Global Horticulture Lighting Market is expected to rise from its initial estimated value of USD 2.7 billion in 2018 to an estimated value of USD 11.9 billion by 2026, registering a CAGR of 20.4% in the forecast period of 2019-2026. Growth in horticulture farming and its benefits is expected to drive the market growth as horticulture farming essentially translates to yearlong supply of crops.
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Horticulture lighting can be defined as an artificial light source that is used as a synthetic source of light for the process of synthesis. This process is very useful in areas where there is a lack of proper sunlight. Lack of sunlight or any other source of light required for the process of photosynthesis deems the plants weak and unable to grow. These benefits of growing crops all year round through the process of horticulture lighting are deemed to benefit the horticulture lighting market significantly.
Few of the major competitors currently working in the horticulture lighting market are Signify Holding, Hawthorne Gardening Co., GENERAL ELECTRIC COMPANY, OSRAM GmbH, Agrolux, Heliospectra AB, Hortilux SchrEder B.V., Lumileds Holding B.V., PARsource – Commercial Greenhouse Lighting Solutions, Illumitex, Hubbell, Maxigrow Ltd, Bridgelux Inc., EYE Hortilux, LumiGrow, AXP Technology Inc., Valoya Oy, EconoLux Industries Ltd., Active Grow LLC., ADURA LED Solutions, Arrow Electronics Inc., Emerson Electric Co., ATop Lighting, Barron Lighting Group, and BLV Licht- und Vakuumtechnik GmbH.
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- Increasing adoption of indoor and vertical farming is expected to drive the market growth
- Government investments and initiatives to promote horticulture farming is also expected to drive the market growth
- Lack of knowledge and type of lighting to be used for certain crops is expected to restrain the market growth
- High costs of technology is also expected to act as a restraint to the market growth
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Segmentation: Global Horticulture Lighting Market
- By Offering
- Software & Services
- By Deployment
- Turnkey Solutions
- Retrofit Solutions
- By Technology
- Fluorescent Lamps
- Compact Fluorescent Lamps (CFL)
- High-Intensity Discharge (HID) Lights
- High-Pressure Sodium Lamp
- Metal-Halide Lamp
- Light-Emitting Diode (LED) Lights
- By Lighting Type
- By Cultivation
- Fruits & Vegetables
- By Application
- Vertical Farming
- Indoor Farming
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
The global horticulture lighting market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of horticulture lighting market for global, Europe, North America, Asia Pacific and South America.
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