ID: MRFR/SEM/6369-CR | November 2019 | Region: Global | 145 pages
The Horticulture Lighting Market is expected to grow at 19.17% CAGR, witnessing substantial growth during the forecast period. The market was valued at USD 2476.5 Million in 2018; it is expected to reach USD 7040.0 Million by 2024.
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 that is 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 weak and unable to grow.
Europe accounted for the largest market value of USD 797.8 Million in 2018; the market is expected to register a CAGR of 18.58% during the forecast period.
Global Horticulture Lighting Market, By Product (2018 Vs 2024)
Source: MRFR Analysis
Based on technology, the market has been classified as fluorescent lighting, high-intensity discharge, LED, others. The high-intensity discharge segment accounted for the larger market share in 2018, with a market value of USD 904.7 Million during the forecast period. The fluorescent lamps constitute the second-largest segment. Fluorescent lighting is a technology that depends on a chemical reaction inside a glass tube for creating light. High-intensity discharge (HID) is a type of gas-discharge lighting method that uses electrical current sent across two electrodes within plasma or ionized gas. LED is a highly energy-efficient lighting technology and has the potential to fundamentally change the future of lighting.
Rapid population growth and availability of limited arable land, government investments, and initiatives and increased year-round high-quality yield are factors that are expected to drive the horticulture lighting market during the forecast period. However, high capital cost associated with LED grow light technologies is expected to limit the market growth during the forecast period. Further, the adoption of vertical and indoor farming can offer a number of opportunities for the global horticulture lighting market during the forecast period.
The Global Horticulture Lighting Market, by region, has been segmented into Asia-Pacific, North America, Europe, Middle East & Africa, and South America. Europe is expected to dominate the horticulture lighting market during the forecast period due to growth in city farming along with the advancement in technology.
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), PARsource (US), and Illumitex (US) among others.
Key questions addressed by the report
Frequently Asked Questions (FAQ) :
Horticulture is the agricultural science that deals with the production and maintenance of garden crops, fruits, ornamental plants, and vegetables. The artificial light used in horticulture is called horticulture lighting.
MRFR findings suggest, the global horticulture lighting market is likely to thrive at 19.17% CAGR during the assessment period (2018 to 2014). The hike in the sale of horticulture lights can cause the global horticulture lighting market to escalate to USD 7040.0 Million by 2024 from USD 2476.5 Million in 2018.
The increase in need for artificial light due to limited availability of fertile land is observed as a major factor for the global horticulture lighting market to surge. In addition, government initiatives supporting the use of horticulture lighting can spur its market growth.
Signify (Netherlands), GE Lighting (US), Gavita (Netherlands), Agrolux (Netherlands), Osram (Germany), Hortilux Schreder (Netherlands), Heliospectra (Sweden), PARsource (US), Illumitex (US), and Lumileds (Netherlands) are some potential contenders of the global horticulture lighting suppliers market.
Fluorescent lighting, LED, and high-intensity discharge are widely used technologies in horticulture lighting. LEDs are noted to be used extensively.