Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy. Similarly, the government of the Netherlands is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives, such as soft loans and tax breaks, the government has supported the growers.
Advancements in Greenhouse and Indoor Farming Techniques to Support Growth of Horticulture Lighting Market. The horticulture lighting market was valued at US$ 2,730.8 million in 2019 and is expected to reach US$ 11,383.5 million by 2027; it is estimated to grow at a CAGR of 20.2% during 2020–2027.
The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well. The pandemic has disturbed horticulture businesses and suppliers around the globe. Fresh vegetables and fruits have become increasingly scarce in various regions since the COVID-19 pandemic has hampered the global movement of crops and the people required to gather crops.
The List of Companies - Horticulture Lighting Market
2. Bridgelux, Inc.
3. Signify N.V.
6. Lumileds Holding B.V.
7. HortiluxSchréder B.V.
8. OSRAM Licht AG
9. General Electric Company
10. Hubbell, Inc.
The horticulture lighting market is segmented based on technology, application, and cultivation. Based on technology, the market is segmented into LED lights, highintensity discharge (HID) lights, and fluorescent lamps. The LED lights segment led the horticulture lighting market in 2019, and is anticipated to grow at the highest CAGR during the forecast period. In terms of application, the market is categorized into greenhouses, vertical farming, and indoor farming. The greenhouses segment held the largest market share in 2019.The vertical farming segment is anticipated to grow at the fastest CAGR during the forecast period. Based on cultivation, the market is segmented into fruits and vegetables and floriculture. The fruits and vegetables segment is expected to dominate the market due to increase in demand for fresh vegetables.
Source: The Insight Partners