The global horticulture lighting market size is projected to reach USD 7,878.4 million by 2026, according to the latest report by Market Research Future (MRFR). It can expand at 16.41% over the forecast period. MRFR’s report on the horticulture lighting market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global horticulture lighting market is driven by adoption of SSL technology, approvals by governments, increasing funding for development of greenhouses, legalization of cannabis, and growing population. Huge demand for horticulture lights while calculating weather change can drive market growth. Large number of food startups and food suppliers can support market growth as the number of consumer increase.
Legalization of cannabis production and its large potential in foods and ailments can boost demand for the lights. Government laws supporting indoor practices and incentives for utilizing LEDs can augur favorably for the market.
But high capital costs of horticulture lighting solutions may hamper market growth.
COVID-19 Impact
The COVID-19 pandemic has launched a new innovation for indoor farming that adheres to social distancing rules. Infrared sensing can accurately and anonymously track people in public buildings, shopping malls, and other commercial buildings. Decline in exports and slow demand domestically can boost market growth.
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Segmentation
Greenhouse Application to Dominate Market Demand
The greenhouse application is set to dominate global market demand owing to rise of indoor and vertical farming. Use of lighting solutions to simulate sunlight and provide nutrients for cultivation of crops and plants can drive segment growth. LEDs are used in cultivating cucumbers, herbs, and greens.
Fruits & Vegetables Cultivation to Lead in Global Market
Fruits and vegetables can account for more than 57.49% market share over the forecast period. This is attributed to its huge demand by customers and need for organic methods of cultivation.
LED Technology Lights to Capture Market Share
LED technology lights can register 18.99% CAGR during the forecast period. This is attributed to plant growth experiments by NASA and benefits of low energy consumption and cool operation. Its cost-efficient nature and ability to operate for more than 50,000 hours can drive segment growth.
Regional Analysis
Europe to Dominate Global Horticulture Lighting Market
Europe is set to dominate the global horticulture lighting market owing to advances in farming equipment and supporting schemes for indoor farming. The region can exhibit 15.98% CAGR during the forecast period due to applications in greenhouse farming in France, Germany, and the U.K. Adoption of LED lights and research on viability of vertical farming can create opportunities in the region.
Competitive Analysis
LumiGrow, Inc. (US), PARsource (US), Gavita International BV (The Netherlands), Hortilux Schreder (The Netherlands), Agrolux (The Netherlands), Illumitex (US), Hubbell Lighting (US), EYE Hortilux (US), Lumileds (US), GE Lighting (US), Bridgelux, Inc. (US), Osram Licht AG (Germany), Heliospectra AB (Sweden), Signify Holding (Philips Lighting) (The Netherlands), Maxigrow Ltd (UK), and others are key players in the global horticulture lighting market. Development of new features and collaborations are to be witnessed in the market.
Industry News
Active Grow has launched a 22W LED strip light in the blue sun spectrum. It has been used in cultivating different varieties of red lettuce, mushrooms, corals, and others.