Horticulture Lighting Market Report Scope & Overview:

The Horticulture Lighting Market Size was valued at USD 3.76 billion in 2023, and is expected to reach USD 23.08 billion by 2032, and grow at a CAGR of 22.34% over the forecast period 2024-2032.

The horticultural agricultural area that deals with horticultural crops such as fruits, vegetables, and decorative plants is known as horticulture. Horticulture Lighting is a synthetic light source used to aid the process of photosynthesis in plants.

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This method is especially useful in regions where there is a lack of adequate sunlight. Without sunlight and any other light source needed for photosynthesis, plants can reproduce and reproduce. According to industry analysts, the benefits of year-round crop production using horticulture lighting will have a significant impact on the horticulture lighting business.

MARKET DYNAMICS:

KEY DRIVERS:

• Government support

• Adoption of SSL Technology.

RESTRAINTS: 

• Huge installation cost.

• Cultivating a limited number of agronomic traits.

OPPORTUNITIES:

• Consolidating trend of farm-to-table concept.

• Advancement in technologies.

CHALLENGES: 

• High cost of electricity.

• Under horticultural light conditions, only a few crop species are grown.

IMPACT OF COVID-19: 

COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption. 

Due to the high prevalence of the COVID-19 disease in recent years, the coronavirus has had very little impact on Horticulture Lighting industry. During the closure of China, only the packaging industry suffered from limited staffing. As a result, it is unlikely that the ecology of the LED industry and the supply chain structure will change significantly in the near future.

Based on Offering, the horticulture lighting market is segmented into Hardware, Software and Services.

Based on Application, the horticulture lighting market is segmented into Greenhouses, Vertical Farms and Indoor Farms among all of them greenhouse are most popular for horticulture lighting market.

MARKET SEGMENTATION:

BY OFFERING

• Hardware

• Software

• Services

BY TECHNOLOGY

• Fluorescent

• Led strip lighting

• High-Intensity Discharge

BY APPLICATION

• Greenhouses

• Vertical Farms

• Indoor Farms

BY LIGHTING TYPE

• Toplighting

• Interlighting

BY CULTIVATION

• Fruits and Vegetables

• Floriculture

• Cannabis

BY INSTALLATION

• New installations

• Retrofit Installations

REGIONAL ANALYSIS:

On a regional basis, the global horticulture lighting market is divided into North America, Europe, Asia Pacific, and the rest of the world. Europe is a leading market for horticulture lamps, thanks to the rise of urban farming and technological advances in agricultural machinery in the region. The United Kingdom, Germany and France are the three most important countries in Europe. When light contributes about 15-20% of total energy consumption in the UK business sector, according to the Energy Saving Trust. European companies have encouraged the use of electronic lighting in new systems such as home heating systems to develop new electronic lighting technologies.

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REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The key players in the Global Horticulture Lighting Market Bridgelux, LumiGrow, Maxigrow, GE Lighting, Lumileds, Agrolux, Illumitex, Gavita, California Lightworks, EYE Hortilux, Signify Holding, Hortilux Schreder, Hubbell Lighting, PARsource, OSRAM, Valoya, Helliospectra & Other Players