Overview
The horticulture lighting market will witness a healthy growth from 2019 to 2026, a research report suggests. Growing at a CAGR of 16.41%, the market is projected to reach US$2,928.6 million by 2026. The growth in city farming is expected to support the market growth along with the advancement in technology. As predicted by analysts, high deployment costs will negatively affect the market’s performance from 2019 to 2026. During the forecast period, the market will be supported by the use of electronic lighting and increasing awareness levels. The shifting preference for cheaper alternatives on the other hand will challenge artificial lighting sector based organizations functioning in the global horticultural lighting market trends.
The market analysts have split the market into application, cultivation, lighting type, and technology segments based on products and services. Artificial lighting based companies have been profiled. The lack of investments in R&D is set to affect the global market during the forecast period 2019 to 2026. The report also provides the market’s performance forecasts till 2026. Analysts have studied the strategy of artificial lighting segment based organizations to help new entrants and established businesses. The artificial lighting sector itself is supported by a rise in disposable income as well as consumers aiming for more convenience. During the forecast period 2019 to 2026, the horticulture lighting market is set to witness a health growth across application, cultivation, lighting type, and technology segments as well as regional markets.
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Market Segmentation
The artificial lighting sector has seen growth across application, cultivation, lighting type, and technology segments owing to the presence of untapped market opportunities and advancements in technology. To study the market, analysts have further segmented application, cultivation, lighting type, and technology into greenhouse, vertical farming, indoor farming, and others on the basis of application. The market is further segmented into cultivation sub segment which is split into fruits & vegetables and floriculture. Additionally, the horticulture lighting market on the basis of lighting type is segmented into top-lighting and inter-lighting. The market is further segmented into technology sub segment which is split into fluorescent lighting, high intensity discharge light, LED light, and others.
The segmental analysis presented in the report provides artificial lighting field based organizations insights into key growth factors such as favorable policies across regional markets as well as challenges such as high initial investments the market will face from 2019 to 2026. The availability of many untapped opportunities and technological developments are some of the key factors having an influence on artificial lighting industry based companies, suggest analysts as per the horticulture lighting market report. But the report also identifies the lack of investments and the increasing demand and supply gap as major threats companies in artificial lighting will face till 2026.
Regional Overview
Artificial lighting market based companies in the horticulture lighting market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Favorable government policies will be a key growth driver for regional markets. However, dynamic policies and regulations will turn out to be a threat. For the forecast period 2019 to 2026 each of these regional markets are studied in the report. Starting from North America, the regional market and artificial lighting vertical based companies are spread across the United States, Canada, and Mexico. The shifting preference for cheaper alternatives will turn out to be a major challenge from 2019 to 2026. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.
The market in the region will be benefitted by the increasing demand from various industry verticals as well as the changing social behavior, suggests the report. Similarly, the artificial lighting sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the horticulture lighting market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2026.
Competitive Landscape
The global horticulture lighting market research report brings a comprehensive study of application, cultivation, lighting type, and technology market segments, regional analysis, and artificial lighting vertical based company details of key players. As the forecast period 2019 to 2026 will bring new opportunities for the market owing to the presence of effective communication and technological advancements, the market is set to grow at a compound annual growth rate of 16.41% and is predicted to reach a value of US$2,928.6 million by 2026. With SWOT analysis of artificial lighting sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as growing concerns regarding high cost and the increasing demand for highly skilled professionals , companies in the artificial lighting sector can change the way business is done.
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Industry News
Vertical Air Solutions LLC has been purchased by Pipp Horticulture (a subsidiary of Pipp Mobile Storage Systems, Inc., backed by Novacap), a manufacturer of space-saving, and multi-level mobile cultivation systems. VAS is a world pioneer in supplying air ventilation systems and associated goods to the global indoor vertical farming market, with headquarters in Santa Cruz, California. Our goal of extending our product offering to better support the vertical farming industry continues with the acquisition of VAS. Pipp Horticulture blends the latest goods, competitive pricing, and best-in-class customer service from the most professional and seasoned staff.
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