Market Scope
Effective spectral distribution is light is beneficial for growth of plants. Raising awareness about the same is boosting the sales of of horticulture lights. Market Research Future (MRFR) spotted this as an important factor that is likely to push the global horticulture lightening market growth. MRFR reveals that the global market of horticulture lightning is expected to thrive at 20.44% CAGR over the assessment period (2019–2024) and scale to a valuation of USD 6.41 billion by 2024.
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Key Players
Signify (Philips Lighting) (Netherlands), Hubbell (US), Gavita (Netherlands), GE Lighting (US), Lumigrow (US), Osram (Germany), Agrolux (Netherlands), Bridgelux (US), Heliospectra (Sweden), Eye Hortilux (US), Hortilux Schreder (Netherlands), Maxigrow (UK), Lumileds (Netherlands), PARsource (US), Illumitex (US) and others.
Industry News
July 2019 UbiQD, a Mexico-based nanotechnology company, launched optical fiber-coupled luminescent concentrator technology. The technology enables greenhouse light optimization.
Market Insights
Weather change is a significant cause that is augmenting the need for horticulture lights to maintain a controlled agriculture environment. Horticulture lights aid in maximizing crop yield, eliminate need for reflectors, and save energy. These merits of horticulture lights and their growing awareness among farmers are likely to gain momentum for the global horticulture lighting market. Increase in number of food-suppliers and farm start-ups are observed to encourage high adoption of horticulture lights. In addition, these lights also enhance the appearance of farms indoor. These factors are expected to amplify the market expansion.
Segmental Overview
The horticulture lighting market has been segmented on the basis of technology, application, cultivation, and lightening type.
By technology, the market has been segmented into led lights, high-intensity discharge (HID) lights, fluorescent lamps, and others. The fluorescent lamp segment has been divided into CFL and T5. The HID segment has been sub-segmented into metal-halide lamps and high-pressure sodium lamps. In 2018, the HID lights segment generated enormous revenue. The LED lights segment is likely to expand at remarkable CAGR across the review period, owing to the increase in demand for LED lights by farmers.
By lighting type, the market has been divided into interlighting and toplighting. While the toplighting segment dominates the market, the interlighting segment is expected register an appreciably high CAGR during assessment period.
By cultivation, the market has been divided into fruits and vegetables, and floriculture. The fruits and vegetable segment is projected to lead in the global market. The floriculture segment is likely to exhibit a high CAGR by 2024.
By application, the market has been segmented into vertical farming, greenhouse, indoor farming, and others. in 2018, the greenhouse segment held the major share of the market and is anticipated to retain its leading position through the forecast period. The vertical farming segment is anticipated to thrive at a lucrative CAGR by 2024.
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Regional Outlook
By region, the global horticulture lightning market has been segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW).
Popular light suppliers that are residing in Europe is expected to gain traction for the regional market. The sales of LED is high in the region due to the presence of numerous green-houses. The availability of low cost LEDs that generate efficient amount of light to support plant growth is also expected to escalate the Europe market growth. MRFR states that Europe is likely to hold the lion’s share of the global horticulture lighting market. In North America, the market is expected to exhibit a steady growth due the existence of large number of indoor growers that are adopting horticulture lights. Climatic disruptions in the Asia Pacific region underpins high sales volume of horticulture lights. As continuous optimization of light is required, the market is likely to expand.
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