Global Horticulture Lighting Market Research Report: By Technology (High Intensity Discharge Light, LED light, Florescent Lighting, Others), Lighting Type (Top-Lighting, Inter-Lighting), Cultivation (Fruits & Vegetables, Floriculture), Application (Greenhouse, Vertical Farming, Indoor Farming, Others), By Region (North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America) - Forecast till 2027

Market Snapshot

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.

Horticulture is a branch of plant agriculture dealing with garden crops such as fruits, vegetables, and ornamental plants. Horticulture lighting is an artificial light source used to facilitate photosynthesis. This process is very useful in areas where there is a lack of proper sunlight. Lack of sunlight or any other source of light required for photosynthesis renders the plants week and unable to grow. These benefits of growing crops all year round through the process of horticulture lighting are deemed to benefit the horticulture lighting market significantly. Grow lights are used for indoor gardening, plant propagation, and food production.

As per the study, 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 a leading country in horticulture lighting market due to growth in city farming along with the advancement in technology in terms of agricultural equipment in Europe. The major countries in Europe are the UK, Germany and France. In which lighting accounts to nearly 20% of the UK's overall electricity usage in the commercial sector. The use of electronic lighting in new applications such as greenhouse has influenced the manufacturers to make innovations in electronic lighting in Europe. In April 2018, a British LED producer, Plessey, has provided its LED growing light for Sterling Suffolk’s new tomato greenhouse which spans across 54,400 square meters.

Horticulture Lighting Market, By Application (2019 Vs 2026)

Source: MRFR Analysis

Global Horticulture Lighting Market is segmented into Technology, Lighting Type, Cultivation, Application, and Region. By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others. Among these, the high intensity discharge light segment accounted for the largest market share of 39.11% in 2019, with a market value of USD 1,145.5 million; it is expected to register a CAGR of 16.20% during the forecast period. The LED light segment was the second-largest market in 2019, valued at USD 866.1 million; it is projected to register the highest CAGR of 18.99%. By lighting type, the market has been segmented into top-lighting and inter-lighting. Among these, the top-lighting segment accounted for a larger market share of 52.96% in 2019, with a market value of USD 1,551.1 million; it is expected to register a CAGR of 15.55% during the forecast period. The inter-lighting segment was valued at USD 1,377.5 million; it is projected to register a higher CAGR of 17.33%. By cultivation, the market has been segmented into fruits & vegetables and floriculture. Among these, the fruits & vegetables segment accounted for a larger market share of 57.49% in 2019, with a market value of USD 1,683.7 million; it is expected to register a CAGR of 15.98% during the forecast period. The floriculture segment was valued at USD 1,245.0 million; it is projected to register a higher CAGR of 16.98%. Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others. Among these, the greenhouse segment accounted for the largest market share of 37.93% in 2019, with a market value of USD 1,110.7 million; it is expected to register a CAGR of 15.65% during the forecast period. The vertical farming segment was the second-largest market in 2019, valued at USD 877.0 million; it is projected to exhibit a CAGR of 16.82%. However, the indoor farming segment is expected to register the highest CAGR of 17.68%.

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.

Regional Analysis

Global Horticulture Lighting Market, by region, has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Central & South America. In 2019, Europe accounted for the largest market value of USD 939.9 million in 2019 and registered the CAGR of 15.98%. Asia-Pacific registered the highest CAGR of 17.94% over the forecast period.

Companies Covered

The Key Players of the Global Horticulture Lighting Market are Bridgelux, Inc. (US), LumiGrow, Inc. (US), EYE Hortilux (US), Maxigrow Ltd (UK), Signify Holding (Philips Lighting) (The Netherlands), GE Lighting (US), Hortilux Schreder (The Netherlands), Osram Licht AG (Germany), Gavita International BV (The Netherlands), Lumileds (US), Hubbell Lighting (US), Agrolux (The Netherlands), PARsource (US), Illumitex (US), and Heliospectra AB (Sweden) among others.

Segmentation

• By Technology: High Intensity Discharge Light, LED light, Florescent Lighting, Others.


• By Lighting Type: Top-Lighting, Inter-Lighting.


• By Cultivation: Fruits & Vegetables, Floriculture.


• By Application: Greenhouse, Vertical Farming, Indoor Farming, Others.


• By Region: North America, Asia-Pacific, Europe, and Middle East and Africa and Central & South America.

Key Questions Addressed by the Report

• What was the historic market size (2019)?


• Which segmentation (Technology/Lighting Type/Cultivation/Application) is driving the market?


• What will be the growth rate by 2026?


• Who are the key players in this market?


• What are the strategies adopted by key players?

Report Scope:

Report Attribute/Metric	Details
Market Size	USD 7,878.4 Million
CAGR	16.41%
Base Year	2019
Forecast Period	2020-2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Technology, Lighting Type, Cultivation, Application
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Bridgelux, Inc. (US), LumiGrow, Inc. (US), EYE Hortilux (US), Maxigrow Ltd (UK), Signify Holding (Philips Lighting) (The Netherlands), GE Lighting (US), Hortilux Schreder (The Netherlands), Osram Licht AG (Germany), Gavita International BV (The Netherlands), Lumileds (US), Hubbell Lighting (US), Agrolux (The Netherlands), PARsource (US), Illumitex (US), and Heliospectra AB (Sweden)
Key Market Opportunities	Rapid technology developments.
Key Market Drivers	Rapid population growth. Availability of limited agricultural land. Government investments and initiatives.

Frequently Asked Questions (FAQ) :

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