Chicago, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Horticulture Lighting Market by Technology (Fluorescent, HID and LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Cultivation, Lighting Type, Offering, Installation and Region - Global Forecast to 2027", The key factors fueling the growth of this market include rising number of government initiatives to promote the adoption of CEA practices and SSL technology, growing demand for food owing to the continuously increasing population, increasing funding to develop vertical farms and greenhouses, and ongoing legalization of cannabis cultivation.
- Expected Market - $9.4 Billion by 2027
- At a CAGR – 24.5%
- Market size available for years -> 2017-2027
- Base Year – 2021
- Forecast Period – 2022-2027
- Segments Covered - By Offering, By Technology, By Application, By Cultivation, By Lighting Type, By Installation Type, and Region
- Geographic regions covered - North America, APAC, Europe, and RoW
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Browse in-depth TOC on “Horticulture Lighting Market”
197 - Tables
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Signify (Netherlands) is a recognized brand in the lighting and illumination business; it offers a diversified product portfolio for horticulture applications. The company has developed innovative products to cater to the customers from the horticulture lighting market by combining its expertise in lighting technologies with inputs from plant psychologists. Its products come in a variety of shapes, with a range of lumen outputs that are offered at various price points to suit the requirements of a wide range of growers, from hobbyists to commercial growers. Various factors, such as the increasing focus of consumers on indoor cultivation and vertical farming and ongoing government initiatives to adopt energy-efficient lighting, will create growth opportunities for these products.
OSRAM (Germany) is known for developing superior quality products for its target markets. In June 2021, Osram expanded its horticulture lighting portfolio with the launch of Osconiq S 5050. It addresses a key problem of used white LEDs resulting in lower energy costs and more efficient lighting for indoor farmers. The company also focuses on inorganic growth strategies such as partnership. For instance, in September 2020, Fluence by OSRAM, a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and agriculture production, announced that it has partnered with The Lamphouse, the largest supplier of specialized lamps in Africa. With more than 40 years of experience in numerous specialty lighting sectors, The Lamphouse is Fluence’s exclusive partner serving South Africa’s professional horticulture stores and fulfilling large commercial cannabis projects. These steps are expected to significantly help the company maintain its dominant position in the horticulture lighting market. With its stronghold in electronic components and connectivity space, the company can dominate the IoT segment within the horticulture lighting market. OSRAM can further explore software-as-a-service (SAAS) opportunities and big data to aggregate and analyze sensor data from its all installation points.
The key players operating in the Horticulture Lighting Market include
- Gavita (Netherlands),
- Valoya (Finland),
- California Lightworks (US),
- Helliospectra AB (Sweden),
- LumiGrow Inc. (US),
- Hortilux Schréder (Netherlands),
- Eye Hortilux (US)
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Vertical farming segment for horticulture lighting market is expected to witness the highest CAGR growth during the forecast period
The vertical farming segment of the horticulture lighting market is expected to register the highest CAGR growth during the forecast period by application. Vertical farms are being setup in several parts of the world; North America, Europe, the Middle East, China, and Japan are the leading investors in vertical farm projects. Several established corporations have started providing funds to encourage entrepreneurs to establish vertical farms.
Retrofit installations segment is expected to register a higher CAGR during the forecast period
Retrofit installations segment is expected to register a higher CAGR during the forecast period by installation type. The retrofitting of light fixtures in commercial greenhouses and vertical farms helps in saving energy, providing supplemental light for improving the quality of plants, and reducing their maintenance and labor costs. This, in turn, results in low operating costs of commercial greenhouses and vertical farms. Grow lights require to operate for nearly 14 to 18 hours daily, depending on the types of plants that are being cultivated. The retrofitting of HID lamps with LED grow lights results in their high efficiency, lightweight, and long life. Thus, growers may retrofit their existing growing units with any of the available lighting technologies provided it results in high yields and enhanced profitability. These factors are expected to drive the growth of the retrofit installations market globally.
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