Horticulture Lighting Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the horticulture lighting market from 2023 to 2033, covering market trends, size, segmentation, regional insights, and key players. It aims to offer actionable intelligence for stakeholders looking to navigate this evolving industry.
Metric | Value |
---|---|
Study Period | 2023 - 2033 |
2023 Market Size | $8.90 Billion |
CAGR (2023-2033) | 20.3% |
2033 Market Size | $62.60 Billion |
Top Companies | Philips Lighting, Osram, GrowLight, General Electric (GE) |
Last Modified Date | 15 Nov 2024 |
Horticulture Lighting Market Report (2023 - 2033)
Horticulture Lighting Market Overview
What is the Market Size & CAGR of Horticulture Lighting market in 2023?
Horticulture Lighting Industry Analysis
Horticulture Lighting Market Segmentation and Scope
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Horticulture Lighting Market Analysis Report by Region
Europe Horticulture Lighting Market Report:
The European horticulture lighting market stood at 2.71 billion in 2023 and is expected to surge to 19.06 billion by 2033. Driven by stringent regulations favoring sustainability and significant investments in research and development, Europe remains a key player in the market.Asia Pacific Horticulture Lighting Market Report:
In the Asia Pacific region, the horticulture lighting market was valued at 1.73 billion in 2023 and is projected to reach 12.18 billion by 2033. This growth is fueled by increasing urbanization and a strong focus on sustainable agricultural practices, particularly in countries like China and Japan, where indoor farming is gaining momentum.North America Horticulture Lighting Market Report:
The North American market for horticulture lighting was valued at 3.01 billion in 2023, with a significant leap to 21.15 billion anticipated by 2033. The U.S. and Canada are at the forefront of adopting advanced agricultural technologies, greatly influencing market expansion, particularly with the rise of indoor farming.South America Horticulture Lighting Market Report:
South America presents a smaller market, starting at 0.26 billion in 2023 and potentially growing to 1.80 billion by 2033. While the region is still developing in terms of horticulture lighting adoption, initiatives in urban agriculture are expected to drive future growth.Middle East & Africa Horticulture Lighting Market Report:
In the Middle East and Africa, the market commenced at 1.19 billion in 2023, with projections of reaching 8.40 billion by 2033. The emphasis on food security and innovative agriculture in arid climates boosts the relevance of horticulture lighting in this region.Request a custom research report for industry.
Horticulture Lighting Market Analysis By Light Technology
Global Horticulture Lighting Market, By Light Technology Market Analysis (2023 - 2033)
The LED technology segment leads the horticulture lighting market, starting at 5.88 billion in 2023 and reaching an impressive 41.35 billion by 2033. Its energy efficiency and longevity contribute significantly to operational cost savings for growers. Conversely, High-Pressure Sodium (HPS) systems account for 24.8% of the market with returns from 2.21 billion in 2023 to 15.52 billion by 2033, while Compact Fluorescent Light (CFL) systems are expected to hold a minor share, growing from 0.81 billion to 5.73 billion in the same period.
Horticulture Lighting Market Analysis By Crop Type
Global Horticulture Lighting Market, By Crop Type Market Analysis (2023 - 2033)
The vegetable segment dominates, with market sizes of 5.88 billion in 2023, boosting to 41.35 billion by 2033. Similarly, the flower sector shares a significant stake, growing from 2.21 billion to 15.52 billion, while fruits represent a smaller segment, with projected growth from 0.81 billion to 5.73 billion, highlighting the full range of applications across crop types.
Horticulture Lighting Market Analysis By Application
Global Horticulture Lighting Market, By Application Market Analysis (2023 - 2033)
Applications extend to commercial, residential, and research facilities. The commercial segment prevails with a size of 5.88 billion in 2023, expected to hit 41.35 billion by 2033, demonstrating a strong shift towards professional horticulture lighting solutions. Residential users are projected to grow between 2.21 billion and 15.52 billion during the analyzed period.
Horticulture Lighting Market Analysis By End User
Global Horticulture Lighting Market, By End-User Market Analysis (2023 - 2033)
Commercial growers command a substantial share, expected to maintain a steady 66.05% market share, incrementing from a size of 5.88 billion to 41.35 billion. Residential users maintain 24.8% of the market, growing from 2.21 billion to 15.52 billion, while research institutions represent further essential contributors to technology advancement within the sector.
Horticulture Lighting Market Trends and Future Forecast
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