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Horticulture Lighting Market to Reach $26.9 billion, Globally, by 2032 at 20.3% CAGR: Allied Market Research
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The horticulture lighting market is expected to witness notable growth owing to advancements in LED technology, surge in adoption of controlled environment agriculture, increase in demand for locally sourced produce. Moreover, the increase in adoption of vertical farming methods presents a significant opportunity for horticulture lighting suppliers, as these systems heavily rely on artificial lighting to optimize crop growth in stacked layers. On the contrary, achieving the ideal light spectrum for different plant species and growth stages is challenging and requires R&D. The upfront costs of purchasing and installing horticulture lighting systems are prohibitive for growers.
By technology, the light-emitting diodes (LEDs) segment held the highest market share in 2022, accounting for nearly two-thirds of the global horticulture lighting market revenue and is estimated to maintain its leadership status throughout the forecast period light-emitting diodes (LEDs) command the highest revenue due to numerous advantages. LEDs offer energy efficiency, long lifespan, and customizable light spectra optimized for plant growth. They provide growers with precise control over light intensity and spectrum, promoting higher crop yields and quality. In addition, advancements in LED technology continue to drive innovation, further solidifying LEDs' position as the preferred choice for horticulture lighting solutions.
By application, the greenhouse segment held the highest market share in 2022, accounting for nearly two-fifths of the global horticulture lighting market revenue. However vertical farming is estimated to grow at the fastest CAGR during the forecast period. Vertical farming relies heavily on horticulture lighting solutions to optimize plant growth in stacked layers. This method offers scalability, space efficiency, and year-round production capabilities, driving its rapid growth and presenting significant market opportunities for horticulture lighting suppliers.
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global horticulture lighting industry revenue owing to factors such as advanced technological infrastructure, widespread adoption of controlled environment agriculture practices, favorable government regulations, and significant investments in research and development. These conditions positioned North America as a key player in shaping the global horticulture lighting industry.
Product launch, investment, collaboration, and acquisition are the major business strategies that were adopted by the key market players in 2022.
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