DUBLIN, Sept. 24, 2018 /PRNewswire/ --
The "Horticulture Lighting Market by Technology, Application, Cultivation, Lighting Type, Offering, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The overall horticulture lighting market is expected to grow from USD 2.43 billion in 2018 to USD 6.21 billion by 2023, at a CAGR of 20.61% from 2018 to 2023.
The growth of this market is being fueled by the rapid population growth and availability of limited agricultural land.
The report covers the horticulture lighting market based on offering, technology, lighting type, cultivation, application, and geography. The horticulture lighting market based on application is expected to be led by greenhouses. Greenhouses allow horticulture to be practiced in a protected environment, ensuring optimum yield. Greenhouses are designed to trap natural sunlight and humidity and retain them, making it conducive for growing various types of plants.
Horticulture lighting systems consist of both hardware and software. Hardware includes lamps, fixtures, reflectors, reflective films, ballasts, and others. Software includes light controlling software, while services such as planning, installation, and maintenance have also been considered in the report. Hardware holds the largest share of the horticulture lighting market compared to software and services as software offerings and services are relatively newer in the market for horticulture lighting.
In 2017, LED lights accounted for the largest share of the horticulture lighting market based on technology since these lights are energy-efficient and also have additional benefits such as low heat, compact size, and a long operational life of 30,000 to 50,000 hours.
Toplighting is the most widely used lighting type in indoor cultivation. In this, lamps, with a particular spectrum of light, are positioned above the plants. Interlighting is a relatively new concept in horticulture lighting in which lights are placed inside the canopy of high-wire plants, which directs and focuses growth-stimulating light on the most vital parts of the crop, such as its leaves and veins. Toplighting, being the traditional method of lighting, holds a larger share of the horticulture lighting market.
Horticulture lights are being used for the cultivation of fruits and vegetable, and floriculture. The fruits and vegetables segment includes tomatoes, lettuce, basil, mint, mustard greens, collard greens, strawberries, and cucumbers. The floriculture segment includes roses, cannabis, African violets, poinsettia, and begonia. The cultivation of fruits and vegetables is done on a larger scale compared to floriculture; hence the fruits and vegetables segment held a larger share of the horticulture lighting market in 2017.
Demand for horticulture lighting systems in vertical farming applications is expected to increase during the forecast period. The rise in the growth of the vertical farming industry can be attributed to the interest shown by larger corporations in vertical farming operations. Toshiba (Japan) and Panasonic (Japan) have started providing financial and technical assistance to growers for setting up vertical farms. Such developments in vertical farming are boosting the horticulture lighting market growth. Hence, the vertical farming application is expected to witness the highest CAGR in the horticulture lighting market during the forecast period.
Europe is expected to continue to account for the largest share of the horticulture lighting market, in terms of value, in the coming years owing to the increased adoption of horticulture lighting in greenhouses, vertical farming, and indoor farming applications. The European Union's initiatives to boost the adoption of LED grow lights are expected to create more opportunities for the manufacturers of LED modules and lamps in that region. Signify (Philips Lighting) (Netherlands) and Gavita (Netherlands) are the most prominent Europe-based lighting companies.
Greenhouses allow horticulture to be practiced in a protected environment, ensuring optimum yield. Greenhouses are designed to trap natural sunlight and humidity and retain them, making it conducive for growing various types of plants. Polyhouses/polytunnels are greenhouses made of polyethylene. Plants can be grown either by using soil as a base or by adopting the hydroponic technique. Plants grown in greenhouses are protected from external factors (dirt and natural elements), and with proper care, they can be protected from insects and pests as well. Thus, the greenhouses application accounted for the largest share of the horticulture lighting market in 2017.
Vertical farming is changing the outlook of food production. Increased use of LED horticulture lights is encouraging cultivators to adopt vertical farming on a large scale. In vertical farming, plants are stacked in layers one above the other, utilizing the available space in the best possible way. Consumer demand for high-quality, locally developed food that is free of pesticides and other harmful chemicals is increasing. With vertical farming, space is not a constraint, and cultivators can grow crops even in a square foot of area. Despite changing climatic conditions, vertical farming also allows cultivators to grow all types of crops throughout the year.
The ever-growing population worldwide is generating additional demand for food, which cannot be met only through conventional or outdoor farming. However, advancements in horticulture lighting technologies allow indoor farming to increase crop yield efficiently. Horticulture light systems act as the primary light source in indoor farming, in the partial or complete absence of natural light. Signify (Philips Lighting) (Netherlands) has established GrowWise, a city farm facility focusing on cultivating a variety of crops, such as strawberries, potatoes, herbs, and leafy vegetables. The company plans to use LED horticulture lights to increase crop production in its indoor farming facilities.
The key restraining factors impacting horticulture lighting market growth include the high cost of energy-efficient LED grow lights and the feasibility of cultivating a limited number of crop species. The impact of this restraint is high at present; however, in the future, the impact is expected to subside as the prices of LEDs are decreasing day by day.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Horticulture Lighting Market
4.2 Horticulture Lighting Market, By Offering and Cultivation
4.3 Horticulture Lighting Market, By Technology
4.4 Horticulture Lighting Market, By Application and Region
4.5 Horticulture Lighting Market, By Lighting Type
4.6 Horticulture Lighting Market, By Region
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Rapid Population Growth and Availability of Limited Agricultural Land
22.214.171.124 A Steady Supply of Crops Despite Unfavorable Weather Conditions for Farming Across Geographies
126.96.36.199 Government Initiatives to Support Adoption of Energy-Efficient LEDs in Horticulture
188.8.131.52 Increased Year-Round High-Quality Yield
184.108.40.206 Legalization of Cannabis for Medicinal Purposes
220.127.116.11 High Cost of Energy-Efficient LED Grow Light Technologies
18.104.22.168 Feasibility of Cultivating Limited Number of Crop Species
22.214.171.124 Retrofitting Traditional Lighting Sources With LED Grow Lights
126.96.36.199 Increasing Awareness About Vertical and Indoor Farming
188.8.131.52 Adoption of Controlled-Environment Agriculture Technique for Large-Sized Fields
184.108.40.206 Requirement for Different Light Spectrums for Certain Crop Varieties
220.127.116.11 Scarcity of Required Technical Know-How
6 Industry Trends
6.2 Value Chain Analysis
6.2.1 Spectrum Analysis
18.104.22.168 Partial Spectrum
22.214.171.124 Full Spectrum
7 Horticulture Lighting Market, By Offering
7.3 Software and Services
8 Horticulture Lighting Market, By Technology
8.3 High-Intensity Discharge (Hid)
8.3.1 High-Pressure Sodium Lamp
8.3.2 Metal-Halide Lamp
8.5 Other Technologies
9 Horticulture Lighting Market, By Lighting Type
10 Horticulture Lighting Market, By Cultivation
10.2 Fruits and Vegetables
11 Horticulture Lighting Market, By Application
11.3 Vertical Farming
11.4 Indoor Farming
12 Geographic Analysis
13 Competitive Landscape
13.2 Market Ranking Analysis 2017
13.3 Competitive Scenario
13.4 Recent Developments (Top 5 Players)
13.4.1 Product Launches
14 Company Profiles
14.1 Key Players
14.1.1 Signify (Philips Lighting)
14.1.2 Gavita Holland B.V.
14.1.3 GE Lighting (GE Lighting + Current)
14.1.4 OSRAM (Opto Semiconductors)
14.1.7 Hortilux Schreder B.V.
14.2 Other Key Players
14.2.4 Eye Hortilux
14.3 Start-Up Ecosystem
14.3.1 AXP Technology
14.3.2 Fluence Bioengineering
14.3.3 Shenzhen Sanxinbao Semiconductor Lighting (Evergrow)
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