Horticulture Lighting Market Size to Reach USD 11.27 Billion in 2028 | Increasing Government Initiatives Promoting Adoption of CEA Practices and Shift Towards Indoor Farming are Some Key Factors Driving Industry Growth, according to Emergen Research
VANCOUVER, BC, Dec. 30, 2021 /PRNewswire/ — The global horticulture lighting market size is expected to reach USD 11.27 Billion in 2028 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.
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.
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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.
- Major players in the market include Signify, Gavita International B.V., Heliospectra, Osram Licht AG, California Lightworks, Valoya, LumiGrow, Hortilux Schréder, EYE HORTILUX, and ILUMINAR Lighting.
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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; 2018–2028)
- Lighting Technology Outlook (Revenue, USD Billion; 2018–2028)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Indoor farms
- Vertical farms
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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