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Horticulture Lighting Market - Global Forecast to 2023: Increasing Awareness About Vertical and Indoor Farming

Dublin, Sept. 24, 2018 (GLOBE NEWSWIRE) -- The "Horticulture Lighting Market by Technology, Application, Cultivation, Lighting Type, Offering, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The overall horticulture lighting market is estimated to grow from USD 2.43 billion in 2018 to USD 6.21 billion by 2023, at a CAGR of 20.61% from 2018 to 2023.

The rapid population growth, availability of limited agriculture land, steady supply of crops despite unfavorable weather conditions for farming across geographies, government initiatives to support adoption of energy-efficient LEDs in horticulture, increased year-round high-quality yield, and legalization of cannabis for medicinal purposes are the major driving factors for the horticulture lighting market growth.

Retrofitting traditional light sources with LED grow lights and increasing awareness about vertical and indoor farming are the major opportunities in the horticulture lighting market. On the other hand, the high cost of energy-efficient LED grow light technologies, and the feasibility of cultivating a limited number of crop species using horticulture lights are the major challenges for the market players.

Vertical farming application is expected to grow at the highest rate during the forecast period

Demand for horticulture lighting systems for vertical farming applications is expected to increase during the forecast period. Vertical farming is changing the outlook of food production.

In vertical farming, plants are stacked in layers one above the other, utilizing the available space in the best possible way. Consumer demand for high-quality, locally developed food that is free of pesticides and other harmful chemicals is increasing. With vertical farming, space is not a constraint, and cultivators can grow crops even in a square foot of area. Despite changing climatic conditions, vertical farming also allows cultivators to grow all types of crops throughout the year. Increased use of LED horticulture lights is encouraging cultivators to adopt vertical farming on a large scale. Thus, due to the increasing awareness of vertical farming, this segment is expected to grow at the highest rate during the forecast period.

Europe is expected to hold the largest size of the horticulture lighting market during the forecast period

Europe is among the important markets for horticulture lightings. The European Union's initiatives to boost the adoption of LED grow lights are expected to create more opportunities for the manufacturers of LED modules and lamps in Europe.

Gavita (Netherlands), Osram (Germany), and Signify (Philips Lighting) (Netherlands) are the most prominent Europe-based lighting companies. Major European economies, such as the UK, Germany, and France, are investing in indoor horticulture lighting for fresh farm produce. This factor is expected to generate a huge demand for horticulture lighting systems in the future. Technological developments in artificial horticulture lighting have led to the use of efficient and eco-friendly technologies, such as LED grow lights, in Europe; moreover, governments in this region are implementing rigorous resolutions to ban the use of incandescent bulbs. In fact, the European Commission has proposed to eliminate the use of halogen lamps completely by 2018.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in Horticulture Lighting Market
4.2 Horticulture Lighting Market, By Offering and Cultivation
4.3 Horticulture Lighting Market, By Technology
4.4 Horticulture Lighting Market, By Application and Region
4.5 Horticulture Lighting Market, By Lighting Type
4.6 Horticulture Lighting Market, By Region

5 Market Overview

5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rapid Population Growth and Availability of Limited Agricultural Land
5.2.1.2 A Steady Supply of Crops Despite Unfavorable Weather Conditions for Farming Across Geographies
5.2.1.3 Government Initiatives to Support Adoption of Energy-Efficient LEDs in Horticulture
5.2.1.4 Increased Year-Round High-Quality Yield
5.2.1.5 Legalization of Cannabis for Medicinal Purposes
5.2.2 Restraints
5.2.2.1 High Cost of Energy-Efficient LED Grow Light Technologies
5.2.2.2 Feasibility of Cultivating Limited Number of Crop Species
5.2.3 Opportunities
5.2.3.1 Retrofitting Traditional Lighting Sources With LED Grow Lights
5.2.3.2 Increasing Awareness About Vertical and Indoor Farming
5.2.4 Challenges
5.2.4.1 Adoption of Controlled-Environment Agriculture Technique for Large-Sized Fields
5.2.4.2 Requirement for Different Light Spectrums for Certain Crop Varieties
5.2.4.3 Scarcity of Required Technical Know-How

6 Industry Trends

6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Spectrum Analysis
6.2.1.1 Partial Spectrum
6.2.1.2 Full Spectrum

7 Horticulture Lighting Market, By Offering

7.1 Introduction
7.2 Hardware
7.3 Software and Services

8 Horticulture Lighting Market, By Technology

8.1 Introduction
8.2 Fluorescent
8.2.1 T5
8.2.2 Cfl
8.3 High-Intensity Discharge (Hid)
8.3.1 High-Pressure Sodium Lamp
8.3.2 Metal-Halide Lamp
8.4 LED
8.5 Other Technologies

9 Horticulture Lighting Market, By Lighting Type

9.1 Introduction
9.2 Toplighting
9.3 Interlighting

10 Horticulture Lighting Market, By Cultivation

10.1 Introduction
10.2 Fruits and Vegetables
10.3 Floriculture

11 Horticulture Lighting Market, By Application

11.1 Introduction
11.2 Greenhouses
11.3 Vertical Farming
11.4 Indoor Farming
11.5 Others

12 Geographic Analysis

13 Competitive Landscape

13.1 Overview
13.2 Market Ranking Analysis 2017
13.3 Competitive Scenario
13.4 Recent Developments (Top 5 Players)
13.4.1 Product Launches
13.4.2 Partnerships/Collaborations/Agreements

14 Company Profiles

14.1 Key Players
14.1.1 Signify (Philips Lighting)
14.1.2 Gavita Holland B.V.
14.1.3 GE Lighting (GE Lighting + Current)
14.1.4 OSRAM (Opto Semiconductors)
14.1.5 Agrolux
14.1.6 Heliospectra
14.1.7 Hortilux Schreder B.V.
14.1.8 Lumileds
14.1.9 PARsource
14.1.10 Illumitex
14.2 Other Key Players
14.2.1 Hubbell
14.2.2 Maxigrow
14.2.3 Bridgelux
14.2.4 Eye Hortilux
14.2.5 LumiGrow
14.3 Start-Up Ecosystem
14.3.1 AXP Technology
14.3.2 Fluence Bioengineering
14.3.3 Shenzhen Sanxinbao Semiconductor Lighting (Evergrow)
14.3.4 Valoya
14.3.5 Oreon
14.3.6 Econolux

For more information about this report visit https://www.researchandmarkets.com/research/6h298p/horticulture?w=12

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                    Related Topics: Agriculture, Lighting Equipment , Landscaping Services
                    

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