The horticulture lighting market is anticipated to grow steadily because of the increasing demand for solid-state lighting (SSL) technology and controlled environment agriculture (CEA) practices. With people becoming more conscious of healthy and organic food, there is a huge growth in demand for vertical farms and the cultivation of food. Horticulture lighting aids in cultivating food more swiftly. It also benefits water and capital because cultivation can happen in various verticals.
According to Data Bridge Market Research the Horticulture Lighting Market accounted for USD 17,185.58 million in 2021, and expected to reach USD 27,563.84 million by 2029. The market is expected to grow with a CAGR of 18.30% in the forecast period of 2022 to 2029.
“Increasing demand horticulture lights due to weather change is expected to drive the market growth”
Weather change is one of the most significant factor which is increasing the demand for the horticulture lights to maintain a controlled agricultural environment and expected to drive the growth of the horticulture lighting market. Horticulture lights help to save energy with new and innovative lighting solutions and crop yield. Such potentials of horticulture lights and their increasing awareness among farmers will likely to gain momentum for the horticulture lighting market over the forecast period.
What restraints the growth of horticulture lighting market?
“Multiple issues associated with horticulture lighting service”
High installation and setup costs of horticulture lighting and increasing demand for the different light spectra for different crops in horticulture are some of the major factors which are anticipated to obstruct market growth. Also, the dearth of standard testing practices for accessing food product quality with the placement of controlled environment agriculture technology are anticipated to challenge the growth of the market during the forecast period of 2023-2030.
Segmentation: Horticulture Lighting Market
The horticulture lighting market is segmented on the basis of offering, deployment, lighting type, cultivation, technology and application.
- On the basis of offering, the market is segmented into hardware, software and services.
- On the basis of technology, the market is segmented into fluorescent lamps, HID lights, LED lights, other.
- On the basis of deployment, the market is segmented into top lighting, inter lighting.
- On the basis of cultivation, the market is segmented into fruits and vegetables, floriculture.
- On the basis of application, the market is segmented into turnkey, retrofit.
- Based on application, the horticulture lighting market is segmented into greenhouses, vertical farming, indoor farming, others.
Regional Insights: Europe is expected to dominate the horticulture lighting market
Europe is expected to dominate the market and is expected to grow significantly due to the large availability of horticulture lighting products in this region. Moreover, growing demand for indoor farms and greenhouses vertical will further boost the growth of the horticulture lighting market in this region.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to rising food consumption by this region's growing population. Furthermore, numerous countries in this region are moving towards energy-efficient LED lights to decrease energy consumption, which will positively influence the market growth and growth.
Recent Developments: Horticulture Lighting Market
- In 2022, OSRAM GmbH launched the OSLON Optimal family of LEDs which is based on the firm’s latest 1mm2 chip for horticulture lighting. This offers a combination of high efficiency, reliable performance and value. The OSLON Optimal LEDs are available in Far Red (730nm) and Hyper Red (660nm) colors.
- In 2022, Acuity Brands announced the launch of Verjure series that offers consistent and productive performance for indoor horticulture applications. This Series is available in three different outputs and sizes to support versatility in growing, including greenhouse, indoor warehouse and vertical racks. The Verjure Pro Series LED luminaires have robust 6kV surge protection.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-horticulture-lighting-market
The Prominent Key Players Operating in the Horticulture Lighting Market Include:
- Heliospectra AB (Sweden)
- Excite LED Grow Lights (Switzerland)
- Greens Hydroponics (U.K.)
- UPSHINE Lighting (China)
- TESLUX Lighting s.r.o. (Czechia)
- Hortisystems UK Ltd (U.K.)
- ProGrowTech (U.S.)
- Ronfell Group (U.K.)
- General Electric (U.S.)
- Agrolux (Netherlands)
- SAMSUNG (South Korea)
- Hortilux Schréder B.V. (Netherlands)
- OSRAM GmbH (Germany)
- Signify Holding (Netherlands)
- BSSLED Manufacturing Ltd. (U.K.)
- Forge Europa (U.K.)
- Cropmaster LED (U.K.)
- TE Connectivity Ltd. (Switzerland)
- Cree, Inc. (U.S.)
- DiCon Lighting (U.S.)
- Valoya (Finland)
- EVERLIGHT (Taiwan)
- Gavita (Norway)
Above are the key players covered in the report, to know about more and exhaustive list horticulture lighting market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Horticulture Lighting Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
