Market Scope
Effective spectral distribution is light is beneficial for growth of plants. Raising awareness about the same is boosting the sales of of horticulture lights. Market Research Future (MRFR) spotted this as an important factor that is likely to push the global horticulture lightening market growth.
Industry News
July 2019 UbiQD, a Mexico-based nanotechnology company, launched optical fiber-coupled luminescent concentrator technology. The technology enables greenhouse light optimization.
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Key Players
Signify (Philips Lighting) (Netherlands), Hubbell (US), Gavita (Netherlands), GE Lighting (US), Lumigrow (US), Osram (Germany), Agrolux (Netherlands), Bridgelux (US), Heliospectra (Sweden), Eye Hortilux (US), Hortilux Schreder (Netherlands), Maxigrow (UK), Lumileds (Netherlands), PARsource (US), Illumitex (US) and others.
Market Insights
Weather change is a significant cause that is augmenting the need for horticulture lights to maintain a controlled agriculture environment. Horticulture lights aid in maximizing crop yield, eliminate need for reflectors, and save energy. These merits of horticulture lights and their growing awareness among farmers are likely to gain momentum for the global horticulture lighting market. Increase in number of food-suppliers and farm start-ups are observed to encourage high adoption of horticulture lights. In addition, these lights also enhance the appearance of farms indoor. These factors are expected to amplify the market expansion.
Segmentation
By technology, the horticulture lighting market has been segmented into fluorescent lamps, high-intensity discharge (HID) lights, led lights, and others. The fluorescent lamp segment has been further divided into T5 and CFL. The HID segment has been further divided into high-pressure sodium lamps and metal-halide lamps. The HID lights segment generated the largest revenue share in 2018 while the LED lights segment is expected to grow at remarkable CAGR during the forecast period. The various benefits and government initiatives have led to the high demand for LED lights by farmers.
By lighting type, the horticulture lighting market has been segmented into toplighting and interlighting. The toplighting segment was the dominating segment under horticulture lighting type whereas the interlighting segment is expected to grow at a higher CAGR during the forecast period. By cultivation, the market has been segmented into fruits and vegetables, and floriculture. The fruits and vegetable segment dominated the horticulture lighting market while the floriculture segment is expected to grow at a higher CAGR during the forecast period.
By application, the horticulture lighting market has been segmented into greenhouse, vertical farming, indoor farming, and others. The greenhouse segment contributed the largest share to the market in 2018; it is expected to continue its dominance throughout the forecast period. Plants growing in greenhouses are protected from external elements such as harsh sunlight and ensure better growth and yield. Greenhouses also provide protection against insects and pests which further make it a good option for the growers. Vertical farming is expected to grow at a significant CAGR during the forecast period.
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Regional Analysis
The global market for horticulture lighting is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the horticulture lighting market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
Europe dominated the market in 2018; it is expected to remain dominant in the horticulture lighting market throughout the forecast period. Indoor growers extensively implement LED lights due to benefits such as low cost, low heat generation, and high efficiency. Additionally, the presence of prominent lighting companies in this region such as Osram (Germany), Signify (Netherlands), Lumileds (Netherlands) Gavita (Netherlands), Agrolux (Netherlands), and Hortilux Schreder (Netherlands) is expected to contribute to the high market share for horticulture lighting. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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