Global Horticulture Lighting Market Size, Share, Analysis, Trends Future Forecast 2028
The Global Horticulture Lighting Market is projected to grow at a CAGR of around 21.1% during the forecast period, i.e., 2023-28. The market is driven by the exponentially rising population throughout the world entwined with a rapid climate change, resulting in greater food demand and immense pressure on the agriculture industry. Such swift augmentation in need can only be satiated through additional modern ways like indoor farming that requires horticulture lighting. Additionally, the growing propensity for home-grown fruits and vegetables fuels the market during the forecast period.
In addition, the report furnishes thorough information about the vendors, covering critical aspects such as shipments, pricing strategies, revenue generation, gross profit margins, interview records, company distribution channels, and more. These statistics provide consumers with valuable insights into the market's competitive landscape. The analysis further encompasses data on regional development, market size, volume, value, and pricing, encompassing various countries and regions.
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The primary objective of this study is to equip readers with a clear understanding of the market landscape, including segmentation, potential opportunities, significant trends, and existing challenges. The report's development involved extensive research and analysis, ensuring readers gain profound insights into the market dynamics and its potential trajectory.
The study is designed to aid in understanding the market and assist in formulating appropriate strategies for business expansion. Within the strategy study, a thorough analysis is provided for both new entrants and existing competitors in the industry under examination. This includes insights ranging from marketing channels and market positioning to future growth strategies. The study continually monitors prevailing market dynamics, such as driving and hindering forces, in addition to corporate activities such as mergers, acquisitions, and investments. It encompasses market size (value and volume), market share, growth rate, and employs a blend of qualitative and quantitative methodologies to provide projections specific to various locations or nations.
Prominent Market Segments and Key Players
In this section, a comprehensive examination of effective marketing strategies, market contributions, and recent advancements is carried out for prominent companies like Bridgelux Inc., EYE Hortilux, Maxigrow Ltd, Hortilux Schreder, Osram Licht AG, Gavita International BV, Lumileds, Agrolux, PARsource, Heliospectra, Signify, Valoya, California Lightworks, LumiGrow, EYE Hortilux, Others. Various methods and analyses are employed to ensure a detailed and reliable understanding of the market. The global Horticulture Lighting market is divided into distinct segments, namely:
-By Application
-Indoor Farming
-Greenhouse
-Vertical Farming
-By Technology
-High-Intensity Discharge (HID)
-LED
-High-Pressure Sodium Lamp
-Fluorescent
-T5
-CFL
-By Offering
-Hardware
-Software
-Services
-By Cultivation
-Vegetable
-Fruits
-Floriculture
-Others (Medicinal plants, Aromatic, etc.)
-By Lighting Type
-Top lighting
-Inter lighting
-Supplemental Lighting
-Sole-Source Lighting
-Photoperiodic Lighting
-By Region
-North America
-South America
-Europe
-The Middle East Africa
-Asia-Pacific
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This segmentation aids in identifying primary application areas, target market variations, specialized growth areas, and suitable marketing approaches.
Global Horticulture Lighting Industry Recent Developments
- In 2022, Signify, the behemoth in lighting, has finally acquired Fluence, one of the brands from AMS OSRAM. The acquisition seems to strengthen the global Agriculture lighting growth platform and extends the position of Signify in the attractive North American horticultural lighting market.
- In Oct 2020, California LightWorks unveiled its MegaDrive, a new professional grow light system, which claims to facilitate precise outcomes while drastically lowering both up-front long-term operating costs. Additionally, the new system constitutes a central power unit joined to a series of up to 30 LED fixtures in a chain. The best part is, High voltage three-phase power can connect straight to the central power unit, eliminating power drops to each fixture.
- In September 2020, Valoya, one of the key grow light manufacturers, expanded its product line of RX-Series line of greenhouse LEDs with two latest models - RX500 RX600, that are claimed to be producing minimal shading over the canopy. Also, equipped with an Ingress Protection rating of IP65 (wet location), these luminaires are purely dust-tight can demonstrate omnidirectional fight spraying with water jets.
Some of the Key Questions Answered in this Report:
- What are the growth estimates of the Global Horticulture Lighting Market for the years 2023-28?
- Which market factors will support the formulation of client and business strategies?
- What are the significant market opportunities for each segment mentioned in the research report?
- What major market players employ the main strategies to facilitate growth?
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