The Global Horticulture Lighting Market is projected to grow at a CAGR of 21.1% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The market is driven by the changing climatic conditions & population boom worldwide, putting immense pressure on the agriculture sector to yield more crops and cater to the burgeoning demands for fruits and vegetables. Besides, as people are becoming more health conscious, the demand for healthy & organic food is escalating rapidly.
Such dire needs are paving the way for more in-house grown plants and, in turn, propelling the requirement for horticulture lighting solutions as an evolution in the agriculture sector for cultivation. Also, as indoor farming gains popularity, the necessity to facilitate photosynthesis through artificial lighting becomes indispensable, and it is further expected to amplify market growth during the forecast period.
Moreover, the governments of different countries across the world are also encouraging the adoption of LED, fostering market growth through 2028 on the same trails as that of the historic years. However, the complexities associated with deploying CEA technology restrain the market growth by indicating additional requirements in terms of nutrients, light, water, and climate control devices for plants' overall development, leading to enhanced capital costs for overall yield, further states the research report, “Global Horticulture Lighting Market Analysis, 2023.”
Vertical Farming Emerging as an area of Remunerative Opportunities for Players
Based on Application, Vertical Farming garnered a significant revenue share of the Global Horticulture Lighting Market in recent years and shall generate remunerative growth opportunities for the leading players in the coming years, making significant contributions to the market growth. This unprecedented success is attributed to the unmatched potential of vertical farming, allowing farmers to enhance plant growth in minimal land & soil requirement.
Besides, for urban farming applications, vertical framing is said to be of utmost utility. However, greenhouse setups are equally challenging vertical farming practices with stable climatic conditions. Hence, the demand for horticulture lighting solutions is escalating rapidly and stimulating the industry across locations. The same aspect is also instigating the leading players to increase their production & distribution capacities and cater to the burgeoning demands through 2028.
Europe Projects the Maximum Demand for Horticulture Lighting
On the geographical front, Europe acquired the largest revenue share among other regions in the Global Horticulture Lighting Market in recent years and is anticipated to prevail in the same trend during the forecast period. This dominance attributes to the governments of different countries in the region and their growing inclination toward crop cultivation using horticulture practices.
It is principally to reduce their dependency on Asia & Africa for organic fruit & vegetables and attain self-sufficiency in the field. Besides, an increasing number of strategic partnerships & ventures between the governments & players are also facilitating domestically grown fruits & vegetables and, in turn, augmenting the adoption of horticulture lighting and driving the market across Europe through 2028.
The leading players in the Global Horticulture Lighting Market are Bridgelux Inc., EYE Hortilux, Maxigrow Ltd, Hortilux Schreder, Osram Licht AG, Gavita International BV, Lumileds, Agrolux, PARsource, Heliospectra, Signify, Valoya, California Lightworks, LumiGrow, EYE Hortilux, Others.
Key Questions Answered in the Research Report