New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Horticulture Lighting Market Information by Technology, Components, Application – Market Forecast Till 2030”, the Horticulture Lighting Market could thrive at a rate of 23.10% between 2022 and 2030. The market size will be reaching around USD 16.35 Billion by the end of the year 2030.
Horticulture Lighting Market Key Players
Prominent market players profiled in the global Horticulture Lighting market report include
- Heliospectra AB
- LED Grow Lights
- Greens Hydroponics
- UPSHINE Lighting
- TESLUX Lighting s.r.o.
- Hortisystems UK Ltd
- ProGrowTech
- Ronfell Group
- GENERAL ELECTRIC
- Agrolux
- SAMSUNG
- Hortilux Schréder B.V.
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Scope of the Report:
| Report Metrics | Details |
| Market Size by 2030 | USD 16.35 Billion |
| CAGR during 2022-2030 | 23.10% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Rising use in various agricultural applications. |
| Key Market Dynamics | Rising urbanization and food costs to elevate industry growth Growing awareness regarding sustainability |
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Market Drivers
Increasing adoption of indoor farming: The growing demand for locally sourced, pesticide-free, and high-quality produce has led to a surge in indoor farming practices. Horticulture lighting plays a crucial role in enabling year-round cultivation and meeting the rising demand for fresh produce, driving the market growth. Advancements in LED technology: The continuous advancements in light-emitting diode (LED) technology have led to the development of more efficient and customizable horticulture lighting solutions. The energy efficiency, long lifespan, and precise control offered by LED lights are propelling their adoption in the market. Favorable government initiatives: Governments across various countries are actively promoting sustainable agriculture and encouraging the use of advanced technologies like horticulture lighting. Subsidies, grants, and favorable policies provided by governments are fostering market growth and creating opportunities for market players.
Restraints and Challenges
The horticulture lighting market faces certain restraints, including high initial setup costs, limited awareness and technical knowledge among growers, and the requirement for regular maintenance and calibration of lighting systems. These factors can act as barriers to market expansion, particularly for small-scale growers or those with limited resources.
Market Segmentation
The global Horticulture Lighting Industry is bifurcated based on technology, components, and application.
- By Offering: Hardware, Software, and Services
- By Technology: Fluorescent, High-Intensity Discharge, and LED
- By Lighting Type: Top lighting, and Inter lighting
- By Cultivation: Fruits & Vegetables, and Floriculture
- By Application: Greenhouse, Vertical Farming, and Indoor Farming
COVID-19 Analysis
The COVID-19 pandemic had a mixed impact on the horticulture lighting market. While the initial disruptions in the supply chain and temporary closure of cultivation facilities affected the market growth, the pandemic also highlighted the importance of local food production and the need for resilient and sustainable agricultural practices. As a result, the market witnessed increased interest and investments in indoor farming, driving the adoption of horticulture lighting solutions. Post-COVID, the market is expected to continue its growth trajectory as the demand for fresh and locally grown produce remains high.
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Regional Analysis
North America is a major driving force in the horticulture lighting market, holding a significant market share. The region benefits from a strong presence of indoor farming initiatives, where controlled environment agriculture is gaining popularity. The favorable government policies and initiatives promoting sustainable agriculture and local food production further contribute to the growth of the horticulture lighting market in North America. Moreover, the increasing adoption of advanced lighting technologies, such as LED grow lights, is fueling market expansion in the region.
In Europe, countries like the Netherlands and Germany are at the forefront of the horticulture lighting market. The Netherlands, in particular, is known for its advanced greenhouse cultivation techniques and expertise in horticulture. The country's focus on high-value crops and precision farming has led to a robust demand for horticulture lighting solutions. Similarly, Germany is witnessing significant growth, driven by the increasing adoption of indoor farming and vertical farming practices. The European market is characterized by strong research and development activities, driving innovation and technological advancements in horticulture lighting.
The Asia Pacific region is experiencing rapid growth in the horticulture lighting market. The rising demand for high-value crops, such as herbs and specialty vegetables, is driving the adoption of horticulture lighting solutions in the region. Urban farming initiatives are gaining traction, particularly in densely populated areas with limited arable land. The governments in countries like China, Japan, and South Korea are actively supporting sustainable agriculture practices and investing in advanced technologies like horticulture lighting to meet the growing demand for locally produced food. The Asia Pacific market presents significant opportunities for horticulture lighting manufacturers and suppliers, given the region's large population and increasing focus on food security and self-sufficiency.
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Industry Updates
May 2023- one of the top players in the horticulture lighting market introduced a new LED grow light system that combines advanced spectrum control technology with energy efficiency. This innovative solution allows growers to optimize light conditions for different crops, resulting in improved crop quality and yield. The new system also incorporates smart features like remote monitoring and control, providing growers with real-time insights and enhancing operational efficiency.
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