Overview
The global horticulture lighting market is expected to reach USD 7,878.4 million by 2026 at a CAGR of 16.41% during the forecast period. Market Research Future (MRFR), in its report envelops segmentation and drivers to provide a better glimpse of the market in the coming years.
Driver:
Controlled-environment agriculture (CEA) has grown beyond a niche technology and has now become a tangible option for increasing food security while protecting the environment. Fueled by year-round market demand for local food, as well as by advancements in vertical farming and greenhouse technology, CEA technology is being adopted at a rapid rate to optimize the use of space, energy, water, labor, and capital. In CEA, plants are grown in a controlled environment, such as greenhouses, indoor farms, or vertical farms, for the efficient production of fresh, high-quality fruits and vegetables. CEA facilities allow fruits and vegetables to be produced near the population centers where they will be consumed.
Restraint:
The use of horticulture lighting is increasing with the rising awareness about the benefits offered by these solutions. Different sources of artificial lights have been used to grow plants indoors. Earlier, HPS and electric ballasts were widely used in indoor farming as effective sources of light. Nowadays, LEDs are in trend; these lights overcome the drawbacks of high-pressure sodium (HPS), fluorescent (FL), metal-halide lights, and electric ballasts. However, the initial capital required for the purchase of good-quality LED lights is higher than that of conventional lighting technologies, such as FL and high-intensity discharge (HID) lamps. This is mainly because each LED light unit contains arrays of LEDs, specially designed for horticultural applications. Often, these units contain different types of LEDs with variation in watts and wavelengths to provide a broad range of light spectrum and intensity for different types of plants. High-powered LED grow lights are available in the market for prices starting from USD 500. A high-quality, full-spectrum LED grow light can be installed as the primary light source for commercial indoor growing.
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Segmental Analysis
The global Horticultural Lighting Market Trends has been segmented based on technology, lighting type, cultivation, application, and region. The market for horticulture lighting is expected to grow exponentially owing to the rapid demand for artificial lights in the horticulture industry. Favorable government regulations are expected to drive the growth of the horticulture lighting market during the forecast period. Due to various social and economic benefits, governments are investing significantly in horticulture lighting, thereby promoting the growth of the market. The market growth is mainly driven by rapid population growth and availability of limited agricultural land, increased in year-round high-quality yield, and government investments and initiatives. Moreover, rapid technology developments have created the opportunity for the market growth. However, high capital cost associated with LED grow light technologies may slow the growth of the horticulture lighting market.
By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others. The past decade has witnessed a decrease in land resources for agriculture. This has given rise to challenges for sustainability and feeding the rapidly growing world population. Therefore, policy makers are promoting options such as indoor farming, greenhouse farming, and vertical farming, that involve the use of technology such as advanced lighting and automation to improve the future food production.
By lighting type, the market has been segmented into top-lighting and inter-lighting. Horticulture lighting is also called a grow light or plant light. It is an artificial lighting source that aids plant growth by producing light in the required range for photosynthesis. This is an electric light which is used in plant cultivation by emitting light in a spectrum like that of the sunlight.
By cultivation, the market has been segmented into fruits & vegetables and floriculture. The art and science of growing plants is evolving with emerging digital and smart technologies. The lightings used in horticulture provides light needed by plants for their growth. Cultivation is a process of farming or growing crops of fruits, vegetables, and flowers on arable land.
Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others. Greenhouse horticulture is the production of crops using greenhouses, glasshouses, shade houses, screen houses, and crop top structures under modified growing conditions. It also protects the crop from pests, diseases, and adverse weather conditions. The amount of sunlight in greenhouses in the winter is insufficient to maintain growth and production of horticultural crops. Therefore, horticulture lightings are used to provide artificial lighting, which is necessary to supplement the amount of light. Horticulture lighting uses high degree of reliability and is well suited to withstand high temperatures and humidity levels.
The global horticulture lighting market, by region, has been segmented into North America, Europe, Asia-Pacific, rest of the World. Europe accounted for the largest market share of 32.09% in 2019, with a market value of USD 939.9 million; it is expected to register a CAGR of 15.98% during the forecast period. North America was the second-largest market in 2019, valued at USD 779.5 million; it is projected to exhibit a CAGR of 16.62%. However, Asia-Pacific is expected to register the highest CAGR of 17.94% during the forecast period.
Europe is projected to hold the largest share of the horticulture lighting market in 2027
Europe is expected to hold the largest share of the horticulture lighting market in 2027. The growth of the market in this region can be attributed to the fact that the region has the strongest economies in the world, along with flourishing industries that lead to increased capital investment capabilities. Countries such as the Netherlands, Spain, France, and Italy have large areas under greenhouse cultivation. The use of LED grow lights in this region is gradually increasing from being a supplemental lighting source to becoming a primary light source for indoor farming. The population of Europe has expanded rapidly in recent times, and countries of the region are importing fruits and vegetables in frozen form from Africa and Asia. These factors are expected to drive the market growth of horticulture lighting market in Europe.
Key Players
Signify (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands) are the key players in the global horticulture lighting market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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