Global Horticulture Lighting Market Size to grow USD 19 Billion by 2030 | CAGR of 19%Category: Electronics, ICT & Media
Global Horticulture Lighting Market worth $19 Billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Horticulture Lighting Market Size is to grow from USD 6 billion in 2021 to USD 19 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 19% during the forecast period. The increasing adoption of horticulture by different industries like agriculture, energy and power, engineering, construction, food and beverages, health care, and electronics is the key driving factor.
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Browse key industry insights spread across 209 pages with 119 market data tables and figures & charts from the report “Global Horticulture Lighting Market Size, Share, and COVID-19 Impact Analysis, By Technology (Fluorescent, HID, LED, High Pressure Sodium, Metal Halide, Other Technologies) By Type (Top Lighting, Inter lighting) By Application (Indoor Farming, Greenhouse, Vertical Farming, Others) By Installation (New Installations, Retrofit Installations) by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) Analysis and Forecast 2021 – 2030.“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/horticulture-lighting-market
Horticulture lightings have exceedingly publicized the expansion and improvement of cultivated vegetables & fruits and flowers. With growing awareness regarding sustainability, governments and organizations in various parts of the world are taking the upper hand to better the improvement of horticulture with effective and efficient lighting. These features are expected to drive the market and provide flourishing. Moreover, demand for horticulture lighting systems is expanding in the greenhouse, vertical, and indoor farming applications which are the expected growth factors. Also, top corporations are taking commencement that supports the farmers financially. These commencements are anticipated to bring productive opportunities over the expected time frame. According to investors, in the last quarter of 2021, more than 13 indoor farming venture capital companies were funded over USD 531 million, which was more than 7% compared to the previous quarter of 2020. The increasing applications and development of eco-friendly and energy-efficient LEDs in horticulture to boost crop yield and reduce energy consumption fuels the market.
LED segment is dominating the market with the highest CAGR over the forecast period.
On the basis of technology, the global horticulture lighting market is segmented into Fluorescent, HID, LED, High-Pressure Sodium, Metal Halide, and Other Technologies. Among these, LED is supposed to have the largest share in the market based on technology in 2021. Owing to LEDs robust and durable use for inter lighting, supporting environment friendly and less heat emitting is expected to drive demand for LED segment during the forecasted timeframe.
Inter Lighting is witnessing significant growth over the time period.
Based on Type, the global horticulture lighting market is segmented into top lighting, and inter- lighting. Inter lighting is the latest concept in horticulture that concentrate on growth-stimulating light on the most vital parts of the crop, like leaves and veins. Leading industrialist pioneers such as LG LED inter lighting systems, are anticipated to increase yield, is expected to boost market growth.
The greenhouse segment is to generate the highest revenue over the predicted timeframe.
On the basis of Application, the global horticulture lighting market is segmented into Indoor Farming, greenhouses, Vertical Farming, and Others. The greenhouses segment is anticipated to dominate the application segment. Government and producers in major economies in Europe such as France, Germany and U.K. are financing in greenhouse horticulture market for cannabis cultivation which is anticipated to dominate the market in future.
The retrofit Installation segment is anticipated to generate the highest revenue over the forecast period.
Based on Installation, the global horticulture lighting market is segmented into New Installations, Retrofit Installations. In installation type, the retrofit Installation segment is expected to generate the highest revenue over the forecast period. The retrofitting of inter lighting in remunerative indoor and greenhouses for improving the quality of plants and reducing the labour costs, is expected to increase the revenue over the forecast period globally.
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Europe region is expected to dominate with the largest market by 2030
Among all other regions, Europe is dominating the market owing to the increasing adoption of eco-friendly and energy-efficient and reduced energy consumption LEDs and light sources techniques in the horticulture lighting industry. On account of the increasing trend and adoption of horticulture lighting in greenhouses, vertical farming, urban cultivation, and indoor farming application is expected to drive demand for horticulture lighting market. Europe's initiatives to increase the adoption of LED grow lights are expected to fuel growth opportunities for the producers of LED modules, lamps, and PCBs in Europe.
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