Horticulture Lighting Market by Offering (Hardware, Software, and Services), Technology (Fluorescent, High-Intensity Discharge, LED, and Others), Lighting Type (Toplighting and Interlighting), Cultivation (Fruits & Vegetables and Floriculture), and Application (Greenhouses, Vertical Farming, Indoor Farming, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
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Mar 2020 |
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Horticulture Lighting Market Outlook-2026
The lightings that are used for horticulture, that is, garden cultivation is known as horticulture lighting. Horticulture lighting maintains plants growth by tuning the light according to the requirements and properties of LED lighting that helps boost the yields throughout the year. It performs under the specific environmental conditions and meets the proper safety and performance requirements. It is used in various applications such as urban farming, supplemental lighting, multilayer cultivation, and cultivation without daylight. Due to increase in awareness regarding sustainability, following initiatives has been taken by researchers, governments, and organizations globally as to improve horticulture with the effective and efficient lighting.
The horticulture lighting market is expected to witness considerable growth from 2019 to 2026 due to increase in demand for advanced technologies related to lightings. Furthermore, these lights are used for the cultivation of fruits & vegetable and floriculture, that is, flower farming, which is expected to fuel the market growth. In addition, demand for horticulture lighting systems is growing in vertical farming applications that further influences the manufacturers of vertical farming to set up efficient operations; thereby boosting the market growth. Toshiba and Panasonic have started supporting the growers by providing financial and technical assistance for setting up vertical farms. Such developments in vertical farming are boosting the horticulture lighting market growth.
The factors such as increase in government initiatives toward adoption of energy efficient LEDs in horticulture, growth in use of high-quality yield, and rise in awareness regarding steady supply of crops despite unfavorable weather conditions for across developing countries such as China, India drive the growth of the horticulture lighting market. However, high cost and lack of awareness regarding the horticulture lighting restrain the market growth. Furthermore, incorporation of advanced technologies in horticulture and increase in awareness regarding vertical and indoor farming is anticipated to provide lucrative opportunities for the growth of the horticulture lighting market.
The horticulture lighting market is segmented into offering, technology, lighting type, cultivation application, and region. Based on offering, the market is classified into hardware, software, and services. By technology, it is divided into fluorescent, high-intensity discharge, LED, and others. Based on cultivation, the market is bifurcated into fruits & vegetables and floriculture. By lighting type, it is categorized into toplighting and interlighting. Based on application, the market is segregated into greenhouses, vertical farming, indoor farming, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the horticulture lighting industry incude Gavita Holland B.V., Agrolux, Heliospectra, Illumitex, Lumileds, Hortilux Schreder B.V., GE Lighting, Hubbell, Eye Hortilux, and Maxigrow. These key players focus on R&D activities related to horticulture lighting technologies and adopt various strategies such as acquisition, mergers, collaboration, and others to enhance products in the market. For instance, Philips is the largest and leading player in horticulture lighting, which has been developing the lighting technology for crop farming over 75 years has recently launched product named Green power LED product. Heliospectra, a global leader of LED lighting solution based in Sweden. It launched LED for vertical farming called “MITRA.” It is the most versatile LED grow light that is water resistant and used in both indoors and green houses.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global horticulture lighting market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
By Offering
- Hardware
- Software
- Services
By Technology
- Fluorescent
- High-Intensity Discharge
- LED
- Others
By Lighting Type
- Toplighting
- Interlighting
By Cultivation
- Fruits & Vegetables
- Floriculture
By Application
- Greenhouse
- Vertical Farming
- Indoor Farming
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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