DUBLIN–(BUSINESS WIRE)–The “Global Horticulture Lighting Market with COVID-19 Impact Analysis by Technology (Fluorescent, HID, LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Cultivation, Lighting Type, Offering, Installation, and Region – Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global horticulture lighting market is projected to grow from USD 2.3 billion in 2020 to USD 6 billion by 2025; it is expected to grow at a CAGR of 21.4% from 2020 to 2025.
The market has a promising growth potential due to several factors, including the technological advancements in LED technology, rising number of government initiatives to promote the adoption of CEA practices, growing demand for food owing to the continuously increasing population, and ongoing legalization of cannabis cultivation. Moreover, increasing the adoption of CEA facilities to meet the growing demand for fresh produce due to COVID-19, and increasing awareness regarding benefits provided by LED technology to grow crops through the year amid the COVID-19 pandemic could play a key role in driving the growth of the horticulture lighting market.
Rising penetration of LED lights in indoor farming due to their long lifespan, spectrum adjustability, and energy efficiency
The LED technology segment is projected to grow at the highest CAGR from 2020 to 2025 for horticulture lighting market, by technology. Energy efficiency continues to be a key factor for the adoption of LED technology in the horticulture sector, along with additional benefits in the form of low heat, long lifespan, light weight, and enhanced controllability. This is expected to boost their adoption across various applications during the forecast period.
Fruits and vegetables is estimated to hold the largest share of the market during forecast period
The fruits and vegetables segment is projected to account for the largest size of the horticulture lighting market from 2020 to 2025, by cultivation. Increasing demand for quick and fresh horticultural produce owing to population growth and loss of arable land is a key factor driving the growth of this segment of the market. The surging number of vertical farms and greenhouses is also expected to contribute to the growth of this segment of the market.
APAC is projected to become the fastest geographical market between 2020 and 2025
APAC is projected to grow at the highest CAGR for horticulture lighting market during the forecast period. The growth of the market in this region can be attributed to its continuously increasing population, which leads to rising demand for food from APAC. This has led to an increase in the adoption of advanced farming technologies such as CEA to enable the supply of fresh fruits and vegetables throughout the year. Moreover, high pressure on cultivators to improve agricultural yields with limited available resources and increased requirements to protect crops from unexpected climatic changes are also contributing to the adoption of horticulture lighting in APAC during the forecast period.
- Strong Government Support for Controlled-Environment Agriculture (CEA) Practices and Adoption of SSL Technology
- High Demand for Fresh Produce in Quick Time Owing to Population Growth and Loss of Arable Land
- Increased Funding to Build Vertical Farms and Greenhouses, Along with Legalization of Cannabis Cultivation
- Extensive Deployment of LED Fixtures in Controlled Agricultural Environment
- Widespread Use of Automated and Energy-Efficient Lighting Fixtures to Minimize Energy Costs and Regulate Plant Growth
- High Setup and Installation Costs of LED Grow Lights
- Complex Requirement for Varied Light Spectra for Different Crops
- Promising Trend of Farm-to-Table Concept
- Potential Market Opportunities in Asian and Middle Eastern Economies for Vertical Farming
- Year-Round Crop Production, Irrespective of Weather Conditions
- Gradual Emergence of Horticulture Lighting Software and Calculator
- Complexities Associated with Deployment of Controlled Environment Agriculture Technology in Large-Sized Fields and High Need for Technical Know-How
- Lack of Standard Testing Practices for Accessing Product Quality of Horticulture Lights and Their Fixtures
- Effective Integration of Different Components and Technologies Used in CEA Facilities
- Active Grow LLC
- Black Dog Grow Technologies Inc.
- California Lightworks
- Eye Hortilux (An Eye Lighting Division)
- Gavita International B.V.
- GE Current, a Daintree Company
- GE Lighting, a Savant Company
- Glaciallight – Lighting Division of Glacialtech
- Heliospectra AB
- Hortilux Schreder (Dool Industries)
- Hyperion Grow Lights
- ILUMINAR Lighting
- LumiGrow, Inc.
- OSRAM GmbH (Part of AMS AG)
- Signify Holding
- Thrive Agritech
- Vividgro (Subsidiary of Lighting Science Group Corporation)
For more information about this report visit https://www.researchandmarkets.com/r/m9p0un