Forecast: Horticulture Lighting Market to Grow at 16.22% CAGR Over the Next five Years

Growing farm-to-table trends encourage the need for horticulture lights and thereby drive the Horticulture Lighting Market through 2030.

According to MarkNtel Advisors study, The Global Horticulture Lighting Market size is valued at around USD 6.78 Billion in 2023 and is projected to grow at a CAGR of around 16.22% during the forecast period, i.e., 2024-30.

The increased deployment of horticulture lighting in numerous agricultural applications, including urban farming, supplemental lighting, cultivation without daylight, and multilayer cultivation, provides the necessary impetus to the market for the projected timeframe. Further, the growing vertical farming applications and greenhouse projects enthrall the market. Additionally, the population boom for the past few years, instigating the farmers to go indoors and utilize every bit of resource to cater to the up-scaling needs, further propels the market through 2030.

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Key Findings in Horticulture Lighting Market:

Horticulture Lighting Market Key Players:

Bridgelux Inc., EYE Hortilux, Maxigrow Ltd, Hortilux Schreder, Osram Licht AG, Gavita International BV, Lumileds, Agrolux, PARsource, Heliospectra, Signify, Valoya, California Lightworks, LumiGrow, EYE Hortilux, Others

Market Segmentation Overview:

By Application

-Indoor Farming

-Greenhouse

-Vertical Farming

By Technology

-High-Intensity Discharge (HID)

--LED

--High-Pressure Sodium Lamp

-Fluorescent

--T5

--CFL

By Offering

-Hardware

-Software

-Services

By Cultivation

-Vegetable

-Fruits

-Floriculture

-Others (Medicinal plants, Aromatic, etc.)

By Lighting Type

-Top lighting

-Inter lighting

-Supplemental Lighting

-Sole-Source Lighting

-Photoperiodic Lighting

Here, Inter lighting segment acquires the major revenue share in the market during the forecast period. Such dominance can be credited to its consummate ability to proportionally distribute the lights in the canopy that otherwise tends to receive lesser lights in lower and middle levels. With relatively improved light efficacy, the Inter lighting led to higher yields as compared to other variants. Besides, the sudden rise in the number of greenhouses for cucumber and tomato agriculture further acts as a catalyst to the market.

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By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Horticulture Lighting Industry Recent Development:

In 2022, Signify, the behemoth in lighting, has finally acquired Fluence, one of the brands from AMS OSRAM. The acquisition seems to strengthen the global Agriculture lighting growth platform and extends the position of Signify in the attractive North American horticultural lighting market.

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About MarkNtel Advisors:

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

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