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Global Horticulture Lighting Market Report 2022: Promising Growth Opportunities for Vertical Farming Offered by Asian and Middle Eastern Markets

Dublin, 02 Dec. 2022 (GLOBE NEWSWIRE) — The “Global Horticulture Lighting Market with Impact Analysis of COVID-19 by Technology (Fluorescent, HID, and LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Crop, Type of ‘Lighting, Supply, Installation and Region – Forecast to 2027’ has been added to from ResearchAndMarkets.com offer.

The global horticultural lighting market is expected to grow from USD 3.1 billion in 2022 to USD 9.4 billion by 2027; it is expected to grow at a CAGR of 24.5% from 2022 to 2027. The market has promising growth potential owing to several factors including technological advancements in LED technology, growing number of government initiatives to promote the Adoption of CEA practices, growing food demand due to the continued increase in population and the ongoing legalization of cannabis cultivation. Additionally, increased adoption of CEA facilities to meet growing demand for fresh produce due to COVID-19, and increased awareness of the benefits provided by LED technology to grow crops throughout the he year amid the COVID-19 pandemic could play a key role in driving the growth of the horticultural lighting market.

Growing penetration of LED lights in indoor agriculture due to their long life, spectrum adjustability and energy efficiency

The LED technology segment is expected to grow at the highest CAGR from 2022 to 2027 for the horticultural lighting market, by technology. Energy efficiency continues to be a key driver for the adoption of LED technology in the horticulture sector, with added benefits in the form of low heat, long life, light weight and improved controllability. This is expected to boost their adoption in various applications over the forecast period.

Fruits and vegetables are estimated to hold the largest market share during the forecast period

The fruit and vegetable segment is expected to account for the largest horticultural lighting market size from 2022 to 2027, by crop. Growing demand for quick and fresh horticultural products due to growing population and loss of arable land is a key driver for the growth of this market segment. The growing number of vertical farms and greenhouses is also expected to contribute to the growth of this segment of the market.

Asia-Pacific is expected to become the fastest geographic market between 2022 and 2027

APAC is expected to grow at the highest CAGR for the horticultural lighting market over the forecast period. The growth of the market in this region can be attributed to its ever-increasing population, resulting in an increasing demand for food products from APAC. This has led to an increase in the adoption of advanced agricultural technologies such as CEA to enable the supply of fresh fruits and vegetables throughout the year. Moreover, strong pressure on growers to improve agricultural yields with limited available resources and increased demands to protect crops from unexpected climate changes are also contributing to the adoption of horticultural lighting in APAC during the period. forecast.

Market dynamics

Drivers

  • Strong government support for Controlled Environment Agriculture (CEA) practices and adoption of SSL technology
  • Increased demand for fresh food and loss of arable land
  • Increase in investment in vertical farms and greenhouses, alongside the legalization of cannabis cultivation
  • Extensive deployment of LED luminaires in Controlled Agricultural Environments
  • Widespread use of automated, energy-efficient lighting fixtures to minimize energy costs and regulate plant growth

Constraints

  • High installation and installation costs of LED horticultural lights
  • Complex requirement for varied light spectra for different crops

Opportunities

  • Consolidation of the farm-to-table concept trend
  • Promising growth opportunities for vertical farming offered by Asian and Middle Eastern markets
  • Agricultural production all year round, whatever the weather conditions
  • Gradual emergence of horticultural lighting software and calculators

Challenges

  • Complexities associated with deploying environmentally controlled agriculture technology in large fields and high need for technical know-how
  • Absence of standard testing practices to access the quality of horticultural lighting products and their luminaires
  • Efficient integration of the various components and technologies used in CEA facilities
Report attribute Details
Number of pages 273
Forecast period 2022 – 2027
Estimated market value (USD) in 2022 $3.1 billion
Expected market value (USD) by 2027 $9.4 billion
Compound annual growth rate 24.5%
Regions covered Global

Main topics covered:

1. Introduction

2 Research methodology

3 Executive Summary

4 premium previews

5 Market Overview

6 Horticultural Lighting Market, by Application

7 Horticulture Lighting Market, By Installation Type

8 Horticulture Lighting Market, By Lighting Type

9 Horticultural Lighting Market, By Offer

10 Horticulture Lighting Market, By Crop Type

11 Horticulture Lighting Market, By Technology

12 Geographical analysis

13 Competitive Landscape

14 company profiles

15 Appendix

Companies cited

  • Mean
  • Gavita International B.V.
  • Heliospectrum Ab
  • Osram (part of Ams Ag)
  • California Lights
  • Analyst’s point of view
  • Well done
  • Lumigrow, Inc.
  • Hortilux Schreder (Dool Industries)
  • Eye Hortilux (an eye lighting division)
  • Lighting
  • GE Current, a Daintree Company
  • Bysource
  • GE Lighting, a learned company
  • Hubbell
  • Agrolux
  • Econolux
  • Oreon
  • Glaciallight – Lighting division of Glacialtech
  • Black Dog Grow Technologies Inc.
  • Vipar spectra
  • Active Grow LLC
  • Agnetix
  • Prosper Agritech
  • Bridgelux
  • Kroptec

For more information about this report visit https://www.researchandmarkets.com/r/s9zqp6

  • The global horticultural lighting market


        

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