Pune, India, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The global Horticulture Lighting Market Size was valued at USD 5.41 billion in 2021. The market is expected to grow from USD 6.19 billion in 2022 to USD 19.87 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Increasing awareness regarding indoor farming and its increasing applications is expected to fuel the market’s progress. Fortune Business Insights™ provides this information in its report titled “Horticulture Lighting Market, 2022-2029.”
Key Industry Development
May 2022- Osram Licht AG announced the LED OSLON Optimal series of LEDs developed using the Osram 1 mm2 chips.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 18.1% |
| 2029 Value Projection | USD 19.87 Billion |
| Base Year | 2021 |
| Horticulture Lighting Market Size in 2021 | USD 5.41 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 172 |
| Segments covered | Type; Lighting Technology; Application; |
| Horticulture Lighting Market Growth Drivers | Increasing Urbanization, Increased Food Costs, and Environmental Deterioration Aids the Market Growth |
| High Cost Associated with Manufacturing Which Requires Huge Capital that Hinders the Market Growth |
COVID-19 Impact
Supply Chain and Transportation Disruptions to Hamper Market Progress
This market was negatively affected during the COVID-19 pandemic due to supply chain and transportation disruptions. The alarming spike in COVID-19 infections resulted in the closure of manufacturing facilities, thereby disrupting supply chains. Furthermore, restrictions on transport created a huge raw material shortage, thereby hindering lighting adoption. However, lockdown relaxations allowed manufacturers to resume production activities and balance their production activities. This factor enhanced the industry’s growth during the pandemic.
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Drivers and Restraints
Rising Urbanization and Food Costs to Elevate Industry Growth
Horticulture lighting is a method that is used to trigger plant growth. Increasing urbanization and food costs are likely to facilitate horticulture lighting demand. Furthermore, the increasing supply of horticulture products in urban areas is expected to foster the adoption of light. Moreover, the rising development and adoption of efficient and eco-friendly lights are expected to enhance the industry’s growth. Also, the rising adoption of horticulture lighting to satisfy the growing demand for food is expected to drive horticulture lighting market growth.
However, the high costs associated with manufacturing are expected to hamper this industry’s growth.
Regional Insights
Presence of Several Lighting Manufacturers to Fuel Market Progress in Europe
Europe is projected to dominate the horticulture lighting market share due to the presence of several lighting manufacturers. The European market stood at USD 1.89 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, the rising cultivation of food grains, fruits & vegetables is expected to enhance the demand for horticulture lights.
In North America, the increasing demand from waste recycling plants with early development and adoption is expected to enhance the horticulture lighting industry. Furthermore, developing advanced technology-based sorters is expected to enhance this industry’s progress.
In Asia Pacific, increasing food consumption in India and China is expected to enhance the adoption of horticulture lighting. This factor may elevate this industry’s progress.
Competitive Landscape
Major Players Announce Novel Products to Enhance their Brand Image
The prominent companies operating in the market announce novel products to enhance their brand image. For example, California Lightworks, Inc. announced its novel MegaDrive Vertical series aimed at indoor cannabis cultivators. This LED system provides greenhouse and indoor cultivators with a great investment return by enhancing agricultural produce quality. Further, major players deploy mergers, partnerships, acquisitions, innovations, and expansions to boost their market position globally.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segmentation
Toplighting Segment to Dominate Owing to Increasing Development and Adoption of Greenhouse Land for Cultivation
By type, the market is segmented into toplighting and interlighting. The toplighting segment is expected to dominate due to the rising development and adoption of greenhouse farming.
LED Segment to Dominate Owing to its Increasing Productivity
As per lighting technology, the market is classified into fluorescent, high-pressure sodium (HPS), metal halide, LED, and others. The LED segment is expected to dominate due to its rising productivity.
Greenhouse Segment to Dominate Attributable to Robust Demand for Food Grains
Based on application, the market is categorized into indoor farming, greenhouse, vertical farming, and others. The greenhouse segment is expected to dominate due to the robust demand for food grains.
Regionally, the market is segmented into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
List of Key Players Profiled in the Report
- Bridgelux Inc. (U.S.)
- LumiGrow Inc. (U.S.)
- EYE Hortilux (U.S.)
- Maxigrow Ltd (U.K.)
- Signify Holding (Philips Lighting) (Netherlands)
- GE Lighting (U.S.)
- Hortilux Schreder (Netherlands)
- Osram Licht AG (Germany)
- Gavita International BV (Netherlands)
- Lumileds (U.S.)
- Hubbell Lighting (U.S.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Horticulture Lighting Key Players Market Share Insights and Analysis, 2021
- Global Horticulture Lighting Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Toplighting
- Interlighting
- By Lighting Technology (USD)
- Fluorescent
- High-Pressure Sodium (HPS)
- Metal Halide
- LED
- Others
- By Application (USD)
- Indoor farming
- Greenhouse
- Vertical farming
- Others (Floriculture)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Horticulture Lighting Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Toplighting
- Interlighting
- By Lighting Technology (USD)
- Fluorescent
- High-Pressure Sodium (HPS)
- Metal Halide
- LED
- Others
- By Application (USD)
- Indoor farming
- Greenhouse
- Vertical farming
- Others (Floriculture)
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- Mexico
- By Application
- United States
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