Horticulture Lighting Market Revenue, Trends Analysis, expected to Grow 16.22% CAGR

Market Insights

As per recent research by MarkNtel Advisors, The Global Horticulture Lighting Market size is valued at around USD 6.78 Billion in 2023 and is projected to grow at a CAGR of around 16.22% during the forecast period, i.e., 2024-30.

Global Horticulture Lighting Market Key Driver:

Widespread Adoption of Horticulture Lighting in Numerous Agricultural Applications - The increased deployment of horticulture lighting in numerous agricultural applications, including urban farming, supplemental lighting, cultivation without daylight, and multilayer cultivation, provides the necessary impetus to the market for the projected timeframe. Further, the growing vertical farming applications and greenhouse projects enthrall the market. Additionally, the population boom for the past few years, instigating the farmers to go indoors and utilize every bit of resource to cater to the up-scaling needs, further propels the market through 2030.

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Market Segmentation and Consumer Behavior:

By Application

Indoor Farming
Greenhouse
Vertical Farming

By Technology

High-Intensity Discharge (HID)
- LED
- High-Pressure Sodium Lamp
Fluorescent
- T5
- CFL

By Offering

Hardware
Software
Services

By Cultivation

Vegetable
Fruits
Floriculture
Others (Medicinal plants, Aromatic, etc.)

By Lighting Type

Top lighting
Inter lighting
Supplemental Lighting
Sole-Source Lighting
Photoperiodic Lighting

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Horticulture Lighting Market Geographical Analysis:

By Region:

North America
Europe
Asia-Pacific
South America
Middle East & Africa

Key Players and Competitive Strategies in the Horticulture Lighting Market

Several prominent players dominate the Horticulture Lighting Market, including:

Bridgelux Inc.
EYE Hortilux
Maxigrow Ltd
Hortilux Schreder
Osram Licht AG
Gavita International BV
Lumileds
Agrolux
PARsource
Heliospectra
Signify
Valoya
California Lightworks
LumiGrow
EYE Hortilux
Others

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Questions Addressed in this Study

1.What factors are driving the Horticulture Lighting Market growth?

2.How is the Horticulture Lighting Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Horticulture Lighting Market?

4.What is the current size of the Horticulture Lighting Market, and how is it projected to change in the future?

6.What is the future outlook for the Horticulture Lighting Market in terms of technological advancements and market expansion?

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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.