New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Analysis:
According to a comprehensive research report by Market Research Future (MRFR), “Horticulture Lighting Market Information by Technology, Lighting Type, Cultivation, by Application, by Region - Forecast till 2027”, market size to reach USD 7,878.4, growing at a compound annual growth rate of 16.41% by 2026.
Market Scope:
Horticulture lighting has gained prominence due to lack of arable land and increasing use of indoor farming. Farrowing and nurturing of animals as well as growth of crops with the help of grow lights can drive its demand. The report on the global horticulture lighting market by Market Research Future (MRFR) covers trends and niches of novel lighting products for the forecast period (2020-2027). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
Competitive Analysis:
- EYE Hortilux (U.S.)
- GE Lighting (U.S.)
- Bridgelux, Inc. (U.S.)
- Maxigrow Ltd (UK)
- Illumitex (U.S.)
- Gavita International BV (The Netherlands)
- PARsource (U.S.)
- Heliospectra AB (Sweden)
- Lumileds (U.S.)
- LumiGrow, Inc. (U.S.)
- Signify Holding (Philips Lighting) (The Netherlands)
- Agrolux (The Netherlands)
- Osram Licht AG (Germany)
- Hortilux Schreder (The Netherlands)
- Hubbell Lighting (U.S.)
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Market USP Exclusively Encompassed:
Market Drivers
High Demand for Produce to Drive Market Demand:
Rapid pace of urbanization, growing populace in cities, and migration of people to urban areas can drive the demand for better produce. Encouragement given to indoor farms in light of available space in buildings as well as dependence of technology for optimal use of resources can drive the demand for horticulture lighting solutions. Curtailing of transportation costs and lack of pests are likely to lead to inclination of farmers towards this urban practice.
Commercial Scale Yields to Persuade Farmers:
The resistance to unpredictable weather conditions and achievement of year-round crop production can drive the demand for horticulture lights. Growth of plants and crops in a controlled environment without the risks of pests and crop spoilage will lead to investments in the sector.
Huge Installation Costs to Hamper Market Growth:
The high costs of LED grow lights can deter farmers towards this practice. Its alarming price compared with high-pressure sodium (HPS) lights can deter the market growth.
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Segmentation:
LED Light Technology to be Leading Technology:
By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others. Among these, the LED light segment is projected to register the highest CAGR of 18.99% during the forecast period. LED lights are able to control luminance and spectrum of intensity and boost the growth of crops and animals. Use of grow lights in greenhouses and retrofit installations of HID with LEDs due to their long life and high efficiency rate can favor the market favorably.
Inter-lighting Segment to Dominate Market Growth:
By lighting type, the market has been segmented into top-lighting and inter-lighting. The inter-lighting segment was valued at USD 1,377.5 million in 2019 and posited to register a CAGR of 17.33% during the assessment period. Advantages of interlights on size and dimensions of fruits and vegetables can drive the segment growth. Moreover, effects of the lights on rapid ripening of the produce and increasing overall productivity can bode well for the horticulture lighting market.
Fruits & Vegetables to Capture Major Market Share:
By cultivation, the market has been segmented into fruits & vegetables and floriculture. Among these, the fruits & vegetables segment accounted for a market share of 57.49% in 2019 with a market value of USD 1,683.7 million. It is expected to register a CAGR of 15.98% during the forecast period due to acceptance of horticulture-based produce among the populace.
Greenhouse Application to Lead in Market:
Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others. Among these, the greenhouse segment accounted for the largest market share of 37.93% in 2019, with a market value of USD 1,110.7 million. It is expected to exhibit a CAGR of 15.65% during the forecast period owing to use of advanced technologies such as hydroponics, advantages of controlling parameters of environment, and efficiency of resources.
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Regional Analysis:
Europe to Dominate Market Revenues Owing to Healthy Light:
Europe is set to dominate the global horticulture market revenues owing to rise in urban farming coupled with advances in farming equipment. The region can register a CAGR close to 16% over the forecast period owing to rise of indoor livestock and crop production. Lack of arable land and availability of raw materials and machines for catering to consumer demand can drive the market growth significantly.
COVID-19 Impact:
The COVID-19 pandemic has caused a slight setback to the horticulture lighting market. This is due to hurdles faced by supply chains in Asia and lack of manpower. Rise of vertical farming in indoor facilities can drive the demand of the market during the pandemic. Use of LED lights to grow food within the confines of their homes and concerns for food security can bode well for the market.
Industry Update:
OSRAM has partnered with GrowGeneration Corporation to sell its line of lights, hydroponic equipment, and organic soils to its commercial customers.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
