Horticulture Lighting Market Size to Hit USD 18.9 billion with Highest CAGR of 22.34% by 2031: SNS Insider

The SNS Insider report indicates that the Horticulture Lighting Market Size was valued at USD 3.76 billion in 2023, and is expected to reach USD 18.9 billion by 2031, growing at a CAGR of 22.34% over the forecast period 2024-2031.

Growing Demand for Horticulture Lighting

The horticulture lighting market is witnessing significant growth due to various factors that are reshaping modern agriculture. One of the primary drivers is the increasing awareness of the importance of effective spectral light distribution for optimal plant growth. This awareness is pushing growers to adopt advanced lighting solutions that can mimic natural sunlight, which is important for indoor and vertical farming applications. As the global population continues to rise, the demand for food production also Increases, putting pressure on traditional farming methods. This situation is further exacerbated by climate change, which adversely affects outdoor farming conditions. There is a growing shift towards controlled agricultural environments that utilize horticulture lighting to ensure consistent and high-quality crop yields.

LED lighting technology has become a cornerstone in this industry, with its ability to provide controllable illuminance and spectrum, making it suitable for various crops, including tomatoes, herbs, greens, and cucumbers. The trend towards vertical farming in urban areas, which involves stacking plants to maximize space efficiency and employing soil-free cultivation methods such as hydroponics, aeroponics, and aquaponics, has also spurred the demand for LED horticulture lights. These lights offer energy efficiency, longevity, and precise illumination, making them ideal for such compact farming setups. the advancements in LED technology are helping to reduce energy consumption and carbon footprints, making them an environmentally friendly choice.

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Top Companies Featured in Horticulture Lighting Market Report:

– Bridgelux
– LumiGrow
– Maxigrow
– GE Lighting
– Lumileds
– Agrolux
– Illumitex
– Gavita
– California Lightworks
– EYE Hortilux
– Signify Holding
– Hortilux Schreder
– Hubbell Lighting
– PARsource
– OSRAM
– Valoya
– Helliospectra

The horticulture lighting market is poised for robust growth, driven by several key factors,

• The rising awareness of environmental sustainability is driving the adoption of energy-efficient LED horticulture lighting. These lights not only reduce energy consumption but also help in cutting down the carbon footprint, making them a preferred choice among environmentally conscious growers.
• The rapid urbanization and increasing population worldwide are leading to higher food demand. Vertical and indoor farming methods, supported by advanced horticulture lighting, are becoming essential in meeting this demand by enabling efficient and scalable food production in urban settings.

Recent Developments

– In February 2022, California Lightworks, Inc. introduced the MegaDrive Vertical series, a new patented LED system designed specifically for indoor cannabis cultivators. This innovation promises a high return on investment by reducing heat, energy consumption, and carbon footprint.

– In December 2021, Signify, a leading player in the lighting industry, acquired ams OSRAM’s Texas-based Fluence for USD 272 million. This acquisition has strengthened Signify’s position in the North American horticultural lighting market and expanded its global agricultural lighting growth platform.

– December 2021, Hortilux partnered with Russia-based LLC DTK to provide HPS NXT2 fixtures, enhancing their capability to meet the horticultural lighting needs of farmers in Russia. This partnership enables the installation of advanced lighting systems to boost crop yields.

Horticulture Lighting Industry Segmentation as Follows:

Vertical Farming, application segment is expected to grow at the highest CAGR during the forecast period. Vertical farms, especially in urban areas, maximize space efficiency and use innovative soil-free cultivation methods. The use of LED lights in these farms ensures energy efficiency and optimal plant growth conditions, driving the segment’s dominance.

By lighting type, Toplighting is expected to dominate the market owing to strong demand across greenhouse farming. The adoption of toplighting solutions is increasing as they provide uniform light distribution and are essential for the growth of various crops in greenhouse environments.

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Impact of Russia-Ukraine War and Economic Slowdown

– The Russia-Ukraine war has had a significant impact on global agricultural markets, including the horticulture lighting sector. Disruptions in the supply chain, increased raw material costs, and geopolitical tensions have created uncertainties in the market. These challenges have compelled growers to seek more reliable and controlled farming solutions, such as indoor and vertical farming, which rely heavily on horticulture lighting.

– The economic slowdown has also impacted the market, reduced disposable incomes and cautious spending behaviors have led to a slowdown in certain segments, the essential nature of food production has ensured continued investment in efficient farming technologies. The drive for food security and sustainability remains strong, propelling the demand for advanced horticulture lighting solutions despite economic challenges.

Key Regional Developments

Europe is anticipated to account for the largest market share during the forecast period, primarily due to the presence of leading lighting manufacturers such as Osram Licht AG, Gavita, and Valoya. Countries such as Spain, the Netherlands, France, and Italy have extensive greenhouse cultivation areas that extensively use LED grow lights for indoor farming. In contrast, the Asia Pacific region is expected to grow at the highest CAGR due to rising food demand in densely populated countries such as India and China. The agriculture sector’s significance in this region, combined with a favorable climate for diverse crop cultivation, underscores the importance of horticulture lighting in boosting productivity and reducing labour requirements.

Key Takeaways

• The report provides a comprehensive analysis of market trends, growth drivers, and technological advancements in the horticulture lighting industry.
• It highlights the significant impact of climate change, urbanization, and the need for controlled agricultural environments on market growth.
• The study offers detailed insights into the competitive landscape, recent developments, and strategic partnerships shaping the market.
• The report aims to equip stakeholders with valuable information to make informed decisions and capitalize on emerging opportunities in the horticulture lighting sector.

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Horticulture Lighting Market Segmentation, By Offering
9. Horticulture Lighting Market Segmentation, By Technology
10. Horticulture Lighting Market Segmentation, By Application
11. Horticulture Lighting Market Segmentation, By Lighting Type
12. Horticulture Lighting Market Segmentation, By Cultivation
13. Horticulture Lighting Market Segmentation, By Installation
14. Regional Analysis
15. Company Profile
16. Competitive Landscape
17. USE Cases and Best Practices
18. Conclusion

Continued….

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