Global Horticulture Lighting Market Size, Share, Growth Analysis, By Technology(Fluorescent, HID), By Spectrum(Partial and Full) - Industry Forecast 2024-2031

Global Horticulture Lighting Market size was valued at USD 4.15 Billion in 2022 and is poised to grow from USD 5.69 Billion in 2023 to USD 71.54 Billion by 2031, at a CAGR of 37.21% during the forecast period (2024-2031).

The more innovative technology used in the horticulture industry is LED lights because of their easy installations and reasonably priced solutions. Lights are also less expensive when compared to other artificial light sources. While LEDs progressively lose some of their lumen output, they do not burn out like conventional light bulbs. Depending on the application, LEDs can last up to 50,000 hours, while light bulbs usually burn out within a year. The increased lifespan ensures high reliability. Growing public awareness of vertical farms' benefits and rising food consumer demand are expected to spur their expansion in the area. The economic feasibility of vertical farming in urban environments is being assessed by researchers in the Netherlands. As an example, ams-OSRAM intended to invest an additional EUR 800 million in Malaysia (at the Kulim Hi-Tech Park) in April 2022 to assist the development of microLEDs and innovative LED technologies. Furthermore, ams Osram aims to achieve carbon neutrality by 2030. One of the key factors expected to drive industry demand is growing awareness of the need for alternative farming due to the growing population and the decreasing amount of productive agricultural land.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Horticulture Lighting Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Horticulture Lighting Market Segmental Analysis

Global Horticulture Lighting Market is segmented on the basis of technology, application, system, spectrum and region. By technology, the market is segmented into fluorescent, HID, LED. By application, market is segmented into greenhouse, vertical farms, indoor farms. By system, the market is segmented into hardware and software. By spectrum, the market is segmented into partial and full. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Horticulture Lighting Market

One of the main factors driving the horticulture lighting industry is the transition from conventional to LED lighting technologies. With the longer lifespan, energy efficiency, and customizable light spectrum that LED lighting offers, producers can establish the ideal lighting conditions for different crops.

Restraints in the Global Horticulture Lighting Market

LED lighting offers configurable light spectra, but it takes skill and knowledge to manage the light spectrum for various crops and growth stages. Insufficient spectrum management may result in less than ideal plant development and production.

Market Trends of the Global Horticulture Lighting Market

Controlled Environment Agriculture (CEA) and Vertical Farming One important trend in the sector is the increasing use of LED technology in horticulture lighting systems. LED (Light Emitting Diode) lighting has grown in popularity in horticulture because of its energy efficiency, long lifespan, and precise control over light spectrum. An increasing number of growers are moving to LED lighting instead of HPS lamps, a prevalent traditional lighting source. Producers can increase agricultural yields and quality by using LEDs to modify light wavelengths to different phases of plant development. Additionally, because LEDs produce less heat, they require less cooling, which further lowers energy use. This transition to LED horticultural lighting is expected to grow the business in the years to come.