Horticulture Lighting Market Report: Segment And Growth Forecasts By 2031

Published: 2024-10-10
Views: 77
Author: RohanG01
Published in: Business

United States of America [10-Oct-2024]: The Insight Partners is proud to announce its newest market report, "Horticulture Lighting Market Overview, Growth, Trends, Analysis, Research Report (2021-2031): An In-depth Analysis of the Market." The report provides a holistic view of the market and describes the current scenario as well as growth estimates for the forecast period.

Overview of the Horticulture Lighting Market

The rapid growth in the horticulture lighting market was attributed to increasing demand for controlled environments where there is crop production in urban areas and other places that have very limited outdoor growing conditions. In this regard, LED lighting technology emerged as a dominant player since it ensured energy efficiency, and long-lived performance, besides the potential capability of emitting specific wavelengths of light that optimize plant growth.

Market Size and Growth

• Historical Data: The Horticulture Lighting market is estimated to reach US$ 24.14 billion by 2031 with a CAGR of 20.7%. These provide valuable insights into the market's dynamics and can be used to inform future projections.
• Key factors: The key factors affecting the horticulture lighting market include technological advancements, regulatory changes, consumer preferences, economic conditions, and the growing demand for controlled environment agriculture.

Market Segmentation

The horticulture lighting market can be segmented based on various factors, including:

Light Source:

• LED (Light-Emitting Diode)
• HPS (High-Pressure Sodium)
• MH (Metal Halide)
• Fluorescent
• Others

Application:

• Indoor farming
• Greenhouses
• Vertical farming
• Horticulture research
• Home gardening

End-User:

• Commercial growers
• Research institutions
• Home gardeners
• Government agencies

Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

This segmentation can help identify specific market niches, understand customer needs and preferences, and develop targeted marketing strategies.

Growth Opportunities

Due to many driving factors, horticulture lighting is a tremendous potential market. This is strongly driven by the growing demand for controlled environment agriculture that is fast gaining popularity in major urban regions with less-than-ideal outdoor conditions regarding plant production. Development and offering of more competent and economical lighting solutions with LEDs have also contributed to its market growth. Such lights save energy and have longer lives, besides having the facility to emit specific wavelengths of light that optimize plant growth. Increased focus on sustainable agriculture and a growing demand for round-the-year crop production are also forcing up the demand for horticulture lighting. Moreover, technology and research support the development of new and innovative ways of lighting solutions, such as vertical farming systems and smart lighting controls. In general, the growth in the horticulture lighting market is expected to be stable, based on the rise in demand for controlled environment agriculture and advanced lighting technologies.

Conclusion

The Horticulture Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2031 report provides much-needed insight for a company willing to set up its operations in the market. Since an in-depth analysis of competitive dynamics, the environment, and probable growth path are given in the report, a stakeholder can move ahead with fact-based decision-making in favor of market achievements and enhancement of business opportunities.

About The Insight Partners

The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken forms an integral part of our research methodology and makes the report unique and reliable.