The horticulture lighting market is projected to grow during the forecast period 2018-2023
The recent study on the global horticulture lighting market covers an in-depth analysis of the market on the basis of technology, cultivation, application, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Horticulture Lighting Market - Forecasts From 2018 To 2023”, the market is expected to surge at a significant CAGR during the projected period. The report has segmented the horticulture lighting market by technology as fluorescent lights, high-intensity discharge (HID) lights, and LED lights, by cultivation as fruits and vegetables, and flowers or floriculture, by application as greenhouse, vertical farming, and indoor farming and by geography as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The horticulture lighting market is currently in a nascent stage, but is poised to grow at a fast pace during the forecast period owing to the growing population, rapid urbanization leading to the less availability of arable land, and growing adoption of LEDs, where there is an advantage of optimizing the light according to the plant growth requirements over other traditional lights. Furthermore, the growing trend of vertical and indoor farming will provide an opportunity for the market to thrive during the forecast period and beyond.
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Slowly LED lights may replace the other traditional lights used for plant growth in horticulture applications.
At present, high-intensity discharge (HID) lamps are widely being used for artificial lighting purposes by the greenhouse industry. This is due to the fact that these lights are economically viable and provides a consistent and adequate light-spectrum for plant growth. LEDs are advantageous but due to some difficulties, primarily cost, have limited their use in horticultural applications. However, due to advancements in LED technology, performance has improved in recent years and can easily optimize the spectral output as per the plant growth requirement, thus will be able to compete with the HID light sources and will surely outgrow during the forecast period and beyond for various horticultural applications.
North America is expected to hold a significant market share
The North America horticulture lighting market is estimated to hold a significant market share during the forecast period, owing to the legalization of medicinal cannabis. Furthermore, the key market players of the LED horticulture lighting are currently focused on two main applications, namely medicinal plant production (mainly cannabis, which is the main market driver) and vegetable production. In addition, many young companies are adopting LED horticulture lighting to cope up with weather conditions where long winter and short-daylight have always been a limiting factor for farming, LED lights have helped in solving the problem providing an efficient and sustainable option for the food producers at the national and the international level.
Some of the major players discussed in the reports are General Electric Company, OSRAM GmbH, Lumileds Holding B.V., and Hortilux, among others.
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