Horticulture Lighting Market to Hit USD 18.9 Bn by 2031, Due to Rising Demand for Controlled-Environment Agriculture

Horticulture Lighting Market Size, Share, Growth Drivers and Regional Analysis, Global Forecast 2024 - 2031

AUSTIN, TEXAS, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- Market Size & Report Scope:

The SNS Insider report forecasts that the Horticulture Lighting Market will expected to reach USD 18.9 Billion by 2031, reflecting a robust Compound Annual Growth Rate (CAGR) of 22.34% over the 2024-2031 period. This growth is attributed to a confluence of factors, including the increasing demand for fresh produce, the limitations of arable land, and the adoption of advanced agricultural technologies like controlled-environment agriculture (CEA).

Horticulture lighting refers to the strategic application of artificial light sources to optimize plant growth and quality in controlled environments such as greenhouses and indoor farms. This technology provides a means to manipulate the light spectrum, intensity, and duration, supplementing natural sunlight to enhance plant photosynthesis and overall development. Advanced lighting solutions, particularly LED systems, offer precise control over light parameters, enabling the creation of optimal conditions for diverse crops regardless of external weather or geographical constraints. The benefits of horticulture lighting extend far beyond commercial agriculture. Businesses involved in plant-based industries can use this technology to achieve increased production efficiency, higher crop yields, and improved product quality. Modern horticulture lighting systems are data-driven, allowing for real-time monitoring and adjustment of lighting conditions, leading to more informed decision-making and resource allocation.

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Top Companies Featured in Horticulture Lighting Market Report:
• Bridgelux
• LumiGrow
• Maxigrow
• GE Lighting
• Lumileds
• Agrolux
• Illumitex
• Gavita
• California Lightworks
• EYE Hortilux
• Signify Holding
• Hortilux Schreder
• Hubbell Lighting
• PARsource
• OSRAM
• Valoya
• Helliospectra

Market Analysis:

A Growing demand for fresh food and a concerning decline in arable land. Shifting consumer preferences, with a focus on healthy and locally sourced produce, drives the demand for fresh food. Consumers are increasingly conscious of dietary choices, looking for nutrient-rich and less processed foods. Different crops exhibit varying sensitivities to other parts of the light spectrum, such as far-red or green light, which can impact specific physiological processes and influence plant characteristics such as taste, color, and nutrient content. Meeting these individualized light spectrum requirements for a diverse range of crops presents a complex challenge for both growers and horticulture lighting manufacturers. The Controlled-environment agriculture (CEA) technology offers tremendous potential for increasing agricultural productivity and overcoming weather and seasonal limitations by creating precisely regulated indoor environments for optimal crop growth.

The recent increase in interest for growing fresh produce, herbs, and flowers at home, with the growing popularity of small-scale indoor farming as a hobby, is fueled by a desire for sustainable living, a connection to nature, and the benefits of consuming locally sourced and pesticide-free produce, Creates opportunity for market.

Horticulture Lighting Market Segmentation as Follows:

BY LIGHTING TYPE
• Toplighting
• Interlighting

The Toplighting segment dominated the horticulture lighting market, capturing the largest market share., due to the Top lighting systems provide a uniform distribution of light across the entire growing area, minimizing light waste and maximizing efficiency, Top lighting solutions are well-suited for large-scale greenhouse operations due to their ability to cover vast areas effectively. Top lighting systems can be adapted to accommodate various cultivation setups and crop types.

BY APPLICATION
• Greenhouses
• Vertical Farms
• Indoor Farms

The Greenhouse segment dominates the Market with holding leading market share in 2023 due to the widespread adoption of controlled-environment agriculture practices in greenhouse operations. Greenhouses provide a controlled environment where growers can leverage horticulture lighting to optimize crop growth regardless of external conditions.

BY CULTIVATION
• Fruits and Vegetables
• Floriculture
• Cannabis

The Cannabis segment within the cultivation type category is expected to grow with the highest CAGR during the forecast period. This is driven by the growing legalization and increasing demand for cannabis products in various regions worldwide. The cannabis cultivation often takes place indoors, making it highly dependance on artificial lighting solutions.

BY OFFERING
• Hardware
• Software
• Services

BY TECHNOLOGY
• Fluorescent
• Led strip lighting
• High-Intensity Discharge

BY INSTALLATION
• New installations
• Retrofit Installations

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Regional Analysis

In 2023, the Europe region holds the largest portion of the Horticulture Lighting Market share, with the European governments actively promote sustainable agricultural practices, including CEA technologies, which often Depends heavily on horticulture lighting. European countries are at the top of research and development in horticulture lighting, leading to the production of highly efficient and innovative lighting solutions. Europe prioritizes food security and self-sufficiency, driving the adoption of advanced agricultural technologies like CEA to increase domestic food production.

The Asia Pacific region is growing with the highest CAGR during the forecast period. This growth is fueled by the rapid urbanization across Asia Pacific is leading to a decrease in available arable land, propelling the adoption of CEA practices and horticulture lighting solutions. Increasing disposable incomes in the region are driving consumer demand for fresh, high-quality produce, which in turn fuels the demand for advanced agricultural technologies. The Asian Pacific governments are implementing policies to promote sustainable agriculture and technological advancements in the agricultural sector, which includes investments in horticulture lighting.

Key Takeaways for the Horticulture Lighting Market

• The increasing global population and increasing demand for fresh, locally sourced produce will continue to drive the adoption of horticulture lighting solutions.
• The limitations of traditional agriculture and the potential of CEA will drive the growth of the horticulture lighting market.
• Manufacturers who develop user-friendly and affordable lighting solutions for home gardening and small-scale indoor farming will capture a significant share of the market.
• Continued advancements in LED technology and the development of more precise light spectrum control systems will enhance the capabilities and efficiency of horticulture lighting.

Recent Developments

• June 2023: Osram introduces the next generation of OSLON square hyper red LEDs, achieving a market-leading wall plug efficiency of 78.8%. These LEDs are known for their compact size, robustness, and superior performance.
• June 2023: Osram unveils the new OSLON optimal red LED, which offers broader spectral coverage, leading to improved growth for various plant types cultivated under artificial lighting.
• December 2022: Signify Holding (Philips Lighting) introduces a powerful 1,040-watt Philips HPS light fixture designed for low-maintenance hybrid light installations in combination with Philips GreenPower LED toplighting.

Table of Content – Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Horticulture Lighting Market Segmentation, By Offering
9. Horticulture Lighting Market Segmentation, By Technology
10. Horticulture Lighting Market Segmentation, By Application
11. Horticulture Lighting Market Segmentation, By Lighting Type
12. Horticulture Lighting Market Segmentation, By Cultivation
13. Horticulture Lighting Market Segmentation, By Installation
14. Regional Analysis
15. Company Profile
16. Competitive Landscape
17. USE Cases and Best Practices
18. Conclusion

Continued….

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