Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Horticulture Lighting Market size is expected to reach $11.1 billion by 2028, rising at a market growth of 21.2% CAGR during the forecast period.
The Hardware market dominated the Global Horticulture Lighting Market by Offering in 2021, thereby, achieving a market value of $7,287 million by 2028. The hardware consists of the physical LED bulbs and other types of lights which use electricity to light a particular area. Due to increasing support from governments of different nations, the adoption of LED lights have risen in the past few years significantly.
The HID market has shown growth rate of 21.5% during (2022 - 2028). Plants that demand more light intensities than fluorescent lighting, like cereal, forage, citrus, & C4 plants, have traditionally been grown with high-intensity discharge (HID) grow lights. In regulated conditions such as laboratories or indoor farms, HID lighting is employed. Lighting might be a problem when growing veggies indoors. To reach its full growth potential, the plant needs enough visible light spectrum exposure. However, most of us don't have access to full-spectrum July sunshine inside our houses. It's here that grow lights come in handy. HID lights (high-intensity discharge lights) are a tried-and-true method of increasing plant growth. Take a look at the top six benefits of utilizing high-intensity discharge (HID) grow lights.
The Greenhouses segment is generating highest revenue in the Global Horticulture Lighting Market by Application in 2021, thereby, achieving a market value of $4,694.3 million by 2028. Greenhouses need six hours of full or direct spectrum light every day on average. Supplemental lighting should be used if this cannot be done naturally. The employment of several, high-intensity artificial lights to increase crop growth and yield is known as supplemental lighting.
The Fruits & Vegetables segment is leading the Global Horticulture Lighting Market by Cultivation in 2021, thereby, achieving a market value of $6,182.1 million by 2028. To mention a few, the fruits and vegetable category contains lettuce, tomatoes, mint, basil, mustard greens, & cucumbers, to name a few. Roses, cannabis, African violets, poinsettias, and begonias, on the other side, are all part of the floriculture industry. Fruit & vegetable cultivation is carried out on a considerably larger scale than floriculture cultivation. Consumption of fruits and vegetables has increased substantially due to the rising population and increasing disposable income.
The Toplighting segment acquired maximum revenue share in the Global Horticulture Lighting Market by Lighting Type in 2021, thereby, achieving a market value of $6,988 million by 2028. In indoor horticulture, top lighting is the most common and frequently used lighting type, accounting for the bulk of the market share. For improved growth, a specific growth-inducing spectrum of light is placed above the plants in top lighting.
The Retrofit Installations segment is showcasing a CAGR of 22.6% during (2022 - 2028). In commercial greenhouses & vertical farms, upgrading light fixtures saves energy, offers supplemental light for greater plant health, and reduces maintenance & labor costs. As a result, commercial greenhouses & vertical farms have cheap running expenses. Grow lights must run for around 14 to 18 hours every day, depending on the type of plant being grown. HID lamps that have been retrofitted with LED grow lights have high efficiency, are lightweight and have a long life. As a result, producers can use any of the current lighting systems to retrofit their current growing units, as long as the result is increased yields & profitability
The North America is the fastest growing region in the Global Horticulture Lighting Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,997.1 million by 2028. The Europe market is estimated to witness a CAGR of 20.6% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 21.8% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Signify N.V., LumiGrow, Inc., Heliospectra AB, Iluminar Lighting LLC., Gavita International B.V., California LightWorks, Valoya Oy, Hortilux Schréder, and Eye Hortilux.
By Lighting Type
By Installation Type
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