Horticulture Lighting: Growth Like Never Before
Download PDF Copy
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.
COVID–19 Impact on Horticulture Lighting Market
According to the latest situation report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. As of August 12, 2020, there are around 20,162,474 confirmed COVID-19 cases globally, with ~737,417 total deaths, and the number is growing at varying rates in different countries.
The List of Companies - Horticulture Lighting Market
- Agrolux
- Bridgelux, Inc.
- Signify N.V.
- HeliospectraAB
- PARsource
- Lumileds Holding B.V.
- HortiluxSchréder B.V.
- OSRAM Licht AG
- General Electric Company
- Hubbell, Inc.
The report highlights key factors driving the market growth, and prominent players and their developments in the market.
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.
The report segments the global horticulture lighting market as follows:
By Technology
- LED Lights
- High Intensity Discharge Lights
- Fluorescent Lamps
By Application
- Greenhouses
- Vertical Farming
- Indoor Farming
By Cultivation
- Fruits and Vegetables
- Floriculture