Horticulture Lighting Industry size is expected to register 16.1% CAGR between 2024 and 2032 propelled by the increased investments in modern agriculture technologies.
Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — Horticulture Lighting Market value could reach USD 31.5 billion by 2032, as per a recent study by Global Market Insights Inc.
The Horticulture Lighting market is experiencing heightened demand due to increasing acquisitions and mergers among leading companies. These strategic consolidations are reshaping the industry landscape by driving innovation and expanding market reach.
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By combining resources, expertise, and technological capabilities, companies can enhance product offerings, accelerate research and development, and improve market penetration. For instance, in November 2023, Acuity Brands revealed its intent to purchase Arize horticultural lighting products from Current Lighting Solutions, LLC. Concurrently, Acuity Brands will uphold a distribution collaboration with Hort Americas, headquartered in Texas, to oversee sales and support Arize products across North America. Furthermore, the increasing adoption of indoor farming methods, such as vertical farming and greenhouse cultivation, is driving demand for horticulture lighting.
Fluorescent technology to proliferate market growth
The horticulture lighting market from the fluorescent segment could exhibit a decent growth rate over 2023-2032, claims the report. Despite the emergence of newer technologies like LED, fluorescent lights remain popular for their affordability and versatility. They offer a balanced spectrum of light suitable for various growth stages of plants, making them ideal for both commercial and hobbyist growers. Additionally, fluorescent fixtures are readily available and easy to install, attracting growers seeking cost-effective solutions. As the demand for indoor farming and greenhouse cultivation rises, fluorescent lighting continues to maintain its relevance and contribute to the growth of the horticulture lighting industry.
Fruits and vegetables to expand market reach
The fruits and vegetables segment will register a noteworthy CAGR from 2023 to 2032, as per the report. With a growing emphasis on sustainable agriculture and food security, indoor farming methods are increasingly adopted to meet the rising demand for fresh produce. Horticulture lighting plays a crucial role in this process by providing tailored light spectra and photoperiods to optimize plant growth and enhance yield and quality. As consumers prioritize health and sustainability, the demand for locally grown fruits and vegetables continues to rise, driving the adoption of advanced horticulture lighting solutions to support year-round production.
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Europe to witness a high market value
Europe horticulture lighting market will register a robust CAGR from 2023 to 2032. With the continent’s increasing focus on sustainable agriculture, there’s a growing adoption of indoor farming methods such as vertical farming and greenhouse cultivation. Horticulture lighting is pivotal in enabling year-round production and enhancing crop yields. Additionally, supportive government policies and incentives for energy-efficient technologies further propel market growth. As European consumers prioritize locally grown, fresh produce, the demand for advanced horticulture lighting solutions continues to surge, positioning Europe as a key driver of market demand in the global landscape.
Horticulture Lighting Market Players
Heliospectra AB, Lumileds Holding BV, Signify Holding (Philips), Everlight Electronics Co. Ltd., Samsung Electronics Co. Ltd., Gavita International BV, and OSRAM GmbH, among others
Company efforts tailored to the Horticulture Lighting Market are driving demand through strategic initiatives. Manufacturers are investing in research and development to enhance the efficiency and effectiveness of lighting solutions tailored to plant growth. Advanced technologies, such as LED fixtures with customizable spectra, optimize light wavelengths for different crops and growth stages, maximizing yields and quality. Additionally, companies are focusing on sustainability, developing energy-efficient lighting systems that reduce environmental impact and operational costs for growers. By aligning with market needs and sustainability goals, these efforts are shaping the future of horticulture lighting and driving market demand.
In November 2023, RED Horticulture, a dynamic lighting company, successfully concluded a $17 million Series A funding round. Headquartered in the Netherlands and France, the company specializes in innovative lighting solutions for advanced greenhouse operations.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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