Horticulture Lighting Market Size

Horticulture Lighting Market Size

Horticulture Lighting Market was valued at over USD 6.5 billion in 2023 and is anticipated to grow at a CAGR of over 16.1% between 2024 and 2032. This dynamic growth is attributed to its critical function in increasing agricultural productivity.

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Innovative agricultural technology such as smart lighting systems optimize resource utilization, resulting in higher yields and better crop quality. Furthermore, these advancements allow year-round cultivation, which alleviates seasonality constraints. Horticulture lighting is becoming increasingly important as the global need for fresh fruits is increasing. Furthermore, concerns about sustainability drive the use of energy-efficient and ecologically friendly lighting systems that are compatible with modern farming techniques. As a result, increased capital infusion into these technologies is driving the horticulture lighting industry demand. For instance, in March 2020, Signify collaborated with Planet Farms, Europe’s largest vertical farm, to boost crop quality and yield using the Philips GreenPower LED production module managed by the Philips Grow Wise Control System. This enables Planet Farms to produce and deliver the tastiest aromatic herbs & lettuce to its customers in Italy all year round.

Horticulture lighting refers to the use of artificial light sources, typically LEDs or high-intensity discharge lamps, to provide controlled & supplemental lighting for plant growth in indoor or greenhouse settings. This specialized lighting technology is designed to mimic natural sunlight and optimize the photosynthesis process, promoting plant growth, flowering & fruiting. It allows for year-round cultivation, enabling farmers & horticulturists to extend growing seasons and improve crop quality, making it a crucial component of modern agriculture and urban farming practices.

Horticulture lighting systems increase growers' operational costs and reduce their profitability. They increase environmental problems by raising carbon footprints and burdening the electricity systems, leading to energy shortages. Furthermore, excessive energy use limits scalability, inhibiting market expansion. The increased wear & tear of the lighting systems also raises the maintenance costs. The imposition of regulations by governments on horticultural lights to prevent energy waste may cause regulatory complications. Excessive energy use may harm economic & environmental sustainability and inhibit industry expansion.