A report on the global horticulture lighting market by Allied Market Research indicates that the industry is projected to showcase a notable CAGR of 20.3% with a revenue of $26.9 billion by 2032. The market has already garnered $4.2 billion in 2022. The report provides a comprehensive analysis of the market, incorporating key facts and data related to market size, share, forecasts, dynamics, segmental analysis, and competitive analysis. It is a valuable resource for market leaders, investors, stakeholders, and new entrants, helping them to gather detailed information about a product or service, identify key areas, and take insightful steps to achieve their business objectives.
The report analyzes various factors influencing the growth of the market, including drivers, restraints, opportunities, and trends that impact the industry both positively and negatively. The global horticulture lighting industry is expanding rapidly due to a surge in demand for locally sourced produce, an increase in the adoption of controlled environment agriculture, and advancements in LED technology. However, the high upfront costs of installation hamper market growth to some extent. Nevertheless, a rise in the adoption of vertical farming methods is expected to open new avenues of growth for the industry in the upcoming years.
Futuristic trends in the horticulture lighting industry
The advent of smart control system
Smart control systems are essential in horticulture lighting setups. These systems allow growers to precisely manage and automate lighting parameters such as duration, spectrum, and intensity. The integration of sensors and data analytics enhances the adaptability of lighting systems to environmental conditions. This trend aligns with the broader adoption of precision agriculture, enabling growers to make data-driven decisions for more efficient and sustainable crop production.
Human Centric Lighting (HCL) is
gaining traction
Human Centric Lighting (HCL) is a growing trend in the Horticulture Lighting Market, recognizing the influence of light on both plants and the people engaged in cultivation. HCL focuses on optimizing light spectra to improve the well-being and productivity of both plants and growers. This trend highlights the connection between light, circadian rhythms, and plant physiology, aiming to create ideal working conditions for horticultural workers.
· In November 2023, Acuity Brands declared its agreement to acquire Arize horticultural lighting products from Current Lighting Solutions, LLC. The company will continue its distribution partnership with Texas-based Hort Americas for the sales and support of Arize products in North America.
· India’s first semiconductor chip manufacturer specializing in Opto-semiconductors, Polymatech Electronics, launched its new horticulture LED products: monochromatic LEDs and Ravaye full-spectrum modules and packages. These products are designed to enhance greenhouse and vertical farming lighting for professional horticulture applications.
Competitive landscape of the market
The report offers an in-depth analysis of the leading companies in the global horticulture lighting market and highlights the key strategies they adopt to stay competitive. These strategies include mergers and acquisitions, product launches, partnerships, and joint ventures. Additionally, the report covers aspects such as company profiles, product portfolios, business performance, operating business segments, and company snapshots. The top players covered in the report are:
- Gavita International
- Cree LED, Inc.
- Heliospectra AB
- Samsung Electronics
- Signify Holding B.V.
- OSRAM GmbH.
- EVERLIGHT ELECTRONICS CO., LTD.
- Hubbell Incorporated
- ACUITY BRANDS, INC.
- Lumileds Holding BV
Regional analysis
The research report explores the regional dynamics of the horticulture lighting industry, emphasizing revenue trends across various geographical areas. It offers a detailed analysis of the market in Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa, covering the period from 2023 to 2032. As per a regional analysis of the market, North America held the largest share in 2022.
In summary, the AMR study on the
global horticulture lighting market thoroughly examines key market aspects,
including leading investors and their strategies. It also provides a detailed
analysis of industry competition using tools like Porter’s five forces. The
market intelligence and actionable data in the report help businesses develop
effective growth strategies.
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