The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Horticulture Lighting Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Horticulture Lighting Industry (2024-2030):
According to the latest report, TheHorticulture Lighting Market size is valued at around USD 6.78 Billion in 2023 and is projected to grow at a CAGR of around 16.22% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Horticulture Lighting industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR (2024-2030): 16.22%
- Market Value (2023): USD 6.78 Billion
What are the major Driver the Horticulture Lighting industry?
Widespread Adoption of Horticulture Lighting in Numerous Agricultural Applications – The increased deployment of horticulture lighting in numerous agricultural applications, including urban farming, supplemental lighting, cultivation without daylight, and multilayer cultivation, provides the necessary impetus to the market for the projected timeframe. Further, the growing vertical farming applications and greenhouse projects enthrall the market. Additionally, the population boom for the past few years, instigating the farmers to go indoors and utilize every bit of resource to cater to the up-scaling needs, further propels the market through 2030.
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Horticulture Lighting Market Segmentation
The Horticulture Lighting Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Application
- Indoor Farming
- Greenhouse
- Vertical Farming
- By Technology
- High-Intensity Discharge (HID)
- LED
- High-Pressure Sodium Lamp
- Fluorescent
- T5
- CFL
- High-Intensity Discharge (HID)
- By Offering
- Hardware
- Software
- Services
- By Cultivation
- Vegetable
- Fruits
- Floriculture
- Others (Medicinal plants, Aromatic, etc.)
- By Lighting Type
- Top lighting
- Inter lighting
- Supplemental Lighting
- Sole-Source Lighting
- Photoperiodic Lighting
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Horticulture Lighting Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/horticulture-lighting-market.html
Top Companies in the Horticulture Lighting Market
Bridgelux Inc., EYE Hortilux, Maxigrow Ltd, Hortilux Schreder, Osram Licht AG, Gavita International BV, Lumileds, Agrolux, PARsource, Heliospectra, Signify, Valoya, California Lightworks, LumiGrow, EYE Hortilux, Others
Others Reports:
Horticulture Lighting Industry Recent Development:
In 2022, Signify, the behemoth in lighting, has finally acquired Fluence, one of the brands from AMS OSRAM. The acquisition seems to strengthen the global Agriculture lighting growth platform and extends the position of Signify in the attractive North American horticultural lighting market.
In Oct 2020, California LightWorks unveiled its MegaDrive, a new professional grow light system, which claims to facilitate precise outcomes while drastically lowering both up-front & long-term operating costs. Additionally, the new system constitutes a central power unit joined to a series of up to 30 LED fixtures in a chain. The best part is, High voltage three-phase power can connect straight to the central power unit, eliminating power drops to each fixture.
In September 2020, Valoya, one of the key grow light manufacturers, expanded its product line of RX-Series line of greenhouse LEDs with two latest models – RX500 & RX600, that are claimed to be producing minimal shading over the canopy. Also, equipped with an Ingress Protection rating of IP65 (wet location), these luminaires are purely dust-tight & can demonstrate omnidirectional fight spraying with water jets.
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