MarketResearch.biz announces the publication of its most recently generated research report titled, “Global Horticulture Lighting Market by Offering (Hardware, Software, and Services), By Lighting Type (Inter-Lighting, Top-Lighting), By Technology (Fluorescent Lamps, High-Intensity Discharge (HID) Lights, LED Lights, Other Technologies), By Application (Greenhouses, Vertical Farming, Indoor Farming, Other Applications), and Region – Global Forecast to 2020 and 2030.“, which offers a holistic view of the global horticulture lighting market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2021–2025) is projected to be over US$ 32.28 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Horticultural lighting is a method of stimulating plant growth through artificial lighting equipment in the absence of natural light. Horticultural lighting can replace sunlight as a catalyst for plant growth. It is an artificial light source used in the photosynthesis process. The main advantage of horticultural lighting is that it helps plants produce more fruits, beautiful flowers, better leaf shapes, and shorten or extend specific growth periods through improved photosynthesis.
Global Horticulture Lighting Market: Market Dynamics
The rise in sports and recreational activities, an increasing number of events such as marathons, and running races in many regions worldwide are the main factors expected to enhance the target market’s growth. High raw material prices and low penetration of sportswear in rural areas hinder the global horticulture lighting market.
The rise in the number of health consciousness populations and increasing awareness regarding physical appearance and overall wellness among individuals is another factor resulting in a growing number of sports activities such as running and jogging, which is expected to bolster the horticulture growth lighting market.
Global Horticulture Lighting Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global horticulture lighting market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global horticulture lighting market is estimated to expand at a moderate CAGR of 21.4% during the forecast period.
Global Horticulture Lighting Market: Segmental Snapshot
The market report has been segmented into an offering, lightning type, technology, and application. The offering segment includes hardware, software, and services. The lighting type segment includes inter-lighting, top-lighting. The technology segment includes fluorescent lamps, high-intensity discharge (hid) lights, led lights, other technologies. The application segment comprises greenhouses, vertical farming, indoor farming, other applications. The region covered in the analysis is North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By offering: The hardware segment is expected to register a CAGR of over 22.2%, thereby accounting for the highest revenue share among the offering segments.
By lightning type: The top-lightning segment is expected to register a CAGR of over 22.6% over the forecast period, thereby accounting for the highest revenue share among the lightning type segments.
By technology: The LED lights segment is expected to register a CAGR of over 22.4% over the forecast period, thereby accounting for the highest revenue share among the technology segments.
By application: The greenhouses segment is expected to register a CAGR of over 22.9% over the forecast period, thereby accounting for the highest revenue share among the application segments.
By region: The Europe region accounted for the highest revenue share in the global horticulture lighting market in 2018 and is estimated to register a CAGR of over 21.2% between 2021 and 2030.
Global Horticulture Lighting Market: Competitive Analysis
The research report on the global horticulture lighting market includes profiles of prominent companies such as Samsung Electronics Co. Ltd, General Electric Company, Koninklijke Philips NV, OSRAM Licht AG, Cree Inc., Hortilux Schréder B.V., Hydrofarm, Inc. (PARsource), Lumileds Holding B.V, Illumitex Inc., Heliospectra AB.
The Global Horticulture Lighting Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2021–2025 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the global horticulture lighting market’s growth prospects for 2021–2030.
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