Horticulture Lighting Market Size to Surpass USD 19.87 Billion by 2029, exhibiting a CAGR of 18.1%
As per the report by Fortune Business Insights, the global Horticulture Lighting Market size is projected to reach USD 19.87 billion by 2029 at a CAGR of 18.1% during the forecast period.
Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) — Global Horticulture Lighting Market Size was valued at USD 5.41 billion in 2021 and is projected to reach USD 19.87 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Fortune Business Insights presents this information in their latest report titled, “Global Horticulture lighting Market Forecast, 2023–2029.”
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Key Industry Development
Signify entered a definitive agreement to acquire ams OSRAM Texas-based Fluence for USD 272 million. This acquisition has strengthened the global agricultural lighting’s growth platform and extended its position in North America’s horticultural lighting market.
Key Takeaways:
- Transportation and Supply Chain Disruptions Hindered Market Growth
- Increasing Demand for Indoor Farming for a Wide Range of Applications to Aid Market Growth
- By Type Analysis: Toplighting is expected to Dominate the Market Owing to Strong Demand across the Greenhouse Farming.
- Horticulture lighting Market Size in Europe was USD 1.89 Billion in 2021
Discover the Leading Players Featured in the Report:
“Companies leading the horticultural lighting market are 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.)”
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, |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/horticulture-lighting-market-106903
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.
SEGMENTATION
By Type
- Toplighting
- Interlighting
By Lighting Technology
- Fluorescent
- High-Pressure Sodium (HPS)
- Metal Halide
- LED
- Others (Plasma, Xenon, and Induction Lighting)
By Application
- Indoor Farming
- Greenhouse
- Vertical Farming
- Others (Vegetables and Fruits, Floriculture)
By Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
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.
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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 Light works, Inc. announced its novel Mega Drive 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.
FAQ’s
How big is the Horticulture Lighting Market?
Horticulture Lighting Market size was USD 5.41 billion in 2021.
How fast is the Horticulture Lighting Market growing?
The Horticulture Lighting Market will exhibit a CAGR of 18.1% during the forecast period, 2022-2029
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