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CHICAGO, – According to the new market research report “Horticulture Lighting Market by Technology (Fluorescent, HID, and LED), Application (Greenhouses, Vertical Farming, and Indoor Farming), Cultivation (Fruits & Vegetables and Floriculture), Lighting Type, Offering, and Region – Global Forecast to 2023″, published by MarketsandMarkets™, the overall market is expected 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 demand for horticulture lighting is increasing owing to the rapid population growth and availability of limited arable land.
Greenhouses expected to account for a major share of horticulture lighting market, based on application, during the forecast period
Greenhouses allow horticulture to be practiced in a protected environment, ensuring optimum yield. Greenhouses are designed to trap natural sunlight and humidity, as well as retain them, making it conducive for growing various types of plants. Plants can be grown either by using soil as a base or by adopting the hydroponic technique. Plants grown in greenhouses are protected from external factors (dirt, natural elements), and with proper care, they can be protected from insects and pests as well. Hence, greenhouses are expected to hold the largest market share during the forecast period.
LEDs to witness the highest CAGR in horticulture lighting market, based on technology, during the forecast period
LED lighting is the most efficient technology. LED grow light systems are highly energy-efficient and also have a long operational life of 30,000 to 50,000 hours. LED grow lights usually do not require separate ballasts; they can be plugged directly into a standard electronic socket. Advanced LED grow lights come with an adjustable spectrum, which allows growers to change wavelengths based on plant requirements. As a result, the market for LED horticulture lights is expected to grow at the highest rate during the forecast period.
Horticulture market in APAC expected to grow at the highest CAGR from 2018 to 2023
The horticulture lighting market in APAC is expected to grow at the highest rate during the forecast period. Climatic variations in developing economies of APAC hamper agriculture due to which these emerging countries have to import fresh vegetables and fruits from their neighboring regions. The introduction of vertical farming has enabled this region to produce vegetables and fruits in a controlled environment. Increasing population and growing urbanization in APAC are likely to be the major factors driving the demand for horticulture lighting for urban farming, which, in turn, is likely to influence the LED horticulture lighting market in this region positively.