Global Horticulture Lighting Market Research Report: by Technology (Fluorescent Lighting, High Intensity Discharge, LED, Others), Lighting Type (Toplighting, Interlighting), by Cultivation (Fruits & Vegetables, Floriculture), by Application (Greenhouse, Vertical Farming, Indoor Farming, Others), by Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Forecast till 2024
The Horticulture Lighting Market is projected to grow at 19.17% CAGR, witnessing significant growth during the forecast period. The market was valued at USD 2476.5 Million in the year 2018; it is projected to reach USD 7040.0 Million by the year 2024. Horticulture is a branch of plant agriculture that deals with garden crops such as fruits, vegetables, and ornamental plants Horticulture lighting is an artificial light source which is used to make it easier for photosynthesis. This process is very significant in areas where there is a lack of proper sunlight. Lack of sunlight or any other source of light required for photosynthesis makes the plants weak and incapable to grow. Europe is responsible for the major market value of USD 797.8 Million in the year 2018; the market is expected to register a CAGR of 18.58% during the forecast period.
Based on technology, the market has been categorized as fluorescent lighting, high-intensity discharge, LED, others. The high-intensity discharge segment accounted for the larger market share in the year 2018, with a market value of USD 904.7 Million during the forecast period. The fluorescent lamps constitute the second-largest segment. Fluorescent lighting is a technology that depends on a chemical reaction inside a glass tube for creating light. High-intensity discharge (HID) is a type of gas-discharge lighting method that uses electrical current sent across two electrodes within plasma or ionized gas. LED is a highly energy-efficient lighting technology and has the potential to fundamentally change the future of lighting. Rapid population growth and availability of limited arable land, government investments, and initiatives and an increased year-round high-quality yield are factors that are expected to lead horticulture lighting market during the forecast period. However, high capital cost associated with LED grow light technologies is expected to limit the market growth during the forecast period. Further, the adoption of vertical and indoor farming can offer a number of opportunities for the global horticulture lighting market during the forecast period.
Gavita (Netherlands), GE Lighting (US), Heliospectra (Sweden), Hortilux Schreder (Netherlands), Lumileds (Netherlands), PARsource (US), and Illumitex (US), Signify (Philips Lighting) (Netherlands), Osram (Germany), Agrolux (Netherlands) are some of main players in Global Horticulture Lighting Market.
Geographically, the Global Horticulture Lighting Market, has been split into regions like Asia-Pacific, North America, Europe, Middle East & Africa, and South America. Europe is projected to take over the horticulture lighting market during the forecast period due to the growth in city farming along with the advancement in technology.