Worldwide Horti Lighting Industry To 2030
21-09-2020 | Cision PR Newswire
DUBLIN- The "Horticulture Lighting Market Research Report: By Type, Technology, Cultivation, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The worldwide population is expected to increase to 8.5 billion by 2030, from 7.7 billion in 2019, as per the United Nations Department of Economic and Social Affairs (UN-DESA). Additionally, the disposable income of people is also rising, and the two factors are together resulting in a growing demand for food products.
To increase the yield, by making the best use of the available land, several countries are developing indoor farming techniques. Thus, with the population boom, the revenue generated in the global horticulture lighting market is expected to rise from $3.2 billion in 2019 to $20.3 billion by 2030, at a CAGR of 18.1% during 2020-2030 (forecast period).
Light-Emitting Diode (LED) to Dominate Market during Forecast Period
Till 2030, LED would continue holding the largest revenue share in the horticulture lighting market, as this technology is quite cost-effective and lets farmers control the light intensity to suit different plants and crops. These factors are resulting in a high adoption of LED lights in greenhouse and indoor agricultural processes.
During the forecast period, the flowers bifurcation is expected to witness significant horticulture lighting market growth, as the demand for flower buds and cut flowers for decorative purposes is surging. From 2017, the exports of such products rose by 2.5%, to garner $6.6 billion in revenue in 2018, as per Trade Map. Currently, Europe's flower exports account for the highest revenue, followed by Latin America (LATAM), Asia-Pacific (APAC), Middle East and Africa (MEA), and North America.
In 2019, top lighting dominated the horticulture lighting market, as this type of lighting is vastly used for vertical farming, wherein the lights are placed close to the plants. Similarly, in indoor farming, the lamps and bulbs are suspended for the ceiling, because it creates optimum conditions for the growth of plants.
In the coming years, the fastest growth in the horticulture lighting market is projected to be experienced by the indoor/vertical farming division. The rapid increase in population and urbanization rate is leading to the shrinking of cultivable land, which is forcing the agrarian community to adopt indoor farming methods. Additionally, farmers are being offered financial support, to install vertical farms, by companies such as Toshiba Corporation and Panasonic Corporation.
Europe was the largest horticulture lighting market during the historical period (2014-2019). This is because it is the largest exporter as well as producer of fruits, flowers, and vegetables around the world. During the forecast period, the highest CAGR, of 21.1%, would be experienced in Asia-Pacific, owing to its increasing disposable income and population. Further, as a result, the reducing arable area, numerous countries in the region are looking at modern farming techniques, such as indoor horticulture, greenhouse, and vertical farming.
Market Players Strongly Pursuing Client Wins to Better their Position
In the recent years, several players in the horticulture lighting market have successfully pursued client wins to increase their sales and strengthen their position in the industry. For instance, a Canadian licensed producer of recreational and medicinal marijuana selected LumiGrow Inc. as its LED lighting partner in May 2019, for its six-acre cannabis greenhouse expansion project.
Similarly, in October 2019, Heliospectra AB received a $7.46 million (SEK 72 million) order for its MITRA LED lights from Nectar Farms in Victoria, Australia. The lights will be installed at a tomato-based glasshouse at Nectar Farms.
The competition in the global horticulture lighting market is primarily among Cree Inc., Samsung Electronics Co. Ltd., Lumileds Holding B.V., EPISTAR Corporation, Everlight Electronics Co. Ltd., Osram Licht AG, Broadcom Inc., Signify N.V., Illumitex Inc., Hubbell Incorporated, Hortilux Schrder B.V., LumiGrow Inc., General Electric Company, and Heliospectra AB, as they are the largest companies in the domain.
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SOURCE Research and Markets