The report covers the horticulture lighting market based on offering, technology, lighting type, cultivation, application, and geography. The horticulture lighting market based on application is expected to be led by greenhouses. Greenhouses allow horticulture to be practiced in a protected environment, ensuring optimum yield. Greenhouses are designed to trap natural sunlight and humidity and retain them, making it conducive for growing various types of plants.
APAC is expected to be the fastest-growing market for horticulture lighting. Growing urbanization in the developing countries of this region positively affects the growth of the horticulture lighting market owing to the rapid population growth and availability of limited agricultural land. APAC constitutes thriving economies, such as Japan, China, India, and Australia, which are expected to register high growth rates in the horticulture lighting market.
PDF Download – Horticulture Lighting Market by Technology Fluorescent, HID, and LED – 2023
Market Dynamics
Drivers
- Rapid population growth and availability of limited agricultural land
- A steady supply of crops despite unfavourable weather conditions for farming across geographies
- Government initiatives to support adoption of energy-efficient LEDs in horticulture
- Increased year-round high-quality yield
- Legalization of cannabis for medicinal purposes
Restraints
- High cost of energy-efficient LED grow light technologies
- Feasibility of cultivating limited number of crop species
Opportunities
- Retrofitting traditional lighting sources with LED grow lights
- Increasing awareness about vertical and indoor farming
Challenges
- Adoption of controlled-environment agriculture technique for large-sized fields
- Requirement for different light spectrums for certain crop varieties
- Scarcity of required technical know-how