Horticulture Lighting Market Expected to Reach USD 7040.0 Million by 2024 with CAGR of 19.17% by Forecast 2024
Market Research Future has come up with the latest report on the “Global Horticulture Lighting Market 2020”. The survey covered the impact of COVID-19 on everything, including the economy. On this, MRFR reveals that the global market earlier achieved a valuation of USD 2476.5 Million in 2018 and would now scale up to USD 34.586 Million by 2024at a CAGR of 19.17% during the forecast period.
Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. There are different types of lighting applications and characteristics used in horticulture including photoperiodic lighting, supplemental lighting, sole-source lighting.
The Key Players of Global Horticulture Lighting Market are Signify (Philips Lighting) (Netherlands), Gavita (Netherlands), GE Lighting (US), Osram (Germany), Agrolux (Netherlands), Heliospectra (Sweden), Hortilux Schreder (Netherlands), Lumileds (Netherlands), resource (US), and Illumitex (US) among others.
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The Global Horticulture Lighting Market has been segmented based on Technology, Lighting Type, Cultivation, Application and Region.
Based on lighting type, the market has been classified into top lighting and interlighting. The top lighting segment accounted for the larger market share in 2018, with the highest market value. Top lighting is used in horticulture to provide appropriate light from the top end to the plants. This lighting pattern can be adjusted as required by the plant..
Based on cultivation, the market has been classified into fruits & vegetables and floriculture. The fruits & vegetables segment accounted for the larger market share in 2018, with the highest market value. Fruits and vegetables need more light as compared to other plants. Artificial light is used to improve the yield, quality, and taste of fruits and vegetables.
Based on application, the market has been divided into greenhouse, vertical farming, indoor farming, and others. The greenhouse segment accounted for the larger market share in 2018, at a steady CAGR. Greenhouse horticulture is the production of crops using greenhouses, glasshouses, shade houses, screen houses and crop top structures under modified growing conditions. Vertical farming is a technique in which plants are grown in vertically stacked planting beds stored in a controlled and indoor environment. Indoor farming is the method of growing plants on large scale indoors.
The Global Horticulture Lighting Market, by region, has been segmented into Asia-Pacific, North America, Europe, Middle East & Africa, and South America. Europe is expected to dominate the horticulture lighting market during the forecast period due to growth in city farming along with the advancement in technology.
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Major Highlights of TOC Covers:
1. Executive Summary
2. Key Business Trends
3. Regional Trends and Growth
4. Product Trends
5. End-use Trends
6. Definition and Forecast Parameters
7. Horticulture Lighting Market Segmentation
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