The global horticulture lighting market size is expected to reach USD 11.27 Billion in 2028 and register a steady revenue CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising demand for environmentally friendly and energy-efficient Light-Emitting Diode (LED) systems in horticulture to maximize crop yield and reduce energy consumption. Development of new and more advanced technologies related with smart agriculture is expected to drive growth of the global horticulture lighting market going ahead. Increasing concerns regarding global food security owing rapidly increasing global population and limited availability of arable land are factors expected to open up more lucrative opportunities for players operating in the greenhouse and indoor farming space, and drive demand for horticulture lighting in greenhouses and indoor farms over the forecast period.

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Some Key Highlights From the Report

• In August 2020, Signify entered into a cooperative agreement with Yunnan AiBiDa Greenhouse Technology Co., LTD. in order to become a research partner utilizing Philips GreenPower LED products as a supplementary lighting for its greenhouse floriculture production. The agreement is expected to help Signify in improving crop growth efficiency and quality in western China.
• Interlighting segment accounted for largest revenue share in 2020. LED interlighting system enables plant growth and harvest irrespective of location, which is driving deployment.

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Emergen Research has segmented the global horticulture lighting market on the basis of lighting type, lighting technology, application, and region:

• Lighting Type Outlook (Revenue, USD Billion; 2018–2028)
  • Interlighting
  • Toplighting

• Lighting Technology Outlook (Revenue, USD Billion; 2018–2028)
  • Light-Emitting Diode (LED)
  • High-Intensity Discharge (HID)
  • Others      

• Application Outlook (Revenue, USD Billion; 2018–2028)
  • Indoor Farms
  • Vertical Farms
  • Greenhouses
  • Others

• Regional Outlook (Revenue, USD Billion; 2018–2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. BENELUX
    5. Italy
    6. Spain
    7. Sweden
    8. Finland
    9. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of MEA