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Horticulture Lighting Market Trends

Report ID: GMI7134
Published Date: Apr 2024
Report Format: PDF

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Horticulture Lighting Market Trends

Light Emitting Diode (LED) technology has gained popularity due to its efficiency and versatility. LEDs provide wavelengths of light that promote plant growth, increasing energy efficiency while reducing waste heat. The ability to modify light spectra has allowed growers to optimize crop growth and development, making LED grow lights a preferred choice in the horticulture lighting industry. Moreover, they are cost-effective and allow producers to fine-tune illumination to suit different plant species & growth stages.

The Internet of Things (IoT) integration brought smart lighting systems to the forefront. These systems enable remote monitoring and control, aiding growers to fine-tune lighting schedules and spectra based on real-time data & plant needs. Data collection and analytics play a crucial role in optimizing crop yields and resource utilization. Automation and precise control over lighting parameters streamline operations and reduce human error. Smart lighting also contributes to the overall efficiency and sustainability of horticultural practices by ensuring that the light is used only when and where it is most needed.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size for horticulture lighting 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 as it plays a critical function in increasing agricultural productivity.

The Light-Emitting Diode (LED) segment accounted for over 30% market share in 2022, as they are highly energy-efficient and produce minimal heat, with benefits like reduced operational costs, longer lifespan, lower maintenance and replacement costs.

North America dominated the global horticulture lighting market with a share of over 30% in 2022, backed by the surge in Controlled Environment Agriculture (CEA), including vertical farming and greenhouse cultivation, alongside the increasing emphasis on sustainable and energy-efficient farming practices.

Signify Holding (Philips), OSRAM GmbH, Samsung Electronics Co. Ltd., Lumileds Holding BV, Everlight Electronics Co. Ltd., Gavita International BV, and Heliospectra AB.