October 27, 2021 09:15 US Eastern Time | Source: Market Research Future Market Research Future
New York, USA, October 27, 2021 (GLOBE NEWSWIRE) - Market analysis: According to a comprehensive research report by Market Research Future (MRFR), "Horticultural lighting market information by technology, lighting type, cultivation, application, region-forecast to 2027 In 2010, the market size will reach US$7,878.4, and it will grow at a compound annual growth rate of 16.41% by 2026.
Market scope: Due to the lack of arable land and the increasing use of indoor agriculture, horticultural lighting has become more prominent. With the help of grow lights, the delivery and breeding of animals and the growth of crops can promote their needs. Market Research Future (MRFR)'s global horticultural lighting market report covers the trends and niches of new lighting products during the forecast period (2020-2027). The impact of the COVID-19 pandemic on market value was discussed in detail.
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Exclusively covered markets USP: The market drives high demand for agricultural products to drive market demand: the rapid pace of urbanization, urban population growth, and the migration of people to urban areas can drive demand for better agricultural products. In view of the available space in buildings and the technological reliance on optimal use of resources, the encouragement of indoor farms can drive the demand for horticultural lighting solutions. Reduced transportation costs and the absence of pests may cause farmers to prefer this urban practice.
Convince farmers for commercial-scale production: Resistance to unpredictable weather conditions and the realization of year-round crop production can drive demand for gardening lights. Planting plants and crops in a controlled environment without the risk of pests and crop spoilage will lead to investment in the sector.
Huge installation costs hindering market growth: The high cost of LED plant growth lights may prevent farmers from adopting this approach. Compared with the high pressure sodium (HPS) lamp, its amazing price can prevent market growth.
Browse the in-depth market research report on the horticultural lighting market (159 pages):
Segmentation: LED lamp technology has become the leading technology: According to technology, the market has been subdivided into high-intensity discharge lamps, LED lamps, fluorescent lamps, etc. Among them, the LED lamp segment is expected to have the highest compound annual growth rate during the forecast period, at 18.99%. LED lights can control the brightness and intensity spectrum to promote the growth of crops and animals. Due to the long life and high efficiency of LEDs, the use of plant growth lights in greenhouses and the use of LEDs to transform HID devices can be beneficial to the market.
The middle lighting segment dominates the market growth: according to the type of lighting, the market has been subdivided into top lighting and middle lighting. In 2019, the value of the interior lighting department was US$1.3775 million, and the compound annual growth rate during the assessment period is expected to be 17.33%. Interlights' advantages in the size and size of fruits and vegetables can drive the growth of market segments. In addition, the impact of lighting on the rapid maturity of products and increased overall productivity bodes well for the horticultural lighting market.
Fruits and vegetables occupy a major market share: through planting, the market has been subdivided into fruits and vegetables and flowers. Among them, the market share of the fruit and vegetable sector in 2019 was 57.49%, with a market value of US$1.6837 billion. Due to the public's acceptance of horticultural products, the compound annual growth rate is expected to be 15.98% during the forecast period.
Greenhouse applications lead the market: According to applications, the market has been subdivided into greenhouses, vertical agriculture, indoor agriculture, etc. Among them, the greenhouse sector has the largest market share in 2019, at 37.93%, with a market value of US$1.1107 billion. Due to the advantages of hydroponics and other advanced technologies, environmental parameter control and resource efficiency, the compound annual growth rate is expected to be 15.65% during the forecast period.
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Regional analysis: Due to healthy light, Europe will dominate the revenue of the market: Due to the rise of urban agriculture and the advancement of agricultural equipment, Europe will dominate the revenue of the global gardening market. Due to the increase in indoor livestock and crop production, the area’s compound annual growth rate during the forecast period is close to 16%. The lack of arable land and the availability of raw materials and machinery to meet consumer demand can significantly drive market growth.
Impact of COVID-19: The COVID-19 pandemic has caused a slight setback to the horticultural lighting market. This is due to obstacles and lack of manpower in Asian supply chains. During the pandemic, the rise of vertical agriculture with indoor facilities can drive market demand. The use of LED lights to grow food at home and concerns about food security bodes well for the market.
Industry update: Osram has partnered with GrowGeneration Corporation to sell its series of lamps, hydroponic equipment and organic soils to its commercial customers.
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