The overall Horticulture Lighting Market is expected to grow from USD 2.43 billion in 2018 to USD 6.21 billion by 2023, at a CAGR of 20.61% from 2018 to 2023. The growth of this market is being fueled by the rapid population growth and availability of limited agricultural land.
The report covers the horticulture lighting market based on offering, technology, lighting type, cultivation, application, and geography. The horticulture lighting market based on application is expected to be led by greenhouses. Greenhouses allow horticulture to be practiced in a protected environment, ensuring optimum yield. Greenhouses are designed to trap natural sunlight and humidity and retain them, making it conducive for growing various types of plants.
Horticulture lighting systems consist of both hardware and software. Hardware includes lamps, fixtures, reflectors, reflective films, ballasts, and others. Software includes light controlling software, while services such as planning, installation, and maintenance have also been considered in the report. Hardware holds the largest share of the horticulture lighting market compared to software and services as software offerings and services are relatively newer in the market for horticulture lighting.
In 2017, LED lights accounted for the largest share of the horticulture lighting market based on technology since these lights are energy-efficient and also have additional benefits such as low heat, compact size, and a long operational life of 30,000 to 50,000 hours.
Toplighting is the most widely used lighting type in indoor cultivation. In this, lamps, with a particular spectrum of light, are positioned above the plants. Interlighting is a relatively new concept in horticulture lighting in which lights are placed inside the canopy of high-wire plants, which directs and focuses growth-stimulating light on the most vital parts of the crop, such as its leaves and veins. Toplighting, being the traditional method of lighting, holds a larger share of the horticulture lighting market.
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The Objectives of the Study are as follows:
- To describe and forecast the horticulture lighting market, in terms of offering, technology, lighting type, cultivation, and application
- To describe and forecast the horticulture lighting market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with regard to individual growth trends, prospects, and contributions to the total market
- To study the complete value chain of horticulture lighting
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
- To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the horticulture lighting market
The base year used for this study is 2017, and the forecast period considered is from 2018 to 2023.
Key Questions the Report Answers
- Most of the suppliers have opted product launch and development and acquisition as the key strategies as could be seen from the recent developments. Where will it take the industry in the mid-to-long term?
- Which are the key players in the market, and how intense is the competition?
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