Horticulture Lighting Market Size and Industry Share Report | Grow at a CAGR of 23.1% by 2030
Research Reports
Oct 18, 2022
Horticulture Lighting Market Overview:
Horticulture Lighting Market volume is anticipated to rise at a compound annual growth rate (CAGR) of 23.1% during in the predicted timeframe, exhibiting considerable development. The Horticultural Lights Industry is anticipated to increase from its present value of 2,928.6 million USD in 2019 to a value of 16.41 billion USD by 2030. Horticulture is the branch of plant biology in agriculture that deals with gardening crops including fruits, vegetables, and ornamental trees. An artificial light source called horticultural illumination is employed to support plants’ photosynthetic processes. This process is especially helpful in areas where there is not sufficient sunlight.
The trees grow stunted and unable to reproduce without sunlight or any other bright lighting needed for photosynthesis. Sector experts expect that the benefits of using horticultural light to cultivate plants throughout the season will have a significant impact on the horticultural-led technology. The utilization of artificial light makes interior gardening, vegetation propagation, and food production feasible.
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Arable land reserves per person have diminished as a consequence of increasing urbanization, dwindling freshwater supplies, and continued global warming brought on by rising greenhouse gas production. Authorities must address the challenges of sustainability and feeding the world’s rapidly expanding population, which would be predicted to exceed 9.6 billion people by 2050. As farmland grows more limited. To maximize the utilization of the water and soil that is already accessible, methods for enhancing perspective crop yields include urban farming, greenhouses farming, and farming techniques.
Major players in this market are-
- Bridgelux, Inc. (US)
- Maxigrow Ltd (UK)
- Osram Licht AG (Germany)
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 16.41 Billion |
|
Growth rate: |
CAGR of 23.1%from 2022 to 2030 |
|
Forecast Period |
2020-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Inside the limits of urban, weather high-rise buildings, feed production technology aims to significantly increase productivity while reducing ecological effects. According to reports, such institutions have a variety of possible advantages, such as a healthy and sustainable food supply, biosecurity, resistance to pests and droughts, and a reduced dependency on coal and oil, and logistics.
The Horticulture Lighting Market research includes all the details on the industry’s advantages. Additionally, the study includes a summary of key characteristics, categorization, significant participants, geographical assessment, and other crucial elements. The research also includes a thorough analysis of the Horticulture Lighting Market projection for 2030.
The coronavirus epidemic hasn’t had much of an impact on the business lately because of numerous overstocks in the field. Just the manufacturing sector had some modest labor shortages even during China shutoffs. Therefore, it is doubtful that the ecology and supply chain structure of the LED sector will change significantly in the nearish phase.
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Horticulture Lighting Market Segmentation:
This Horticulture Lighting Market is segmented into the five major regions that are offering, technology, lighting type, cultivation, and application.
Based on the offering this is divided into the hardware, software, and services. Based on the technology this is divided into fluorescent, high-intensity discharge, and LED. Lighting is divided into the top lighting and interlighting. Based on the cultivation this is divided into fruits & vegetables and floriculture. Based on the application this is divided into greenhouse, vertical farming, and indoor farming.
Horticulture Lighting Market Regional classification:
Based on the research reports this market is divided into four major groups that are North America, Asia- Pacific, Europe, and the rest world.
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