Horticulture Light Market Size, Share, Growth, and Industry Growth, By Type (Plastic, Glass, and Others), By Application (Vegetables, Ornamentals, Fruit, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Horticulture Light Market REPORT OVERVIEW

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The global horticulture light market size was USD 2592.1 million in 2021 and market is projected to touch USD 9760.6 million by 2031, exhibiting a compound annual growth rate (CAGR) of 14.0% during the forecast period.

Horticulture light is employed in indoor agricultural applications because it provides crops with additional light in place of natural daylight. Illuminating plants with artificial light encourages and enhances their growth. It has many uses, including greenhouses and urban, indoor, and vertical farming. Plants can be grown without the need for sunlight thanks to advanced lights, which give them artificial light to aid in photosynthesis. Due to their simple installations and affordable solutions, LED light is advanced technology employed in the horticulture sector. The use of this lighting is widespread in the horticulture industry with the goal of promoting and facilitating plant development by illuminating it. 

The illumination is used in addition to natural light to help increase growth light levels and enhance photosynthesis. Horticulture lighting is employed in indoor agricultural applications because it provides crops with additional light in place of natural daylight. Illuminating the plants with artificial light encourages and enhances their growth. It has many uses in urban farming, including greenhouses, vertical farming, and indoor farming. Plants can be grown without the need for sunlight due to the advanced lighting, which gives them artificial light to aid in photosynthesis.

COVID-19 Impact: Stringent Government Norms Affected the Market Growth Rate

The market for grow lights has been negatively impacted by the COVID-19 outbreak. The pandemic's development and the lockdowns that governments in several countries subsequently implemented, together with the harsh travel restrictions, had an impact on the market. The raw material supply and the end product's distribution were both impacted by the Supply chain interruptions. In addition, compared to pre-COVID levels, there was a substantial decline in the demand for grow lights. As the limits were loosened, the market, however, began to rebound. Students were involved in gardening, particularly growing vegetables, as a result of their extended homestays and work-from-home professionals. For their home gardens, many people have adapted indoor farming and vertical farming techniques like hydroponics.

LATEST TRENDS

"Change in Weather to Foster the Product Demand"

The change in weather is a major cause for propelling the demand for horticulture light for maintaining a balanced agricultural environment. It helps in maximizing crop yield and saving energy with advanced lighting solutions. The rising awareness about advanced lights is increasing its demand among farmers, which is estimated to gain traction in the global market. The rise in the number of farm start-ups and food suppliers is estimated to foster market growth. The easy availability of the product in the market is boosting the adoption of horticulture lights. The weather constantly changes, which disrupts the crops. This disruption of crops due to the change in weather conditions is expected to aid horticulture light market growth. 

Horticulture Light Market Segmentation

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• By Type Analysis

By type, the market is segmented into plastic, glass, and others.

• By Application Analysis

Based on application, the market is classified into vegetables, ornamentals, fruit, and others.

DRIVING FACTORS

"Use of Product in Various Agricultural Applications to Bolster Product Demand"

The rise in the use of horticulture light in various applications such as urban farming, supplemental lighting, cultivation with artificial light, and multilayer cultivation are a few major uses of this product. These lights meet the proper performance and safety requirements as it performs under specific environmental conditions. Additionally, the rising demand for CEA (Controlled environment agriculture) and SSL technology practices is expected to surge growth in the market. The consumer relies on homegrown vegetables and fruits, which boosts the demand for the product. The agriculture industry is energy efficient and consumes less energy than regular farming. These advantages of the product are estimated to foster growth in the market. 

"Growing Population to Boost Market Growth,"

The rising population globally is leading to higher food consumption and other crops. The growing population is expected to surge the demand for horticulture lights. The higher demand for crops and food is leading to difficulty in producing sufficient crops, which is estimated to boost the demand for artificial lights. Furthermore, the rise in demand for advanced technologies related to agriculture and lighting is forecasted to aid growth in the market. The rising population is leading to the expansion of indoor farming, which produces crops every season. Indoor farming protects crops from severe weather conditions such as drought, flood, and cold. Thus, the adoption of advanced lights is forecasted to surge. 

RESTRAINING FACTORS

"High Setup Costs to Impede the Growth of the Market"

Major factors expected to hamper the horticulture light market growth are high setup and equipment costs. The operation of lighting on different spectra for different crops may limit the market growth. The use of this technology for large fields can be costly and complex to install. The unavailability of standard testing practices may make it difficult to get the results which are expected to negatively affect the market growth.

Horticulture Light Market REGIONAL INSIGHTS

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"Europe to Dominate the Global Market Owing to The Availability of Product in The Region"

Europe is forecasted to hold a major part of the horticulture light market share owing to the easy availability of the product in the regional and global markets.

Asia Pacific is anticipated to experience significant growth in the global market due to the rise in consumption of food backed by the growing population in the region. The presence of developing economies is leading to the growth of the population. 

KEY INDUSTRY PLAYERS

"Market to Grow by Launching Innovative Technology for Farming"

Businesses are developing new technology to provide simpler ways to broaden their product offerings. Businesses also use cutting-edge methods and procedures to create new technology. To boost sales, companies are concentrating on acquisitions and investments. The market is competitive as a result of the vast number of big businesses there. Other characteristics include operating through specialized distribution networks and having a big worldwide consumer base. Leading businesses introduce new products in an effort to gain market share.

List of Market Players Profiled

• Richel (France)
• Hoogendoorn (Netherlands)
• Dalsem (Netherlands)
• HortiMaX (Canada)
• Harnois Greenhouses (Canada)
• Priva (Netherlands)
• Ceres greenhouse (U.S.)
• Certhon (Netherlands)
• Van Der Hoeven (Netherlands)
• Beijing Kingpeng International Hi-Tech (China)
• Oritech (India)
• Rough Brothers (U.S.)
• Trinog-xs (Xiamen) Greenhouse Tech (China)
• Netafim (Israel)
• Top Greenhouses (India)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate horticulture light market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.