CHICAGO, March 3, 2022 /PRNewswire/ -- According to the new research report, the "Horticulture Lighting Market with COVID-19 Impact Analysis by Technology (Fluorescent, HID and LED), Application (Greenhouses, Vertical Farms, Indoor Farms), Cultivation, Lighting Type, Offering, Installation and Region - Global Forecast to 2027", published by MarketsandMarkets, the market is projected to grow from USD 3.1 billion in 2022 to USD 9.4 billion by 2027; it is expected to grow at a CAGR of 24.5% from 2022 to 2027. The key factors fueling the growth of this market include rising number of government initiatives to promote the adoption of CEA practices and SSL technology, growing demand for food owing to the continuously increasing population, increasing funding to develop vertical farms and greenhouses, and ongoing legalization of cannabis cultivation.
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The hardware segment to hold a larger market share in 2027
The hardware segment of the horticulture lighting market, by offering is estimated to hold a larger market share in 2027. The key factors for the growth of the market are the increasing number of new lighting installations in greenhouses and vertical farms and the growing support of governments of different countries promoting the adoption of CEA facilities.
The cannabis segment to register the highest CAGR during the forecast period
The cannabis segment of the horticulture lighting market, by cultivation, is projected to register the highest CAGR during the forecast period. The legalization of cannabis production is gaining momentum in different parts of the world as lawmakers globally are working toward this process. This is certainly going to benefit all categories of cannabis growers, and at the same time, manufacturers of LED grow lights are expected to benefit the most from this. Cannabis is also considered as a high value crop by growers and hence the cultivation of cannabis is growing at a faster pace.
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Europe is projected to hold the largest share of the horticulture lighting market in 2027
Europe is expected to hold the largest share of the horticulture lighting market in 2027. The growth of the market in this region can be attributed to the fact that the region has the strongest economies in the world, along with flourishing industries that lead to increased capital investment capabilities. Countries such as the Netherlands, Spain, France, and Italy have large areas under greenhouse cultivation. The use of LED grow lights in this region is gradually increasing from being a supplemental lighting source to becoming a primary light source for indoor farming. The population of Europe has expanded rapidly in recent times, and countries of the region are importing fruits and vegetables in frozen form from Africa and Asia. These factors are expected to drive the market growth of horticulture lighting market in Europe.
Signify (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands) are the key players in the global horticulture lighting market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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