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Global Horticulture Lighting Market Report 2022: Promising Growth Opportunities for Vertical Farming Offered by Asian and Middle Eastern Markets

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The Global Horticulture Lighting Market

The Global Horticulture Lighting Market
The Global Horticulture Lighting Market

Dublin, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Horticulture Lighting Market with COVID-19 Impact Analysis by Technology (Fluorescent, HID and LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Cultivation, Lighting Type, Offering, Installation and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global horticulture lighting market is projected to grow from USD 3.1 billion in 2022 to USD 9.4 billion by 2027; it is expected to grow at a CAGR of 24.5% from 2022 to 2027. The market has a promising growth potential due to several factors, including the technological advancements in LED technology, rising number of government initiatives to promote the adoption of CEA practices, growing demand for food owing to the continuously increasing population, and ongoing legalization of cannabis cultivation. Moreover, increasing the adoption of CEA facilities to meet the growing demand for fresh produce due to COVID-19, and increasing awareness regarding benefits provided by LED technology to grow crops through the year amid the COVID-19 pandemic could play a key role in driving the growth of the horticulture lighting market.

Rising penetration of LED lights in indoor farming due to their long lifespan, spectrum adjustability, and energy efficiency

The LED technology segment is projected to grow at the highest CAGR from 2022 to 2027 for horticulture lighting market, by technology. Energy efficiency continues to be a key factor for the adoption of LED technology in the horticulture sector, along with additional benefits in the form of low heat, long lifespan, light weight, and enhanced controllability. This is expected to boost their adoption across various applications during the forecast period.

Fruits and vegetables is estimated to hold the largest share of the market during the forecast period

The fruits and vegetables segment is projected to account for the largest size of the horticulture lighting market from 2022 to 2027, by cultivation. Increasing demand for quick and fresh horticultural produce owing to population growth and loss of arable land is a key factor driving the growth of this segment of the market. The surging number of vertical farms and greenhouses is also expected to contribute to the growth of this segment of the market.

Asia Pacific is projected to become the fastest geographical market between 2022 and 2027

APAC is projected to grow at the highest CAGR for horticulture lighting market during the forecast period. The growth of the market in this region can be attributed to its continuously increasing population, which leads to rising demand for food from APAC. This has led to an increase in the adoption of advanced farming technologies such as CEA to enable the supply of fresh fruits and vegetables throughout the year. Moreover, high pressure on cultivators to improve agricultural yields with limited available resources and increased requirements to protect crops from unexpected climatic changes are also contributing to the adoption of horticulture lighting in APAC during the forecast period.

Market Dynamics

Drivers

  • Strong Government Support for Controlled-Environment Agriculture (CEA) Practices and Adoption of SSL Technology

  • Heightened Demand for Fresh Food and Loss of Arable Land

  • Increased Investments in Vertical Farms and Greenhouses, Along with Legalization of Cannabis Cultivation

  • Extensive Deployment of Led Fixtures in Controlled Agricultural Environment

  • Widespread Use of Automated and Energy-Efficient Lighting Fixtures to Minimize Energy Costs and Regulate Plant Growth

Restraints

  • High Setup and Installation Costs of Led Horticulture Lights

  • Complex Requirement for Varied Light Spectra for Different Crops

Opportunities

  • Consolidating Trend of Farm-To-Table Concept

  • Promising Growth Opportunities for Vertical Farming Offered by Asian and Middle Eastern Markets

  • Year-Round Crop Production, Irrespective of Weather Conditions

  • Gradual Emergence of Horticulture Lighting Software and Calculators

Challenges

  • Complexities Associated with Deployment of Controlled Environment Agriculture Technology in Large Fields and High Need for Technical Know-How

  • Lack of Standard Testing Practices for Accessing Product Quality of Horticulture Lights and Their Fixtures

  • Effective Integration of Different Components and Technologies Used in CEA Facilities

Report Attribute

Details

No. of Pages

273

Forecast Period

2022 - 2027

Estimated Market Value (USD) in 2022

$3.1 Billion

Forecasted Market Value (USD) by 2027

$9.4 Billion

Compound Annual Growth Rate

24.5%

Regions Covered

Global

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Horticulture Lighting Market, by Application

7 Horticulture Lighting Market, by Installation Type

8 Horticulture Lighting Market, by Lighting Type

9 Horticulture Lighting Market, by Offering

10 Horticulture Lighting Market, by Cultivation Type

11 Horticulture Lighting Market, by Technology

12 Geographic Analysis

13 Competitive Landscape

14 Company Profiles

15 Appendix

Companies Mentioned

  • Signify

  • Gavita International B.V.

  • Heliospectra Ab

  • Osram (Part of Ams Ag)

  • California Lightworks

  • Analyst's View

  • Valoya

  • Lumigrow, Inc.

  • Hortilux Schreder (Dool Industries)

  • Eye Hortilux (An Eye Lighting Division)

  • Iluminar Lighting

  • GE Current, a Daintree Company

  • Parsource

  • GE Lighting, a Savant Company

  • Hubbell

  • Agrolux

  • Econolux

  • Oreon

  • Glaciallight - Lighting Division of Glacialtech

  • Black Dog Grow Technologies Inc.

  • Viparspectra

  • Active Grow LLC

  • Agnetix

  • Thrive Agritech

  • Bridgelux

  • Kroptek

For more information about this report visit https://www.researchandmarkets.com/r/s9zqp6

Attachment

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