horticulture lighting Market

Horticultural lighting is used in urban agriculture, multi-layer cultivation, supplemental lighting, and daylight-free cultivation. Due to increasing awareness about sustainable farming, researchers, governments, and organizations have taken global initiatives to improve horticulture with efficient and adequate lighting. Increase in demand for advanced lighting-related technologies is expected to boost the growth of the horticulture lighting market. Toshiba and Panasonic have started to support the farmers by providing financial and technical support to establish vertical farms. Such developments in vertical agriculture are boosting the growth of the horticulture lighting market.

The horticulture lighting market is segmented based on technology, application, and cultivation. Based on technology, the horticulture lighting market is segmented into LED lights, high intensity discharge (HID) lights, and fluorescent lamps. The LED lights segment led the horticulture lighting market in 2019, and is anticipated to grow at the highest CAGR during the forecast period. In terms of application, the market is categorized into greenhouses, vertical farming, and indoor farming. The greenhouses segment held the largest market share in 2019.The vertical farming segment is anticipated to grow at the fastest CAGR during the forecast period. Based on cultivation, the market is segmented into fruits and vegetables and floriculture. The fruits and vegetables segment is expected to dominate the market due to increase in demand for fresh vegetables.

In North America, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of horticulture lighting products, such as LED lights and fluorescent lamps. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. North America is home to a large number of manufacturing and technology companies. Thus, the coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021.

Key players operating in the horticulture lighting market include Agrolux; Bridgelux, Inc.; Signify N.V.; Heliospectra AB; PARsource; Lumileds Holding B.V.; Hortilux Schréder B.V.; OSRAM Licht AG; General Electric Company; and Hubbell, Inc.

The global horticulture lighting market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the horticulture lighting market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the horticulture lighting market.