A Billion-Dollar Boom in Global Greenhouse Lighting Market Motivates the Market Leaders

Progressive Markets has published a report, titled, Greenhouse Lighting Market by Technology, Crop Type, and Greenhouse Type: Global Opportunity Analysis and Industry Forecast, 20172025, the global greenhouse lighting market was valued at $2,217 million and is projected to garner $7,148 million by 2025, growing at a CAGR of 15.2% during the forecast period (20172025). In 2017, the high-intensity discharge (HID) technology segment accounted for more than two-fifths share of the global greenhouse lighting market.

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A grow light or greenhouse lighting is an artificial light source, designed to stimulate crop growth by emitting a light suitable for photosynthesis. These artificial lighting sources are used in greenhouse applications where there is no naturally occurring light or where there is a need for supplemental light. HID lighting is majorly used for greenhouse supplemental light owing to its high light output and relatively little shading. These of various types, namely mercury vapor, metal halide, high-pressure sodium, and conversion bulbs. In 2017, the HID segment accounted for the largest market share. However, the LED technology segment is anticipated to dominate the market growing at an exponential CAGR of 33.0% from 2017 to 2025. The light emitting diode (LED) lightings segment is expected to gain popularity owing to its higher efficiency and output. LEDs produce the exact wavelength of the desired light with dual-band spectrum of red & blue simultaneously, where photosynthesis is slightly more efficient.

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Based on crop type, the fruit & vegetable segment accounted for the highest revenue in the global market in 2017. Tomato is one of the majorly growing greenhouse crops in most parts of the world owing to the high and consistent year-round demand. Fluorescent tubes, compact fluorescent, or metal halide lights are commonly used for the growth of green leafy vegetables in greenhouses. For tomatoes and other fruits, use of metal halide (MH) or high-pressure sodium (HPS) offers higher yields. However, there is an increase in the use of energy efficient LED lightings in greenhouses for a rapid growth of fruits & vegetables. Moreover, LED lightings are used to ensure that the taste of fruits & vegetables is consistent throughout the year.

In 2017, a plastic greenhouse generated the highest revenue in the greenhouse lighting market. These greenhouses are cheaper than the glass greenhouses, and hence make it an ideal choice for low budget buyers. In addition, it is the best alternative for cost benefits in the greenhouse lighting market. Further, they are easier to install as compared to glass greenhouses.

In 2017, Europe accounted for the highest market share in the global greenhouse lighting market. This region accounted for about two-fifths share in the global market and is anticipated to dominate the market during the forecast period, registering a CAGR of 14.8%. LAMEA is anticipated to grow at the highest CAGR of 18.1% during the forecast period.

Some of the leading manufacturers profiled in this report include Everlight Electronics Co., Ltd., General Electric Company, Heliospectra AB, Hortilux Schreder B.V., Illumitex Inc., Iwasaki Electric Co., Ltd., Koninklijke Philips N.V., Lumigrow Inc., Osram Licht AG, and Scotts Miracle-Gro Co.

The company makes use of primary corporate research and secondary inputs from trusted sources to build its own reference base. It maintains consistency in quality as it keeps itself updated with changes in market dynamics and gauging its net effect on global business trends.

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This release was published on openPR.