Horticulture Lighting Market to Reach $26.9 billion, Globally, by 2032 at 20.3% CAGR: Allied Market Research

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Apr 02, 2024, 10:10 ET

The development of efficient & cost-effective LED lighting solutions, urbanization, population growth, and concerns about food security are the factors that drive the growth of the horticulture lighting market.

WILMINGTON, Del., April 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Horticulture Lighting Market by Technology (Light-Emitting Diodes (LEDs), High-Pressure Sodium (HPS) Lamps, and Others) and Application (Greenhouse, Vertical Farming, Research, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "horticulture lighting market" was valued at $4.2 billion in 2022, and is estimated to reach $26.9 billion by 2032, growing at a CAGR of 20.3% from 2023 to 2032.

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125 – Tables
47 – Charts
250 – Pages

Prime Determinants of Growth

The horticulture lighting market is expected to witness notable growth owing to advancements in LED technology, surge in adoption of controlled environment agriculture, increase in demand for locally sourced produce. Moreover, the increase in adoption of vertical farming methods presents a significant opportunity for horticulture lighting suppliers, as these systems heavily rely on artificial lighting to optimize crop growth in stacked layers. On the contrary, achieving the ideal light spectrum for different plant species and growth stages is challenging and requires R&D. The upfront costs of purchasing and installing horticulture lighting systems are prohibitive for growers.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size In 2022	$4.2 Billion
Market Size In 2032	$26.9 Billion
CAGR	20.3 %
No. Of Pages in Report	250
Segments Covered	Technology, Application, And Region
Drivers	Development Of Efficient And Cost-Effective LED Lighting Solutions Urbanization, Population Growth, And Concerns About Food Security Legalization Of Cannabis Cultivation For Medical And Recreational Purposes In Many Regions
Opportunities	Rise In Demand For Locally Grown Produce, Coupled With Urbanization And Land Constraints
Restraint	High Initial Investment Costs

The light-emitting diodes (LEDs) segment to maintain its leadership status throughout the forecast period.

By technology, the light-emitting diodes (LEDs) segment held the highest market share in 2022, accounting for nearly two-thirds of the global horticulture lighting market revenue and is estimated to maintain its leadership status throughout the forecast period light-emitting diodes (LEDs) command the highest revenue due to numerous advantages. LEDs offer energy efficiency, long lifespan, and customizable light spectra optimized for plant growth. They provide growers with precise control over light intensity and spectrum, promoting higher crop yields and quality. In addition, advancements in LED technology continue to drive innovation, further solidifying LEDs' position as the preferred choice for horticulture lighting solutions.

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The vertical farming segment is expected to grow at the highest CAGR during the forecast period.

By application, the greenhouse segment held the highest market share in 2022, accounting for nearly two-fifths of the global horticulture lighting market revenue. However vertical farming is estimated to grow at the fastest CAGR during the forecast period. Vertical farming relies heavily on horticulture lighting solutions to optimize plant growth in stacked layers. This method offers scalability, space efficiency, and year-round production capabilities, driving its rapid growth and presenting significant market opportunities for horticulture lighting suppliers.

North America to maintain its dominance by 2032.

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global horticulture lighting industry revenue owing to factors such as advanced technological infrastructure, widespread adoption of controlled environment agriculture practices, favorable government regulations, and significant investments in research and development. These conditions positioned North America as a key player in shaping the global horticulture lighting industry.

Key Industry Development –

In December 2022, Signify Holding (Phillips Lighting) launched 1,040-watt Philips HPS light fixture for a low-maintenance, hybrid light installation in combination with Philips Green Power LED toplighting.
In May 2022, OSLON optimal LEDs provided a flexible mix of color and white options to meet requirements of all growing applications. It is an advanced chip technology and broad light distribution pattern and larger lens produce the robust high performance required in vertical farming and inter-lighting horticulture applications.

Leading Market Players: -

Signify (formerly Philips Lighting)
Osram GmbH
Samsung
Heliospectra AB
Cree LED (SMART Global Holdings, Inc.)
Hubbell Incorporated
ACUITY BRANDS, INC.
Lumileds Holding BV.
Gavita International B.V.
Everlight Electronics Co., Ltd.

Product launch, investment, collaboration, and acquisition are the major business strategies that were adopted by the key market players in 2022.

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Key Benefits for Stakeholders:

This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current global horticulture lighting market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in horticulture Led Lights.
The report includes the market share of key vendors and horticulture lighting market trends.

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Horticulture Lighting Market Key Segments:

By Technology

Light-Emitting Diodes (LEDs)
High-Pressure Sodium (HPS) Lamps
Others

By Application

Greenhouse
Vertical Farming
Research
Others

By Region:

North America (U.S., Canada, and Mexico)
Europe (UK, Germany, France, Russia, and Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
Latin America (Brazil, Argentina, and Rest of Latin America)
Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)

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