Horticulture Lighting Market worth $10.4 billion by 2028
The horticulture lighting market is in the development phase at present, with the presence of multiple players offering horticulture lighting products. Europe is likely to contribute significantly to the growth of the horticulture lighting market. Similarly, the North America, Asia Pacific and RoW regions are expected to be the growing market for the forecasted period.
The horticulture lighting software & service segment by offering is expected to grow at the highest CAGR of the Horticulture Lighting Market during the forecast period.
Farming software has become an integral component of the horticulture lighting market, serving to interpret and analyze collected data and visually represent the information in a user-friendly manner. These software solutions offer data management and crop monitoring functionalities, delivering valuable insights to vertical farming growers. Equipped with analysis tools, the software can highlight the connections between yields, hardware, and application data, providing a comprehensive view of the farming operations. By utilizing farming software, growers can efficiently monitor and control their fields remotely through smartphones, desktops, or laptops, significantly reducing the need for human intervention. This technology has replaced traditional paperwork, as various agricultural software solutions streamline calculations and management tasks with ease. In the horticulture lighting market, software solutions play a crucial role, enabling intelligent lighting control.
Key service providers in the horticulture lighting market include ams-OSRAM International GmbH (Germany), Gavita International B.V.(Netherlands), and Signify Holding (Netherlands). These companies offer comprehensive services to assist growers in optimizing their horticulture lighting systems and achieving the best possible results in their indoor farming operations. For instance, in April 2021, Heliospectra AB announced the launch of heliospectra 2.0., the newly upgraded state-of-the-art plant science software for leading commercial growers and research institutions globally.
Retrofit Installations is expected to have a significant growth in Horticulture Lighting Market.
The retrofitting of light fixtures in commercial greenhouses and vertical farms offers several benefits, including energy savings, improved plant quality through supplemental light, and reduced maintenance and labor costs. This results in overall lower operating costs for these agricultural facilities. Grow lights typically operate for 14 to 18 hours daily, depending on the specific plants being cultivated. Continuous usage of conventional grow lights, like compact fluorescent lamps (CFLs) and high-intensity discharge (HID) bulbs, can lead to a drop in their intensity or damage due to the humid environments in greenhouses and vertical farms. Hence, regular retrofitting of grow lights after a thorough assessment of the existing lighting system is essential.
Growers prefer to use high-quality grow lights in their farms, and LED grow lights have become a popular choice due to their advantages. LED grow lights emit less heat compared to traditional lighting options like CFLs and HID bulbs, leading to reduced power consumption and increased crop productivity. Retrofitting HID lamps with LED grow lights offers higher efficiency, lighter weight, and longer lifespan, making it a favorable option for growers seeking higher yields and profitability. Governments and companies are introducing various incentive programs and product launches to encourage growers to shift from traditional to energy-efficient LED lights. For example, the Independent Electricity System Operator (IESO) offers an enhanced LED Grow Light incentive to greenhouses in specific areas of Canada through the Save on Energy Retrofit program. These initiatives aim to support new greenhouse projects and encourage the adoption of energy-efficient lighting technologies in agricultural operations.
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