Horticulture Lighting Market to Reach $26.9 billion, Globally, by 2032 at 20.3% CAGR: Allied Market Research

The development of efficient & cost-effective LED lighting solutions, urbanization, population growth, and concerns about food security are the factors that drive the growth of the horticulture lighting market.

WILMINGTON, Del., April 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Horticulture Lighting Market by Technology (Light-Emitting Diodes (LEDs), High-Pressure Sodium (HPS) Lamps, and Others) and Application (Greenhouse, Vertical Farming, Research, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "horticulture lighting market" was valued at $4.2 billion in 2022, and is estimated to reach $26.9 billion by 2032, growing at a CAGR of 20.3% from 2023 to 2032.

Download Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/5908

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

• 125 – Tables
• 47 – Charts
• 250 – Pages

Prime Determinants of Growth

The horticulture lighting market is expected to witness notable growth owing to advancements in LED technology, surge in adoption of controlled environment agriculture, increase in demand for locally sourced produce. Moreover, the increase in adoption of vertical farming methods presents a significant opportunity for horticulture lighting suppliers, as these systems heavily rely on artificial lighting to optimize crop growth in stacked layers. On the contrary, achieving the ideal light spectrum for different plant species and growth stages is challenging and requires R&D. The upfront costs of purchasing and installing horticulture lighting systems are prohibitive for growers.

Report Coverage & Details:

The light-emitting diodes (LEDs) segment to maintain its leadership status throughout the forecast period.

By technology, the light-emitting diodes (LEDs) segment held the highest market share in 2022, accounting for nearly two-thirds of the global horticulture lighting market revenue and is estimated to maintain its leadership status throughout the forecast period light-emitting diodes (LEDs) command the highest revenue due to numerous advantages. LEDs offer energy efficiency, long lifespan, and customizable light spectra optimized for plant growth. They provide growers with precise control over light intensity and spectrum, promoting higher crop yields and quality. In addition, advancements in LED technology continue to drive innovation, further solidifying LEDs' position as the preferred choice for horticulture lighting solutions.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/5908

The vertical farming segment is expected to grow at the highest CAGR during the forecast period.

By application, the greenhouse segment held the highest market share in 2022, accounting for nearly two-fifths of the global horticulture lighting market revenue. However vertical farming is estimated to grow at the fastest CAGR during the forecast period. Vertical farming relies heavily on horticulture lighting solutions to optimize plant growth in stacked layers. This method offers scalability, space efficiency, and year-round production capabilities, driving its rapid growth and presenting significant market opportunities for horticulture lighting suppliers.

North America to maintain its dominance by 2032.

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global horticulture lighting industry revenue owing to factors such as advanced technological infrastructure, widespread adoption of controlled environment agriculture practices, favorable government regulations, and significant investments in research and development. These conditions positioned North America as a key player in shaping the global horticulture lighting industry.

Key Industry Development –

• In December 2022, Signify Holding (Phillips Lighting) launched 1,040-watt Philips HPS light fixture for a low-maintenance, hybrid light installation in combination with Philips Green Power LED toplighting.
• In May 2022, OSLON optimal LEDs provided a flexible mix of color and white options to meet requirements of all growing applications. It is an advanced chip technology and broad light distribution pattern and larger lens produce the robust high performance required in vertical farming and inter-lighting horticulture applications.

 Leading Market Players: -

• Signify (formerly Philips Lighting)
• Osram GmbH
• Samsung
• Heliospectra AB
• Cree LED (SMART Global Holdings, Inc.)
• Hubbell Incorporated
• ACUITY BRANDS, INC.
• Lumileds Holding BV.
• Gavita International B.V.
• Everlight Electronics Co., Ltd.

Product launch, investment, collaboration, and acquisition are the major business strategies that were adopted by the key market players in 2022.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/5908

Key Benefits for Stakeholders:

• This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current global horticulture lighting market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in horticulture Led Lights.
• The report includes the market share of key vendors and horticulture lighting market trends.

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/Horticulture-Lighting-Market

Horticulture Lighting Market Key Segments:

By Technology

• Light-Emitting Diodes (LEDs)
• High-Pressure Sodium (HPS) Lamps
• Others

By Application

• Greenhouse
• Vertical Farming
• Research
• Others

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (UK, Germany, France, Russia, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
• Latin America (Brazil, Argentina, and Rest of Latin America)
• Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)

Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
https://www.alliedmarketresearch.com/avenue/trial/starter

Trending Reports in Semiconductor and Electronics Industry:

Agriculture Drones Market size was valued at $0.88 billion in 2020, and is projected to reach $5.89 billion by 2030, registering a CAGR of 22.4% from 2021 to 2030

Vertical Farming Industry generated $4.5 billion in 2022, and is projected to reach $42.5 billion by 2032, registering a CAGR of 25.5% from 2023 to 2032

Soil Moisture Sensor Market was valued at $215.8 million in 2019 and is projected to reach $411.2 million by 2027, registering a CAGR of 9.1% from 2020 to 2027

Grow Lights Market size was valued at $2.4 billion in 2021, and is projected to reach $27.3 billion by 2031, growing at a CAGR of 27.5% from 2022 to 2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research