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Horticulture Lighting Market Segmented By application area such as Greenhouses, Vertical Farming, Intra-canopy with environment such as Vegetables and Fruits, Floriculture, City Farming
An increasing awareness about the concept of sustainability is witnessed across the globe. Owing to this awareness, increasing initiatives are correspondingly being taken by various organizations, researchers, government etc. globally. One such sustainable technological advancement witnessed in the agriculture industry is the introduction of horticulture lighting market.
Horticulture lighting, by tuning the light according to the required need and by utilizing the unique properties of LED lighting, assists in boosting yields and maintaining plant health, throughout the year. By offering a varied ratio between deep blue, hyper red and far red of LED lighting, a horticulture lighting arrangement is established. Some of the key applications of horticulture lighting include controlled urban farming, Supplemental lighting and cultivation without natural daylight, multilayer cultivation, etc.
Horticulture lighting market is a comparatively new concept, and thus, has witnessed a limited traction since the past four years, in terms of value. However, owing to the advantages associated with horticulture lighting system, a continuous demand for the same has been witnessed since its inception. The market for horticulture lighting is further expected to witness a significantly high growth rate during the forecast period as well.
Owing to the increasing initiatives taken by the government, across various developed and developing countries such as the U.S., the U.K., India, China etc. to support sustainability, complimented by the increasing awareness about the same, an increasing adoption of horticulture lighting system is expected during the forecast period.
This, as a result, is expected to be the primary driving factor for the global horticulture lighting market. In addition to this, the advanced features and advantages associated with the implementation of horticulture lighting market is also expected to be a factor impelling the demand of horticulture lighting system.
However, due to lack of awareness about the concept of horticulture lighting market amongst various developing and under developed countries acts as a restraining factor for the global horticulture lighting market.
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Some of the key players in the Horticulture Lighting market are Philips NV, OSRAM Opto Semiconductors GmbH, General Electric, Cree, Inc., Illumitex, Edison Opto, LEDiL, Active Grow LLC, FUTURELED GmbH, Lumigrow, and various others.
Various tier-1 players of the global horticulture lighting market are focusing on expanding their business globally by implementing their horticulture lighting solutions across various countries. For instance, owing to the increased crop yield witnessed due to the implementation of Philips’ GreenPower line of horticultural lighting horticulture lighting system, in April 2018.
By geography, the horticulture lighting market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa.
Among these regions, North America horticulture lighting market is expected to dominate the global horticulture lighting market during the forecast period, owing to high awareness and demand for horticulture lighting systems, in the region. Asia Pacific (including Japan and China) horticulture lighting market and Europe horticulture lighting market are expected to follow North America horticulture lighting market in the global horticulture lighting market.
China horticulture lighting market is, however, expected to exhibit highest growth rate during the forecast period. Besides this, Latin America horticulture lighting market and MEA horticulture lighting market are also expected to witness a considerable growth rate during the forecast period, in the global horticulture lighting market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.