Advantages of LEDs to Boost the Global Horticulture Lighting Market in the Coming Years
The global horticulture lighting market valuation was predicted by Market Research Future (MRFR) to reach USD 6.41 billion by the end of 2023. The growth of the market is expected to be at a stunning rate of 20.44% during the forecast period.
Owing to the various advantages of LEDs in horticulture, for example, minimal pricing level and high effectiveness, the interest for these items is developing considerably across the globe. Besides, climatic varieties and developing indoor farming exercises have added to the interest in horticulture lighting. The surging demand for horticulture lighting has prompted DesignLights Consortium, a voluntary certification initiative for innovation in LED technology, to build up different sets of testing and reporting necessities for horticulture lighting.
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Some of the key players in the market includes Agrolux (Netherlands), GE Lighting (US), Heliospectra (Sweden), Signify (Philips Lighting) (Netherlands), Lumileds (Netherlands), Maxigrow (UK), Hubbell (US), Gavita (Netherlands), Bridgelux (US), PARsource (US), Illumitex (US), Eye Hortilux (US), Osram (Germany), Lumigrow (US), Hortilux Schreder (Netherlands), and others.
May 2019, Heliospectra AB, a global leader in smart lighting technology for greenhouse and other environments, announced the launch of its new MITRA LED lighting series.
The global horticulture lighting market segmented into the following dynamics: technology, application, lighting type, and cultivation.
By technology, the market includes high-intensity discharge (HID) lights, fluorescent lamps, LED lights, and others. The fluorescent lamp segment is broken down into CFL and T5. The HID segment is narrowed down into metal-halide lamps and high-pressure sodium lamps The HID lights market segment produced the biggest income share in 2018 while the LED lights fragment is projected to grow at a notable CAGR during the ongoing forecast period. The different advantages and favorable initiatives imposed by the government have prompted a boost in demand for LED lights among farmers.
By lighting type, the market segments into interlighting and toplighting. The toplighting segment was reported to be ruling the horticulture lighting market as per the last study. However, the interlighting segment is anticipated to expand at a higher CAGR in the coming years.
By cultivation, the market has been fragmented into floriculture and fruits and vegetables. The fruits and vegetables segment commanded the horticulture lighting market with the highest share while the floriculture segment is forecasted upon to garner a positive growth rate in the near future.
By application, the market comprises greenhouse, indoor farming, vertical farming, and others. The greenhouse segment held the highest share in the horticulture lighting market back in 2018. The segment is anticipated to continue its predominance till the end of the forecast period. Plants growing in greenhouses are shielded from outside elements like cruel daylight and help ensure better development and yield. Additionally, greenhouses offer protection against pests and insects. This has further made the greenhouse application a decent alternative for the farmers. Elsewhere, the vertical cultivating segment is anticipated to grow during the forecast period at a considerable CAGR percentage.
The regional examination of the horticulture lighting market covers the following key areas: North America, Europe, Asia-Pacific, and the Rest of the World (comprising the Middle East & Africa and South America).
Among the regions mentioned, Europe is anticipated to hold the largest share in the global horticulture lighting market during the forecast period. The presence of various notable horticulture lighting players like Lumileds (Netherlands), Osram (Germany), Signify (Netherlands), Agrolux (Netherlands), Agrolux (Netherlands), Gavita (Netherlands), and Hortilux Schreder (Netherlands) is one of the major factors driving the intense demand of horticulture lighting in this locale. Besides, the number of activities imposed by the European Union to encourage the use of LEDs in horticulture is anticipated to boost the interest even further. The Asia-Pacific region is anticipated to attain a striking growth rate in the coming years to stand out as the second-largest regional market in the world. The consistent climate changes in this region is most likely to hamper the development of horticulture lighting, thereby driving the demand for the market among farmers.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of Horticulture Lighting
5 Market Landscape
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
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LIST OF TABLES
Table 1 Global Horticulture Lighting Market, By Region, 2019–2024
Table 2 North America: Horticulture Lighting Market, By Country, 2019–2024
Table 3 Europe: Horticulture Lighting Market, By Country, 2019–2024
Table 4 Asia-Pacific: Horticulture Lighting Market, By Country, 2019–2024
Table 5 Middle East & Africa: Horticulture Lighting Market, By Country, 2019–2024
LIST OF FIGURES
FIGURE 1 Global Horticulture Lighting Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Horticulture Lighting Market
FIGURE 4 Value Chain Of Global Horticulture Lighting Market
FIGURE 5 Share Of The Global Horticulture Lighting Market In 2018, By Country (In %)
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