Brooklyn, New York, March 20, 2023 (GLOBE NEWSWIRE) -- According to a recently revamped/updated market research report published by Global Market Estimates, the Global Horticulture LED Lighting Market is projected to grow from USD 3.6 billion in 2023 to USD 11.1 billion in 2028 at a CAGR of 25.3% from 2023 to 2028.
The major driver in the horticulture LED lighting market is the increase in disposable income of developing countries. Many consumers are relying on homegrown fruits and vegetables. This increases demand for greenhouses vertical and indoor farms. Horticulture lighting is energy efficient and the energy consumption is less than regular farming. These advantages drive the market during the forecast period.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Horticulture LED Lighting Market - Forecast to 2028’’
Key Market Insights
- As per the crop type outlook, the fruits & vegetables segment is expected to be the largest segment in the global market from 2023 to 2028
- As per the application outlook, the greenhouse segment holds the largest share of the market
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- North America region will have the largest share in the market during the forecast period [2023-2028]
- Samsung, Waveform Lighting LLC, Philips, LumiGrow, Nichia, Bridgelux, Inc., Avnet, Nexsel, Illumitex, and SST Lighting, among others, are some of the key players in the horticulture LED lighting market
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Crop Type Outlook (Revenue, USD Billion, 2023-2028)
- Fruits & Vegetables
- Floriculture
- Cannabis
- Others
Application Outlook (Revenue, USD Billion, 2023-2028)
- Greenhouses
- Vertical Farms
- Indoor Farms
Type Outlook (Revenue, USD Billion, 2023-2028)
- Infrared (880 nm & 935 nm)
- Red (660 nm)
- Blue (470 nm)
- Red + Whites (600 to 700 nm)
- Others
Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
