Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global horticulture lighting market size is expected to reach USD 24.16 Billion in 2032 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to increasing initiatives by governments to promote adoption of Controlled Environment Agriculture (CEA) practices as it allows for cultivating plants indoors. Growing trend of cultivating crops indoors using non-conventional practices is contributing to revenue growth of the horticulture lighting market to a significant extent. CEA offers more advantages in comparison to outdoor farming, which includes ability to manage optimal growing conditions throughout the growth phase of crops.
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Horticulturists are increasingly adopting Light Emitting Diode (LED) systems to create conditions to enable normal growth of plants, which enhances the taste and quality and ensures higher yield in a shorter span of time. Technological advancements in digital control technology with regard to LED horticultural lights is expected to continue to drive growth of the global horticulture lighting market going ahead. LEDs can easily be integrated into digitally controlled and programmable systems, which enable users to constantly monitor light levels in the greenhouse, which is increasing its demand in horticulture.
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 2.46 Billion |
| CAGR (2023–2032) | 21.0% |
| Revenue forecast in 2032 | USD 24.16 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in Billion, revenue share (%) and CAGR (%) |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Lighting type, lighting technology, application, and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., BENELUX, Italy, Spain, Sweden, Finland, Rest of Europe, China, Japan, South Korea, India, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Rest of MEA |
| Key companies profiled | Signify, Gavita International B.V., Heliospectra, Osram Licht AG, California Lightworks, Valoya, LumiGrow, Hortilux Schréder, EYE HORTILUX, and ILUMINAR Lighting |
| Customization scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Competitive Landscape
The global horticulture lighting market is consolidated with a few players accounting for majority market revenue. Companies are focusing on strategic expansions into untapped markets and on research and development initiatives to develop new and enhanced horticulture lighting systems and technologies in order to secure and maintain a robust position in the rapidly growing market. Some prominent players operating in the horticulture lighting market are:
- Signify
- Gavita International B.V.
- Heliospectra
- Osram Licht AG
- California Lightworks
- Valoya
- LumiGrow
- Hortilux Schréder
- EYE HORTILUX
- ILUMINAR Lighting
Strategic development
In March 2020, Signify, which is a world leader in lighting, expanded its collaboration with Italy-based Planet Farms, which is a leading operator of vertical farms in Europe. The collaboration is expected to enable Plant Farms in producing and delivering the tastiest aromatic herbs and lettuce to its customers in Italy all year round. Signify is expected to provide Planet Farms the Philips Greenpower LED production module managed with the Philips GrowWise Control System. Signify also made an agreement with Planet Farms to provide horticulture LED grow lights to its additional five vertical farms that the company is planning to build in different countries in Europe, including the U.K. and Switzerland, in the coming years.
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Some Key Highlights From the Report
- In December 2020, Signify announced that Albuna Farms, which is a leading producer of cucumber in Canada, has decided to install Philips GreenPower LED interlighting to grow light in its greenhouse in Ruthven, Ontario, Canada. The new system is expected to provide Albuna Farms a consistent and economical way to grow and harvest mini cucumbers throughout the winter months utilizing the canopy lighting solution, while minimizing energy consumption by almost 50% in comparison to conventional lighting systems.
- Interlighting segment accounted for largest revenue share in 2020. Positive effect of LED interlighting on vegetative development, fruit growth, yield, and quality of high-wire tomato plants is expected to boost growth of the horticulture lighting market.
- LED segment revenue is expected to expand at a rapid CAGR during the forecast period. Technological advancements in LED lighting have increased their efficiency at converting electricity into light, which is driving deployment of LED lights in horticulture.
- Indoor farms segment accounted for a significantly large revenue share in the horticulture lighting market in 2020. Limited availability of arable tracts and agricultural land and rising need for water conservation are factors contributing to rising demand for and deployment of indoor farming practices.
- Europe accounted for largest revenue share contribution to the global horticulture lighting market in 2020. Technological advancements in horticulture lighting systems has resulted in increasing usage of more energy-efficient and eco-friendly LEDs in horticulture in countries in the region.
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Emergen Research has segmented the global horticulture lighting market on the basis of lighting type, lighting technology, application, and region:
- Lighting Type Outlook (Revenue, USD Billion; 2019–2032)
- Interlighting
- Toplighting
- Lighting Technology Outlook (Revenue, USD Billion; 2019–2032)
- LED
- HID
- Others
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Indoor farms
- Vertical farms
- Greenhouses
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Sweden
- Finland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
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