The horticulture lighting market will witness a healthy growth from 2019 to 2026, a research report suggests. Growing at a CAGR of 16.41%, the market is projected to reach US$2,928.6 million by 2026. The growth in city farming is expected to support the market growth along with the advancement in technology. As predicted by analysts, high deployment costs will negatively affect the market’s performance from 2019 to 2026. During the forecast period, the market will be supported by the use of electronic lighting and increasing awareness levels. The shifting preference for cheaper alternatives on the other hand will challenge artificial lighting sector based organizations functioning in the global horticulture lighting market analysis.
The market analysts have split the market into application, cultivation, lighting type, and technology segments based on products and services. Artificial lighting based companies have been profiled. The lack of investments in R&D is set to affect the global market during the forecast period 2019 to 2026. The report also provides the market’s performance forecasts till 2026. Analysts have studied the strategy of artificial lighting segment based organizations to help new entrants and established businesses. The artificial lighting sector itself is supported by a rise in disposable income as well as consumers aiming for more convenience. During the forecast period 2019 to 2026, the horticulture lighting market is set to witness a health growth across application, cultivation, lighting type, and technology segments as well as regional markets.
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Global Horticulture Lighting Market: Segmentation
The global horticulture lighting market size is segmented into technology, lighting type, cultivation, application, and region.
By technology, the market has been segmented into high intensity discharge light, LED light, florescent lighting, and others.
By lighting type, the market has been segmented into top-lighting and inter-lighting.
By cultivation, the market has been segmented into fruits & vegetables and floriculture.
Based on application, the market has been segmented into greenhouse, vertical farming, indoor farming, and others.
The key players of the global horticulture lighting market are Bridgelux, Inc. (US), LumiGrow, Inc. (US), EYE Hortilux (US), Maxigrow Ltd (UK), Signify Holding (Philips Lighting) (The Netherlands), GE Lighting (US), Hortilux Schreder (The Netherlands), Osram Licht AG (Germany), Gavita International BV (The Netherlands), Lumileds (US), Hubbell Lighting (US), Agrolux (The Netherlands), PARsource (US), Illumitex (US), and Heliospectra AB (Sweden) among others.
Artificial lighting market based companies in the horticulture lighting market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Favorable government policies will be a key growth driver for regional markets. However, dynamic policies and regulations will turn out to be a threat. For the forecast period 2019 to 2026 each of these regional markets are studied in the report. Starting from North America, the regional market and artificial lighting vertical based companies are spread across the United States, Canada, and Mexico. The shifting preference for cheaper alternatives will turn out to be a major challenge from 2019 to 2026. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.
The market in the region will be benefitted by the increasing demand from various industry verticals as well as the changing social behavior, suggests the report. Similarly, the artificial lighting sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the horticulture lighting market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2026.
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