Latest added Horticulture Lighting Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Bridgelux, Signify N.V., Heliospectra AB, PARsource, Lumileds Holding B.V., Hortilux Schrder B.V., OSRAM Licht. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Horticulture Lighting Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Horticulture Lighting Market by companies, region, type and end-use industry.
Request for Sample Copy of This Report @ https://marketdigits.com/horticulture-lighting-market/sample
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Horticulture Lighting Market, By Offering (Hardware, Software, Services), Technology (Fluorescent, HID, LED), Lighting Type (Toplighting, Interlighting), Cultivation (Fruits and Vegetables, Floriculture, Cannabis), Installation Type (New installations, Retrofit Installations), Application (Greenhouses, Vertical Farms, Indoor Farms) and Geography – Global Forecast to 2026”. Early buyers will get 10% customization on study.
To Avail deep insights of Horticulture Lighting Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Horticulture Lighting Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
Grab Complete Details with TOC @ https://marketdigits.com/horticulture-lighting-market/toc
The global horticulture lighting market is projected to grow from USD 2.3 billion in 2020 to USD 6.0 billion by 2026; it is expected to grow at a CAGR of 21.4% from 2020 to 2026. The key factors fueling the growth of this market include rising number of government initiatives to promote the adoption of CEA practices and SSL technology, growing demand for food owing to the continuously increasing population, increased funding to develop vertical farms and greenhouses, and ongoing legalization of cannabis cultivation.
COVID-19 Impact on the global horticulture lighting market
The horticulture lighting market includes key companies such as Signify Holding (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands). These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, North America, and RoW.
The horticulture lighting products manufactured by these companies are purchased by several stakeholders for various applications. COVID-19 not only impacted the operations of the various horticulture lights manufacturers companies, but also affected the businesses of their suppliers and distributers. The fall in export shipments and slow domestic demand for horticulture lighting in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for horticulture lights in short term. The key companies operating in this market, have also witnessed the impact of the pandemic in their order intakes for horticulture lighting during the first half of 2020.
Horticulture lighting market dynamics
Driver: High demand for fresh produce in quick time owing to population growth and loss of arable land.
Rapid population growth and urbanization, shrinking of water supplies, and continued climate change due to the increase in the emissions of greenhouse gases have contributed to declining stocks of arable land per person. As land resources for agriculture are decreasing, policy makers are facing challenges of sustainability and feeding the rapidly growing world population, which is projected to reach approximately 9.6 billion in 2030. Solutions for improving future food production are exemplified by indoor farming, greenhouse farming, and vertical farming, which involve greater use of technology and automation for optimum utilization of land and water. Vertical farming technology aims to significantly increase productivity and reduce the environmental footprint within a framework of urban, indoor, climate-controlled high-rise buildings. It is claimed that such facilities offer many potential advantages such as a clean and green source of food, along with biosecurity, freedom from pests, droughts, and reduced use of transportation and fossil fuels.
Restraint: High setup and installation costs of LED grow lights
The use of horticulture lighting is increasing with the rising awareness about the benefits offered by these solutions. Different sources of artificial lights have been used to grow plants indoor. Earlier, HPS and electric ballasts were widely used in indoor farming as effective sources of light. Nowadays, LEDs are in trend; these grow lights overcome the drawbacks of high-pressure sodium (HPS), fluorescent (FL), metal-halide lights, and electric ballasts. However, the initial capital required for the purchase of good-quality LED grow lights is higher than that of conventional lighting technologies, such as FL and HID (High-intensity Discharge) lamps.
This is mainly because each LED grow light unit contains arrays of LEDs, specially designed for horticultural applications. Often, these units contain different types of LEDs with variation in watts and wavelengths to provide a broad range of light spectrum and intensity for different types of plants. High-powered LED grow lights are available in the market for prices starting from USD 500. A high-quality, full-spectrum LED grow light can be installed as the primary light source for commercial indoor growing. It can cost around USD 2,000 or more, depending on the power output and other specifications. A high-powered induction grow light also costs USD 1,300 or more, whereas high-powered plasma grow light costs around USD 3,000. The costs of these grow lights are higher than that of a 1,000-watt HPS light, which costs between USD 100 and USD 150 and provides sufficient light for photosynthesis. This significant price difference restrains the growers from adopting energy-efficient grow light LED technology.
Opportunity: Year-round crop production, irrespective of weather conditions
With the help of horticulture lighting, year-round crop production can be achieved in any region of the world. In traditional farming, there can be only 1 or 2 harvests in a year; with CEA, there can be multiple harvests as plants are grown indoors in a controlled environment. One indoor acre is equivalent to multiple outdoor acres, depending on the plant, available space, and story of the building. For instance, one acre of indoor production of strawberries may produce a yield equivalent to 30 acres. According to CropsReview.com (US), one high-rise farm is equal to 480 traditional horizontal farms. Additionally, indoor farming would minimize pest infestation and post-harvest spoilage. The impact of adverse weather conditions on the quality and profiling of the yield is negligible in CEA. Farming in a protected, well-monitored, and managed environment assures high-quality produce and provides repeatable programmable production for the growers. As the production process is not dependent on the weather, controlled environment farming eliminates the concept of seasonal crops. It also reduces the harvest time and increases the production volume without compromising with the flavor or quality.
Challenge: Complexities associated with deployment of controlled environment agriculture technology in large-sized fields and high need for technical know-how
In controlled environment agriculture (CEA), plants require light, water, nutrients, and climate control devices for their growth. These requirements need to be supplied externally at a specific cost. In vertical farms and greenhouse facilities, energy consumed per plant is the same, no matter how large the facility is, for which a well-equipped infrastructure is required. In a nutshell, the cost of capital involved is directly proportional to the area of a greenhouse or vertical facility. Moreover, it is challenging to monitor and maintain these facilities, and highly effective management and maintenance teams are required to manage these facilities. This could affect the profitability of the growers, posing a major challenge for them.
Retrofit installations segment is expected to register a higher CAGR during the forecast period
Retrofit installations segment is expected to register a higher CAGR during the forecast period by installation type. The retrofitting of light fixtures in commercial greenhouses and vertical farms helps in saving energy, providing supplemental light for improving the quality of plants, and reducing their maintenance and labor costs. This, in turn, results in low operating costs of commercial greenhouses and vertical farms. Grow lights require to operate for nearly 14 to 18 hours daily, depending on the types of plants that are being cultivated. The retrofitting of HID lamps with LED grow lights results in their high efficiency, lightweight, and long life. Thus, growers may retrofit their existing growing units with any of the available lighting technologies provided it results in high yields and enhanced profitability. These factors are expected to drive the growth of the retrofit installations market globally.
Interlighting segment is expected to witness higher CAGR growth during the forecast period
Interlighting segment is expected to witness highest CAGR growth during the forecast period, by lighting type. Interlighting increases light reception at middle or low levels of canopies that usually receive less light. Interlighting provides high light efficacy, which results in more yields than toplighting and it mostly uses LED lights. Increasing number of greenhouses for tomatoes and cucumber cultivation is also expected to drive the growth of interlighting market.
Vertical farming segment for horticulture lighting market is expected to witness the highest CAGR growth during the forecast period
The vertical farming segment of the horticulture lighting market is expected to register the highest CAGR growth during the forecast period by application. Vertical farms are being setup in several parts of the world; North America, Europe, the Middle East, China, and Japan are the leading investors in vertical farm projects. Several established corporations have started providing funds to encourage entrepreneurs to establish vertical farms. In May 2018, Signify (Netherlands) announced its collaboration with Travaglini FarmTech, a new business division of Travaglini S.p.a (Italy), to develop the first vertical farm plant research laboratory of Italy in Milan.
Europe is projected to register largest market share of the horticulture lighting market in 2025
Europe is projected to register largest market share of the horticulture lighting market in 2025. The growth of the market in this region can be attributed to the fact that the region has the strongest economies in the world, along with flourishing industries that lead to increased capital investment capabilities. Countries such as the Netherlands, Spain, France, and Italy have large areas under greenhouse cultivation. The use of LED grow lights in this region is gradually increasing from being a supplemental lighting source to becoming a primary light source for indoor farming. The population of Europe has expanded rapidly in recent times, and countries of the region are importing fruits and vegetables in frozen form from Africa and Asia.
The outbreak and the spread of the COVID-19 have disrupted the entire LED lighting supply chain, right from upstream chip manufacturers to packaging and lighting OEMs. For instance, the outbreak of COVID-19 in China resulted in lockdown measures which included the shutdown of manufacturing facilities and warehouses and affected the global exports and shipments of various industries. The lockdown measures announced in several countries across the globe as they got impacted by the COVID-19 pandemic also led to a fall in the domestic and export demand for consumer products including horticulture lighting in these countries.
Key Market Players
The horticulture lighting market is dominated by a few globally established players such as Signify Holding (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), and Helliospectra AB (Sweden).
These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.
Today’s businesses choose the market research report solution such as Horticulture Lighting Market report because it lends a hand with the improved decision making and more revenue generation. The market report also contains the drivers and restraints for the Horticulture Lighting Market that are derived from SWOT analysis, and also shows what all the recent developments, product launches, joint ventures, mergers and acquisitions by the several key players & brands that are driving the market by systemic company profiles. Analysis and discussion of important industry trends, market size, market share estimates are mentioned in the large scale Horticulture Lighting Market report.
Horticulture Lighting Market Reports – Table of Contents
2. Assumptions and Research Methodology
3. Executive Summary: Global Horticulture Lighting Market
4. Market Overview
5. Key Insights
6. Global Horticulture Lighting Market Analysis and Forecast, By Product
7. Global Horticulture Lighting Market Analysis and Forecast, By Detector
8. Global Horticulture Lighting Market Analysis and Forecast, By Technology
9. Global Horticulture Lighting Market Analysis and Forecast, By Application
10. Global Horticulture Lighting Market Analysis and Forecast, By End-user
11. Global Horticulture Lighting Market Analysis and Forecast, By Region
12. North America Horticulture Lighting Market Analysis and Forecast
13. Europe Horticulture Lighting Market Analysis and Forecast
14. Asia Pacific Horticulture Lighting Market Analysis and Forecast
15. Latin America Horticulture Lighting Market Analysis and Forecast
16. Middle East & Africa Horticulture Lighting Market Analysis and Forecast
17. Competitive Landscape
Any Questions? Inquire Here Before Buying @ https://marketdigits.com/horticulture-lighting-market/analyst
About Market Digits :
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us :
Phone : +91-9822485644
Email : firstname.lastname@example.org