What is the global market size of Horticulture Lighting Market?

Global Horticulture Lighting Market size was valued at USD 3.34 billion in 2021 and is poised to grow from USD 4.15 billion in 2022 to USD 180.15 billion by 2030, at a CAGR of 37.21% during the forecast period (2023-2030).

Horticulture Lighting Market Size, Share, Growth Analysis, By Technology(Fluorescent, HID, LED), By Spectrum(Partial and Full), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45K2069 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 61 | Figures: 77

Horticulture Lighting Market Dynamics

Drivers

Rising Adoption of LED Technology

The shift from traditional lighting technologies to LED lighting is a major driver in the horticulture lighting market. LED lighting offers energy efficiency, longer lifespan, and the ability to customize light spectra, allowing growers to create optimal lighting conditions for specific crops.

Demand for High-Quality and Locally Grown Produce

Consumers are increasingly seeking fresh, locally grown, and pesticide-free produce. Horticulture lighting enables growers to cultivate high-quality crops closer to urban areas, reducing transportation costs and ensuring a steady supply of fresh produce.

Restraints

Complexity in Spectrum Management

While LED lighting allows for customizable light spectra, effectively managing the light spectrum for different crops and growth stages requires knowledge and expertise. Inadequate spectrum management can lead to suboptimal plant growth and lower yields.

Horticulture Lighting Market Report Snapshots

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Horticulture Lighting Market size was valued at USD 4.15 Billion in 2022 and is poised to grow from USD 5.69 Billion in 2023 to USD 71.54 Billion by 2031, at a CAGR of 37.21% during the forecast period (2024-2031).

The major market participants use tactics like joint ventures and the introduction of new products to increase their market share. To improve their position in the market, companies are also buying up rival companies. 'Signify NV (Netherlands)', 'OSRAM GmbH (Germany)', 'General Electric Company (United States)', 'Heliospectra AB (Sweden)', 'Cree, Inc. (United States)', 'Valoya Oy (Finland)', 'California LightWorks (United States)', 'Hubbell Incorporated (United States)', 'LumiGrow, Inc. (United States)', 'Illumitex Inc. (United States)', 'Everlight Electronics Co., Ltd. (Taiwan)', 'GE Lighting Solutions, LLC (United States)', 'Hortilux Schréder B.V. (Netherlands)', 'Gavita International B.V. (Netherlands)', 'Current, powered by GE (United States)', 'BIOS Lighting (United States)', 'Agrolux (Netherlands)', 'Fluence by OSRAM (United States)', 'PARsource (United States)', 'Plessey Semiconductors Ltd. (United Kingdom)', 'Lumileds Holding B.V. (Netherlands)', 'Illumitex (United States)'

The shift from traditional lighting technologies to LED lighting is a major driver in the horticulture lighting market. LED lighting offers energy efficiency, longer lifespan, and the ability to customize light spectra, allowing growers to create optimal lighting conditions for specific crops.

Vertical Farming and Controlled Environment Agriculture (CEA) The growing use of LED technology in horticulture lighting systems is a significant industry trend. Due to its energy efficiency, extended lifespan, and fine control over light spectrum, LED (Light Emitting Diode) illumination has become increasingly popular in horticulture. Growing numbers of growers are switching from HPS lamps, a common traditional lighting source, to LEDs. With the use of LEDs, producers may adjust light wavelengths to different stages of plant development, increasing crop yields and quality. Furthermore, since LEDs generate less heat, they don't require as much cooling, which further reduces energy consumption. The industry is anticipated to develop in the upcoming years as a result of this shift towards LED horticulture lighting.

Europe commanded a market share of more than 32% in terms of revenue in 2022, and it is anticipated that it will continue to dominate the industry during the projected period. Since there is a shortage of fertile agricultural land and there is an increase in population, these two factors are expected to drive demand for the business. Growing awareness of the need for alternative farming is one result.

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Horticulture Lighting Market Size, Share, Growth Analysis, By Technology(Fluorescent, HID, LED), By Spectrum(Partial and Full), By Region - Industry Forecast 2024-2031

Horticulture Lighting Market Dynamics

Horticulture Lighting Market Report Snapshots

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