultural lighting market is estimated to grow at the highest CAGR during the forecast period. The main driver for the horticulture lighting to grow at a faster pace is the increasing global population, leading to an increase in the demand for farm produce. Also, irregular climatic conditions on a global level will tend to increase the requirement for artificial lighting for the optimal growth of plants and crops. This will increase the demand for horticulture lighting during the forecast period.

The agricultural lighting market for retail/wholesale sales channel held largest market share in 2022, owing to the increased convenience of buyers. The after-sale services and support, offline or physical meeting and guidance and low costs are helpful for the buyers, specially in rural areas. This results in larger market share for this sales channel in the agricultural lighting market.

 The agricultural lighting market for hardware held the largest market share in 2022. This larger market share for hardware offering is attributed to the large number of hardware components such as lighting fixtures (lamps, luminaires) and lighting controls required to set up any agricultural lighting system, be it in any application, horticulture, livestock or aquaculture. This enormously large requirement of lamps and other hardware offering of lighting systems tend to increase the market share for hardware.

The agricultural lighting market for new installations to hold largest market share for installation type segment. This is because the global population is increasing every day, leading to the rise in demand or requirement for new installations in agricultural applications.

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The agricultural lighting market in Asia Pacific is expected to hold the largest market share during the forecast period. This large market share in this region can be attributed to its continuously increasing population, which leads to rising demand for food from Asia Pacific. This has led to an increase in the adoption of advanced farming technologies to enable the supply of fresh fruits and vegetables throughout the year. Pressure on cultivators to improve agricultural yields with limited available resources and increased requirements to protect crops from unexpected climatic changes also contribute to adopting agricultural lighting in Asia Pacific during the forecast period.

News also Covered: https://www.prnewswire.com/news-releases/agricultural-lighting-market-worth-21-4-billion-by-2028---exclusive-report-by-marketsandmarkets-301851802.html

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edwardzmusso
Joined: February 8th, 2021
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