PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555554
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555554
Plant Lighting Equipment Market size was valued at USD 1,980.23 Million in 2023, expanding at a CAGR of 28.7% from 2024 to 2032.
The term "plant lighting equipment" refers to a variety of lighting options made expressly to promote the health and growth of plants, especially in settings where natural sunlight is either insufficient or nonexistent. These systems find application in a variety of contexts, including vertical farming, greenhouses, and indoor farming. Equipment for plant lighting is necessary to maximize plant growth in controlled conditions, which raises crop yields, improves crop quality, and allows for the cultivation of plants in unconventional circumstances.
Plant Lighting Equipment Market- Market Dynamics
The rising horticulture sector drives market growth
The need for specialized plant lighting solutions is being driven by the growing horticulture industry, which includes floriculture and the production of high-value crops. These crops frequently need particular lighting conditions, which are hard to meet with only sunshine. The Department of Agriculture & Farmers Welfare estimates that the Indian horticulture industry makes up over 33% of the country's agricultural Gross Value Added (GVA), which is a substantial contribution to the country's economy. In addition to guaranteeing the country's nutritional security, it offers farmers greater compensation, varied farm operations, and alternative rural employment alternatives. India is currently generating more horticultural produce than food grains, with an estimated 320.48 million tons produced per year, and from a significantly smaller area (25.66 million Ha. for horticulture versus 127.6 M. ha. for food grains). The yield of horticultural crops is significantly higher than that of food grains (12.49 tons/ha versus 2.23 tons/ha). Thus, the aforementioned statistics are expected to drive the plant lighting equipment industry during the projected period.
Plant Lighting Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 28.7% over the forecast period (2024-2032)
Based on type segmentation, the LED Grow Light segment is expected to capture the largest revenue share of the plant lighting equipment market
Based on application segmentation, the Indoor Growing Facility segment is expected to grow at a rapid rate over the forecast period
Based on region, Europe is expected to dominate the market over the forecast period
The Global Plant Lighting Equipment Market is segmented based on Type, Application and Region.
Based on the type, the Plant Lighting Equipment market is bifurcated into Fluorescent Grow Light, LED Grow Light, High Pressure Sodium (HPS) Grow Light, Incandescent and Halogen Grow Light and Others. The LED Grow Light segment is expected to capture the largest revenue share of the plant lighting equipment market. LED grow lights are considerably more energy-efficient than more traditional lighting options like metal halide lamps and high-pressure sodium (HPS) lights. Because of their efficiency, LEDs are a desirable substitute that saves a lot of money for commercial and indoor farmers. The need for LED grow lights is rising due to rising electricity costs, which is increasing revenue. Additionally, the rising innovative product launches in the market by the key participants is another important factor propelling the plant lighting equipment industry. In January 2023, one of the first producers of opto-semiconductors in India, Polymatech Electronics, announced the release of two new horticulture LED products: monochromatic and full-spectrum packages and modules called Ravaye. These products redefined the bar for better lighting for professional horticultural applications by offering a wider spectrum of light that promotes faster and healthier plant growth, better farming settings, and lower lighting system costs.
Based on the application, the global Plant Lighting Equipment market is segmented into Commercial Greenhouse, Indoor Growing Facility, Research and Application and Others. The Indoor Growing Facility segment is expected to grow at a rapid rate over the forecast period. The expanding number of indoor growing facilities is being driven by the trend toward fresh, organic, and locally farmed fruit. These facilities can ensure freshness and save transportation expenses by producing high-quality crops close to urban areas. When indoor facilities increase the volume of their operations, this demand will fuel the market expansion for plant lighting equipment.
Plant Lighting Equipment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe is expected to dominate the market over the forecast period. Over the past decades, grow light systems have been used in the area for a range of controlled environment agriculture (CEA) applications, including greenhouses, indoor farming, and vertical farming. Horticulturists are also using LED grow lights in greater numbers, particularly in cities. For instance, Osram GmbH, a renowned high-tech business, introduced its latest generation of LED lighting for the horticulture sector during the epidemic. The company claims that the OslonSquare Hyper Red, which has a wavelength of 660 nm, is the most efficient LED for horticultural illumination. Besides, the Asia Pacific is expected to grow at the highest CAGR during the projected period. The market growth in the region is attributed to the increasing horticulture sector and the presence of prominent players in the area.
The market for plant lighting equipment is very competitive, with a mix of well-established businesses, developing firms, and innovators who are committed to creating cutting-edge lighting solutions for diverse agricultural applications. Companies are always coming up with new ways to improve energy efficiency, customize the light spectrum, and integrate lighting with smart technologies. At the forefront is LED technology, which is always evolving to produce more light at a lower cost. Furthermore, some businesses are customizing their products to fulfil the demands of high-value commodities including flowers, leafy greens, and cannabis. Because of their specialization, they can take market share in niche markets where crop quality and production are significantly impacted by lighting requirements.
In January 2023, Signify the global leader in lighting, provided Van Wordragen Flowers BV a complete LED installation, complete with a far-red light spectrum that can be adjusted. This makes the grower of chrysanthemums the first in the Netherlands to utilize Signify's technology. The Philips GreenPower LED toplighting force, which emits an energy-efficient red, white, and blue light spectrum, and far-red LEDs that can be individually guided for improved elongation make up the system, which is scheduled to debut at the IPM.
In June 2023, the fifth generation of the well-liked OSLON(R) Square Hyper Red horticulture LED, developed by ams OSRAM, a leader in optical solutions worldwide, promises quicker plant development and optimized system cost. By developing LED solutions that generate high photosynthetic photon flux (PPF) at better efficacy than the previous generation of Hyper Red 660 nm LEDs, the company continues to provide significant innovation based on customer feedback. All horticulture lighting applications, including vertical farming, solitary source lighting, and greenhouse toplighting and interlighting, are designed to employ the new OSLON(R) Square Hyper Red LED.