The overall horticulture lighting market is estimated 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
NEW YORK, Sept. 24, 2018 /PRNewswire/ -- The horticulture lighting market estimated to grow at a CAGR of 20.61% from 2018 to 2023
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The overall horticulture lighting market is estimated 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 rapid population growth, availability of limited agriculture land, steady supply of crops despite unfavorable weather conditions for farming across geographies, government initiatives to support adoption of energy-efficient LEDs in horticulture, increased year-round high-quality yield, and legalization of cannabis for medicinal purposes are the major driving factors for the horticulture lighting market growth. Retrofitting traditional light sources with LED grow lights and increasing awareness about vertical and indoor farming are the major opportunities in the horticulture lighting market. On the other hand, the high cost of energy-efficient LED grow light technologies, and the feasibility of cultivating a limited number of crop species using horticulture lights are the major challenges for the market players.
Vertical farming application is expected to grow at the highest rate during the forecast period
Demand for horticulture lighting systems for vertical farming applications is expected to increase during the forecast period. Vertical farming is changing the outlook of food production.
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.
Increased use of LED horticulture lights is encouraging cultivators to adopt vertical farming on a large scale. Thus, due to the increasing awareness of vertical farming, this segment is expected to grow at the highest rate during the forecast period.
Europe is expected to hold the largest size of the horticulture lighting market during the forecast period
Europe is among the important markets for horticulture lightings.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 Europe.
Gavita (Netherlands), Osram (Germany), and Signify (Philips Lighting) (Netherlands) are the most prominent Europe-based lighting companies.Major European economies, such as the UK, Germany, and France, are investing in indoor horticulture lighting for fresh farm produce.
This factor is expected to generate a huge demand for horticulture lighting systems in the future.Technological developments in artificial horticulture lighting have led to the use of efficient and eco-friendly technologies, such as LED grow lights, in Europe; moreover, governments in this region are implementing rigorous resolutions to ban the use of incandescent bulbs.
In fact, the European Commission has proposed to eliminate the use of halogen lamps completely by 2018.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 – 60%, Tier 2 – 20%, and Tier 3 – 20%
• By Designation: – C-Level Executives – 55%, Directors – 15%, and Others – 30%
• By Region: North America – 40%, Europe – 20%, APAC – 25%, and RoW – 15%
Major companies covered in the horticulture lighting market report are Signify (Philips Lighting) (Netherlands), Gavita (Netherlands), GE Lighting (US), Osram (Germany), Agrolux (Netherlands), Heliospectra (Sweden), Hortilux Schreder (Netherlands), Lumileds (Netherlands), PARsource (US), Illumitex (US), Hubbell (US), Maxigrow (UK), Bridgelux (US), Eye Hortilux (US), and Lumigrow (US).
Research Coverage:
• Major applications for horticulture lighting systems are greenhouses, vertical farming, indoor farming, and others (research and tissue culture)
• By offering, the horticulture lighting market is segmented into hardware, and software and services
• By technology, the horticulture lighting market is segmented into fluorescent lamps, high-intensity discharge (HID) lights, LED lights, and other technologies (plasma and induction lamps)
• By lighting type, the horticulture lighting market is segmented into toplighting and interlighting
• By cultivation, the horticulture lighting market is segmented into fruits and vegetables, and floriculture
• The geographic analysis is done with regard to major 4 regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the horticulture lighting market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to horticulture lighting market.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on horticulture lighting offered by the top players in the overall horticulture lighting market
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and product launches in the horticulture lighting market
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for horticulture lighting across regions
• Market diversification: Exhaustive information about untapped geographies, recent developments, and investments in the overall horticulture lighting market
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the horticulture lighting market
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