Global Horticulture Lighting Market CAGR, Volume and Value 2020-2027

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Overview

Global Horticulture Lighting Market is expected to grow at 16.41% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 2,928.6 Million in 2019; it is expected to reach USD 7,878.4 Million by 2026.Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years.  There are different types of lighting applications and characteristics used in horticulture including photoperiodic lighting, supplemental lighting, sole-source lighting. Lamps in horticulture lighting operate for 18 to 24 hours continuously. In this rapidly progressing environment, legalization of Cannabis for medicinal purposes, a steady supply of crops despite unfavorable weather conditions for farming across geographies are contributing to the growth of the electronic industry which is driving the growth in the horticulture lighting market.

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Competitive Analysis

The Key Players of Global Horticulture Lighting Market are Signify (Philips Lighting) (Netherlands), Gavita (Netherlands), GE Lighting (US), Osram (Germany), Agrolux (Netherlands), Heliospectra (Sweden), Hortilux Schreder (Netherlands), Lumileds (Netherlands), resource (US), and Illumitex (US) among others.

In May 2019, OSRAM Licht AG launched Fluence, a horticulture LED lighting solution in Europe and the Middle East and Africa (EMEA) market to help growers to produce high-quality crops to fulfill the market demand.

In April 2018, Philips Lighting launched the new Philips GreenPower LED toplighting with an optimized light spectrum for cut rose cultivation at an event of the Philips Rose Expertise Group.

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Segmental Analysis

The Global Horticulture Lighting Market has been segmented based on Technology, Lighting Type, Cultivation, Application and Region.

Based on lighting type, the market has been classified into top lighting and interlighting. The top lighting segment accounted for the larger market share in 2018, with the highest market value. Top lighting is used in horticulture to provide appropriate light from the top end to the plants. This lighting pattern can be adjusted as required by the plant. There are two types of top lighting: LED toplighting and High-Pressure Sodium (HPS) to lighting. Interlighting is the process of placing light sources close to crops or within a canopy to lighten up the leaves that would normally receive less natural or supplemental light.

Based on cultivation, the market has been classified into fruits & vegetables and floriculture. The fruits & vegetables segment accounted for the larger market share in 2018, with the highest market value. Fruits and vegetables need more light as compared to other plants. Artificial light is used to improve the yield, quality, and taste of fruits and vegetables. Floriculture is a process of cultivation of flowering and ornamental plants for gardens and in floristry. Floriculture crops include bedding plants, houseplants, flowering gardens, pot plants, cut cultivated greens, and cut flowers.

Based on application, the market has been divided into greenhouse, vertical farming, indoor farming, and others. The greenhouse segment accounted for the larger market share in 2018, at a steady CAGR. Greenhouse horticulture is the production of crops using greenhouses, glasshouses, shade houses, screen houses and crop top structures under modified growing conditions. Vertical farming is a technique in which plants are grown in vertically stacked planting beds stored in a controlled and indoor environment. Indoor farming is the method of growing plants on large scale indoors. These plants are entirely dependent on artificial lights facilitated by LEDs and lamps.

 

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