Market Insights and Analysis: Global Horticulture Lighting Market Overview and Projections (2024-2030)
The Global Horticulture 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 market is driven by the exponentially rising population throughout the world entwined with a rapid climate change, resulting in greater food demand and immense pressure on the agriculture industry. Such swift augmentation in need can only be satiated through additional modern ways like indoor farming that requires horticulture lighting. Additionally, the growing propensity for home-grown fruits and vegetables fuels the market during the forecast period.
Top leading companies in the Global Horticulture Lighting Market includes:
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.
Global Horticulture Lighting Market Key Driver:
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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Report Segmentation:
The market is categorized into the following segments in the report:
By Application
-Indoor Farming
-Greenhouse
-Vertical Farming
By Technology
-High-Intensity Discharge (HID)
-LED
-High-Pressure Sodium Lamp
-Fluorescent
-T5
-CFL
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.
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Global Horticulture Lighting Market Geographic Reach:
The Geographic Reach of the Global Horticulture Lighting Market evaluates the spread and significance of Global Horticulture Lighting market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
· North America: USA, Canada, Mexico
· South America: Brazil, Argentina, Chile, Rest of South America
· Europe: The UK, Germany, France, Spain, Italy, Rest of Europe
· Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
· Middle East & Africa: Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa.
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