Horticulture Lighting Market Size to Surpass USD 19.87 Billion by 2029, exhibiting a CAGR of 18.1%

As per the report by Fortune Business Insights, the global Horticulture Lighting Market size is projected to reach USD 19.87 billion by 2029 at a CAGR of 18.1% during the forecast period.


Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Global Horticulture Lighting Market Size was valued at USD 5.41 billion in 2021 and is projected to reach USD 19.87 billion by 2029, exhibiting a CAGR of 18.1% during the forecast period. Fortune Business Insights presents this information in their latest report titled, “Global Horticulture lighting Market Forecast, 2023–2029.”


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Key Industry Development

Signify entered a definitive agreement to acquire ams OSRAM Texas-based Fluence for USD 272 million. This acquisition has strengthened the global agricultural lighting's growth platform and extended its position in North America's horticultural lighting market.


Key Takeaways:

  • Transportation and Supply Chain Disruptions Hindered Market Growth
  • Increasing Demand for Indoor Farming for a Wide Range of Applications to Aid Market Growth
  • By Type Analysis:  Toplighting is expected to Dominate the Market Owing to Strong Demand across the Greenhouse Farming.
  • Horticulture lighting Market Size in Europe was USD 1.89 Billion in 2021


Discover the Leading Players Featured in the Report:

“Companies leading the horticultural lighting market are Bridgelux Inc. (U.S.), LumiGrow Inc. (U.S.), EYE Hortilux (U.S.), Maxigrow Ltd (U.K.), Signify Holding (Philips Lighting) (Netherlands), GE Lighting (U.S.), Hortilux Schreder (Netherlands), Osram Licht AG (Germany), Gavita International BV (Netherlands), Lumileds (U.S.), Hubbell Lighting (U.S.)”


Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 18.1%
2029 Value Projection USD 19.87 Billion
Base Year 2021
Horticulture Lighting Market Size in 2021 USD 5.41 Billion
Historical Data for 2018 to 2020
No. of Pages 172
Segments covered Type, Lighting Technology, Application,


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Drivers and Restraints

Rising Urbanization and Food Costs to Elevate Industry Growth

Horticulture lighting is a method that is used to trigger plant growth. Increasing urbanization and food costs are likely to facilitate horticulture lighting demand. Furthermore, the increasing supply of horticulture products in urban areas is expected to foster the adoption of light. Moreover, the rising development and adoption of efficient and eco-friendly lights are expected to enhance the industry’s growth. Also, the rising adoption of horticulture lighting to satisfy the growing demand for food is expected to drive horticulture lighting market growth.

However, the high costs associated with manufacturing are expected to hamper this industry’s growth.


SEGMENTATION

By Type

  • Toplighting
  • Interlighting

By Lighting Technology

  • Fluorescent
  • High-Pressure Sodium (HPS)
  • Metal Halide
  • LED
  • Others (Plasma, Xenon, and Induction Lighting)

By Application

  • Indoor Farming
  • Greenhouse
  • Vertical Farming
  • Others (Vegetables and Fruits, Floriculture)

By Region

  • North America
  • Europe
  • Middle East & Africa
  • Asia Pacific


Regional Insights

Presence of Several Lighting Manufacturers to Fuel Market Progress in Europe

Europe is projected to dominate the horticulture lighting market share due to the presence of several lighting manufacturers. The European market stood at USD 1.89 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, the rising cultivation of food grains, fruits & vegetables is expected to enhance the demand for horticulture lights.

In North America, the increasing demand from waste recycling plants with early development and adoption is expected to enhance the horticulture lighting industry. Furthermore, developing advanced technology-based sorters is expected to enhance this industry’s progress.

In Asia Pacific, increasing food consumption in India and China is expected to enhance the adoption of horticulture lighting. This factor may elevate this industry’s progress.


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Competitive Landscape

Major Players Announce Novel Products to Enhance their Brand Image

The prominent companies operating in the market announce novel products to enhance their brand image. For example, California Light works, Inc. announced its novel Mega Drive Vertical series aimed at indoor cannabis cultivators. This LED system provides greenhouse and indoor cultivators with a great investment return by enhancing agricultural produce quality. Further, major players deploy mergers, partnerships, acquisitions, innovations, and expansions to boost their market position globally.


FAQ’s

How big is the Horticulture Lighting Market?

Horticulture Lighting Market size was USD 5.41 billion in 2021.

How fast is the Horticulture Lighting Market growing?

The Horticulture Lighting Market will exhibit a CAGR of 18.1% during the forecast period, 2022-2029


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