Horticulture Lighting Market Facts, Future Scenarios, Growth | Asia-Pacific region would exhibit the highest CAGR of 21.0%
According to the most recent analysis by Emergen Research, the size of the worldwide horticulture lighting market is anticipated to reach USD 11.27 billion in 2028 and record a consistent revenue CAGR throughout the projected period. Growing demand for energy-saving and environmentally friendly Light-Emitting Diode (LED) systems in horticulture to increase crop yield and cut down on energy use can be contributed to the steady market revenue growth. The worldwide horticulture lighting market is anticipated to rise in the next years as a result of the development of new and more sophisticated technologies linked to smart agriculture.
Growing worries about global food security as a result of the world’s population growth and the scarcity of arable land are factors that are anticipated to create more lucrative opportunities for players in the greenhouse and indoor farming industries and to increase demand for horticulture lighting in these facilities over the coming years. It is anticipated that growing farmer awareness of the advantages of vertical farming will have a very positive effect on the market.
Because it serves as an additional source of light for crops rather than natural sunshine, horticulture lighting is used in indoor farming applications. By providing artificial light for the plants, it supports and improves their growth. It is utilised in a variety of urban agricultural applications, including greenhouses, vertical farming, and indoor farming. By supplying artificial light for plants’ photosynthesis, horticulture lighting enables the growing of plants without the need for daylight. In the horticulture business, LED lights are the more cutting-edge technology employed since they provide customers with simple installations and affordable solutions.
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Some Key Highlights from the Report
Signify and Yunnan AiBiDa Greenhouse Technology Co., LTD. entered into a partnership agreement in August 2020 to become a research partner using Philips GreenPower LED products as an additional lighting source for their greenhouse floriculture production. The collaboration is anticipated to assist Signify in increasing agricultural quality and productivity in western China.
The segment with the biggest revenue share in 2020 was interlighting. The deployment of LED interlighting systems is motivated by their ability to support plant development and harvest in any environment.
During the projection period, the revenue for the LED segment is anticipated to increase at a quick CAGR. Growing government measures to promote the use of energy-efficient LEDs in horticulture in order to minimise energy consumption are anticipated to increase demand for LEDs moving forward and propel market expansion.
Signify, Gavita International B.V., Heliospectra, Osram Licht AG, California Lightworks, Valoya, LumiGrow, Hortilux Schréder, EYE HORTILUX, and ILUMINAR Lighting are significant market participants.
Emergen Research has segmented the global horticulture lighting market on the basis of lighting type, lighting technology, application, and region:
Lighting Type Outlook (Revenue, USD Billion; 2018–2028)
Lighting Technology Outlook (Revenue, USD Billion; 2018–2028)
- Light-Emitting Diode (LED)
- High-Intensity Discharge (HID)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Indoor Farms
- Vertical Farms
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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