Dublin, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The "Horticulture Lighting Market by Installation Type (New Installations, Retrofit Installations), Lighting Type (Toplighting, Interlighting), Offering (Hardware, Software & Service), Cultivation Type, Technology, Application, Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global horticulture lighting market is on track to achieve remarkable growth, projected to reach USD 10.4 billion by 2028 from USD 3.7 billion in 2023, at a formidable CAGR of 22.4% during the period from 2023 to 2028. The driving force behind this growth is the transformative technology of customizable light spectra, which has revolutionized plant cultivation. Horticulture lighting technology allows growers to tailor the light environment for each crop, leading to optimized growth, faster maturation, and improved crop quality.
Customizable Light Spectra Enhancing Plant Growth
Horticulture lighting technology offers the unique capability to provide customizable light spectra tailored to the specific requirements of various plant species and growth stages. This precision and customization have redefined the way plants are cultivated, enabling growers to create ideal light conditions for each crop. Unlike natural sunlight, which may not always provide the ideal light spectrum for optimal growth, horticulture lighting uses light-emitting diodes (LEDs) to produce light across a wide range of wavelengths. This flexibility empowers growers to select and fine-tune the light spectrum that best suits their crops' needs.
Different plant species and growth stages have varying light requirements. For example, young seedlings may need more blue light for robust root and shoot development, while mature plants benefit from increased red light to support flowering and fruiting. Customizable light spectra allow growers to adjust lighting throughout the plant's life cycle, ensuring it receives the precise wavelengths required at each developmental stage.
Enhancing Photosynthesis and Crop Characteristics
Customizable light spectra play a crucial role in promoting photosynthesis - the process by which plants convert light into energy for growth. By providing the right combination of colors, photosynthesis occurs at maximum efficiency, resulting in increased biomass production and healthier, more vigorous plants. Moreover, manipulating light spectra can influence various plant characteristics, including flavor, color, and nutritional content. Specific light spectra can enhance the production of compounds like antioxidants and essential oils, contributing to the taste and nutritional value of fruits, vegetables, and herbs.
Indoor Farming and Controlled Environment Agriculture
Horticulture lighting technology is particularly valuable in indoor farming and controlled environment agriculture (CEA), where natural sunlight may be limited or inconsistent. By precisely tailoring light conditions to match crop requirements, horticulture lighting ensures a consistent and predictable growth environment, leading to better yields and crop quality.
LED Leading the Way
Among the various lighting technologies, LED (light-emitting diode) is expected to experience the highest CAGR during the forecast period. LEDs are solid-state light sources that convert electricity into light through electron movement. They emit minimal heat and can be placed in close proximity to plants. Advanced LED grow lights offer adjustable spectra tailored to different growth stages, surpassing traditional lighting in efficiency. LEDs are known for their long lifespan (nearly 50,000 hours), energy efficiency (50% less energy consumption than fluorescent and 85% less than incandescent lights), and resistance to shocks and moisture. They are highly suitable for controlled environment agriculture settings, including greenhouses and indoor farms.
Companies Leading the Way
Several key players in the horticulture lighting market are driving innovation and product development. For instance, Signify Holding (formerly Philips Lighting) introduced a 1,040-watt Philips HPS light fixture for low-maintenance, hybrid light installations in combination with Philips GreenPower LED toplighting. Additionally, Signify introduced Philips GreenPower LED grid lighting designed to steer uniform bud development and increase the yield of top-shelf flowers.
Greenhouses Taking the Lead
Greenhouses are expected to dominate the horticulture lighting market, particularly in the application segment. Greenhouses offer controlled environments for optimal crop growth and yield, transcending geographic and climatic constraints. They harness natural sunlight and LED grow lights to provide uniform light distribution and controlled temperature and humidity, enhancing crop production efficiency.
Asia-Pacific Region Fueling Growth
The Asia-Pacific region is anticipated to exhibit the highest CAGR during the forecast period, driven by a burgeoning population, increasing food demand, and the adoption of advanced farming methods like controlled environment agriculture (CEA). Asia-Pacific is witnessing a surge in horticulture lighting adoption due to the need to enhance agricultural yields with limited resources and safeguard crops against unpredictable climate changes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 257 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.7 Billion |
| Forecasted Market Value (USD) by 2028 | $10.4 Billion |
| Compound Annual Growth Rate | 22.4% |
| Regions Covered | Global |
Premium Insights
- Growing Adoption of Controlled Environment Agricultural Practices in Urban Areas
- Hardware Segment to Account for Larger Share of Horticulture Lighting Market in 2028
- Retrofit Installations Segment to Record Higher CAGR During Forecast Period
- Toplighting Segment to Account for Larger Share of Horticulture Lighting Market in 2028
- Southeast Asia to Record Highest CAGR from 2023 to 2028
Market Dynamics
Drivers
- Growing Adoption of Sustainable Year-Round Crop Production Practices
- Optimization of Plant Growth Using Customizable Light Spectra
- Government-Led Initiatives to Promote Controlled Environment Agriculture (CEA) Practices
- Optimization of Space for Agricultural Practices Amidst Arable Land Scarcity
- Rising Investments in Modern Agricultural Techniques
- Widespread Adoption of LED Fixtures as a Reliable Lighting Source
- Adoption of Artificial Lighting to Enhance Energy Efficiency
Restraints
- High Installation and Setup Costs
- Navigation of Complex Light Spectrum for Crop Cultivation
- High Energy Consumption
Opportunities
- Emerging Trend of Farm-To-Table Concept
- Growing Prospects for Vertical Farming in Asian and Middle Eastern Markets
- Availability of Weather-Resilient Solutions for Crop Production
- Prominence of Horticulture Lighting Software and Calculators
- Expansion of the Home Gardening Market
- Integration of Sustainable Architecture
Challenges
- Limited Regulations and Standards
- Shortage of Large-Scale Technical Expertise
- Need for Standardized Testing for Product Quality Assessment
- Complexities Associated with Integration of Components and Technologies into Advanced Agriculture Facilities
Case Study Analysis
- Topline Gerbera Achieved Remarkable Energy Savings and Enhanced Flower Quality Using Philips Horticulture LED Solutions
- Signify Holding with Baiyi Yinong International Flower Port Helped China Revolutionize Rose Production
- Heliospectra Provided Cutting-Edge Smart LED Light Solutions to North American Agtech to Transform Agricultural Landscape
- Signify Holding Helped Goodleaf Community Farms Enhance Food Production Capabilities
Companies Mentioned:
- Active Grow
- Acuity Brands, Inc.
- Agnetix
- AMS-Osram International GmbH
- Black Dog Horticulture Technologies & Consulting
- Bridgelux, Inc.
- California Lightworks
- Cree Led, an Sgh Company
- Current Lighting Solutions, LLC.
- Econolux Industries Ltd.
- Gavita International B.V.
- GE Lighting (Savant Technologies LLC.)
- Glaciallight - Division of Glacialtech Inc.
- Heliospectra
- Hortilux Schreder
- Iluminar Lighting
- Kroptek
- Lumileds Holding B.V.
- Oreon
- Parsource
- Signify Holding (Philips Lighting)
- TCP Lighting
- Thrive Agritech
- Valoya
- Viparspectra
For more information about this report visit https://www.researchandmarkets.com/r/c1kjgb
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