Global agricultural lighting market is projected to grow from USD 11.8 billion in 2023 to USD 21.4 billion by 2028
Different stages of plant growth, such as vegetative growth and flowering, benefit from different light spectra.LED technology enables the customization of light wavelengths to optimize plant growth, yield, and quality.
LED lighting offers dimming capabilities, allowing growers to adjust the light intensity according to the crop’s needs. This flexibility facilitates precise control over light levels, mimicking natural light variations and providing optimal conditions for photosynthesis and plant development.
The software segment is projected to grow at the highest CAGR during the forecast period.Software-driven agricultural lighting systems collect data on lighting performance, energy consumption, and crop responses.
Analyzing this data provides valuable insights into crop growth patterns, lighting efficiency, and resource allocation. With data-driven decision-making, farmers and growers can optimize their lighting strategies, identify improvement areas, and maximize operational efficiency.
Rising demand for below 50W lighting product segment during between 2023 and 2028
The below 50W segment provides affordable entry-level solutions for small-scale and novice growers starting their agricultural operations. These cost-effective lighting options enable newcomers to invest in lighting systems without significant upfront expenses, making it easier to enter the market and establish their agricultural setups.
Increasing demand for new installations to witness larger market share in 2023
Farmers and growers are increasingly recognizing the significant impact of lighting on crop growth, yield, and quality.Proper lighting is vital in optimizing photosynthesis, promoting plant development, and influencing plant physiology.
As awareness of the benefits of specialized lighting solutions spreads, there is a rising demand for new installations of agricultural lighting systems.
Increasing demand for online/e-commerce sales channel due to increased convenience during the forecast period
Online platforms provide detailed product information, specifications, and customer reviews.Farmers and growers can gather comprehensive information about different lighting solutions, compare features, and read feedback from other customers.
This helps make informed purchasing decisions based on the specific requirements of their agricultural operations. With the availability of internet access increasing in rural areas worldwide, buyers will find it easier to buy products online, which will further lead to the growth of the online/e-commerce segment.
Rising requirement of fresh farm food will tend the horticulture segment to witness highest CAGR during the forecast period
The horticulture segment is projected to grow at the highest CAGR during the forecast period.Increased food demand across the world with the increasing global population will lead to the growth of this segment.
Growth of horticulture lighting in the agricultural lighting market is driven by the growing adoption of controlled environment agriculture, the awareness of crop-specific lighting requirements, advancements in LED technology, the focus on crop quality and yield, market demand for locally grown and specialty crops, environmental benefits and sustainability, technological advances, and government support. These factors collectively contribute to the expanding scope and opportunities in the horticulture lighting sector of the agricultural lighting market.
Asia Pacific is projected to become the largest geographical market between 2023 and 2028
APAC is projected to hold the largest market for agricultural lighting market during the forecast period.This can be attributed to its continuously increasing population, leading to rising food demand from Asia Pacific.
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