Horticulture Lighting Market 2019- Revenue, Price and Gross Margin Research Report 2030

Market Overview:

The Horticulture lighting market is expected to grow at a compound annual growth rate (CAGR) of 23.1 percent during the forecast period, indicating significant growth. The horticulture lighting market is mainly expected to grow from USD 2,928.6 million in 2019 to USD 16.41 billion by 2030. Horticulture is the branch of plant science in agriculture that deals with gardening crops such as fruit, vegetables, decorative plants, and many more. Horticulture lighting is a type of artificial light that is used to help plants with photosynthesis. This procedure is especially useful in areas where there is a lack of sunlight. Plants become stunted and unable to grow in the absence of sunlight or any other light source required for photosynthesis.

According to industry analysts, the benefits of growing crops all year round using horticulture lighting will have a significant impact on the horticulture lighting industry. Grow lights make indoor horticulture, plant multiplication, and food security possible. Rapid population growth and urbanization, diminishing water resources, and ongoing climate change caused by increased greenhouse gas emissions have all contributed to decreased arable land reserves per person. As agricultural land becomes scarcer, policymakers face issues of sustainability and feeding the world’s rapidly growing population, which is expected to reach 9.6 billion by 2050.

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Market Segmentation:

By application: The Horticulture Lighting Market. During the forecast period, the global horticulture lighting market is expected to grow moderately.

By way of Example: The horticulture lighting market is divided into greenhouse, indoor farming, vertical farming, and others based on application.

By Customers: The market is divided into propulsion types, such as high-intensity discharge lighting, LED lighting, fluorescent lighting, and others.

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Regional Classification:

The global horticulture lighting market is divided into four regions, according to the reports: North America, Europe, Asia Pacific, and the rest of the world. Due to the increase in urban farming and technological advancements in farming machinery in the region, Europe is the top destination in the horticulture lighting market. The three most important countries in Europe are the United Kingdom, Germany, and France. According to the Energy Saving Trust, lighting accounts for nearly 20% of total energy consumption in the UK business sector. Companies in Europe have been inspired to develop new electronic lighting technologies by the use of electronic lighting in novel applications such as greenhouses. Plessey, a British LED manufacturer, donated LED growing lights to Sterling Suffolk’s massive tomato greenhouse, which was completed in April 2018.

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Industry News:

Due to the presence of key players in the market, the horticulture lighting companies are highly fragmented. The major key players in this market are as follows: Bridgelux, Inc. (US), LumiGrow, Inc. (US), Signify Holding (Philips Lighting) (The Netherlands), GE Lighting (US), Hortilux Schreder (The Netherlands), Osram Licht AG (Germany), Gavita International BV (The Netherlands), Lumileds (US), Hubbell Lighting (US), Agrolux (The Netherlands), PARsource (The Netherlands), PARsource (The Netherlands), PARsource (The Netherlands), PARsource (The Netherlands), PARsource (The (US) are some major potential global horticulture lighting suppliers market competitors.

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