There are different types of lighting applications and characteristics used in horticulture including photoperiodic lighting, supplemental lighting, sole-source lighting. Lamps in horticulture lighting operate for 18 to 24 hours continuously. In this rapidly progressing environment, Legalization of cannabis for medicinal purposes, a steady supply of crops despite unfavorable weather conditions for farming across geographies contributing in the growth of electronic industry resulting to growth in the horticulture lighting market. The study also indicates that lighting industry would expect a substantial increase in horticulture lighting market due to rising demand of indoor grown fruits, vegetables and flowers.
There has been a considerable increase in the demand for making grow lights. Rapid population growth & availability of limited agricultural land and increased in year-round high-quality yield also the government investments and initiatives are the driving factors for the horticulture lighting market. High capital cost associated with led grow light technologies which would be a restraining factor for horticulture lighting market.
The horticulture lighting market has been broadly classified by lighting type, cultivation and application. By lighting type, the horticulture lighting market has been segmented into toplighting, and interlighting. Among these, toplighting dominated the market in 2018. By cultivation, the horticulture lighting market has been bifurcated into fruits & vegetables, and floriculture. Floriculture segment is expected to grow with the highest CAGR during the forecast period. By application the market is classified into vertical farming, indoor farming and others. Greenhouse is dominating the market in 2018 and Vertical Farming is growing at highest CAGR.
The global horticulture lighting market comprises various manufacturers, government research firms, universities, and technical institutes that engage in developing and making advancement in the lighting industry. The major players considered in the scope of horticulture lighting market are BRIDGELUX, INC, Mediatek Inc., Lumigrow, Inc, Eye Hortilux, Maxigrow Ltd., Signify Holding. (Philips Lighting)., GE Lighting, Hortilux Schreder, Osram Licht AG, Gavita International B.V, Lumileds Holding B.V., Hubbell Lighting., Agrolux, PARSource, Illumitex, and Heliospectra AB among others. The competition in the horticulture lighting segment is rapidly increasing owing to the entry of new players in the market serving various application areas.
