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Horticulture Lighting Market Trend Shows 20.61% CAGR to 2023: Top Players Signify, Gavita, GE Lighting, Osram, Agrolux, Heliospectra, Hortilux Schreder, Lumileds and More

10-01-2018 09:28 AM CET | Industry, Real Estate & Construction

Press release from: WOM-Reports

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Horticulture Lighting Market Trend Shows 20.61% CAGR to 2023:

The overall horticulture lighting market is estimated to grow from USD 2.43 billion in 2018 to USD 6.21 billion by 2023, at a CAGR of 20.61% from 2018 to 2023. The rapid population growth, availability of limited agriculture land, steady supply of crops despite unfavorable weather conditions for farming across geographies, government initiatives to support adoption of energy-efficient LEDs in horticulture, increased year-round high-quality yield, and legalization of cannabis for medicinal purposes are the major driving factors for the horticulture lighting market growth. Retrofitting traditional light sources with LED grow lights and increasing awareness about vertical and indoor farming are the major opportunities in the horticulture lighting market. On the other hand, the high cost of energy-efficient LED grow light technologies, and the feasibility of cultivating a limited number of crop species using horticulture lights are the major challenges for the market players.

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Demand for horticulture lighting systems for vertical farming applications is expected to increase during the forecast period. Vertical farming is changing the outlook of food production.

In vertical farming, plants are stacked in layers one above the other, utilizing the available space in the best possible way. Consumer demand for high-quality, locally developed food that is free of pesticides and other harmful chemicals is increasing. With vertical farming, space is not a constraint, and cultivators can grow crops even in a square foot of area. Despite changing climatic conditions, vertical farming also allows cultivators to grow all types of crops throughout the year. Increased use of LED horticulture lights is encouraging cultivators to adopt vertical farming on a large scale. Thus, due to the increasing awareness of vertical farming, this segment is expected to grow at the highest rate during the forecast period.

Europe is among the important markets for horticulture lightings. The European Union’s initiatives to boost the adoption of LED grow lights are expected to create more opportunities for the manufacturers of LED modules and lamps in Europe. Gavita (Netherlands), Osram (Germany), and Signify (Philips Lighting) (Netherlands) are the most prominent Europe-based lighting companies. Major European economies, such as the UK, Germany, and France, are investing in indoor horticulture lighting for fresh farm produce. This factor is expected to generate a huge demand for horticulture lighting systems in the future. Technological developments in artificial horticulture lighting have led to the use of efficient and eco-friendly technologies, such as LED grow lights, in Europe; moreover, governments in this region are implementing rigorous resolutions to ban the use of incandescent bulbs. In fact, the European Commission has proposed to eliminate the use of halogen lamps completely by 2018.

Major companies covered in the horticulture lighting market report are Signify (Philips Lighting) (Netherlands), Gavita (Netherlands), GE Lighting (US), Osram (Germany), Agrolux (Netherlands), Heliospectra (Sweden), Hortilux Schreder (Netherlands), Lumileds (Netherlands), PARsource (US), Illumitex (US), Hubbell (US), Maxigrow (UK), Bridgelux (US), Eye Hortilux (US), and Lumigrow (US).

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In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:

• By Company Type: Tier 1 – 60%, Tier 2 – 20%, and Tier 3 – 20%
• By Designation: – C-Level Executives – 55%, Directors – 15%, and Others – 30%
• By Region: North America – 40%, Europe – 20%, APAC – 25%, and RoW – 15%

Related Report:

Smart Lighting Market by Offering (Hardware (Lights & Luminaires Lighting Controls) Software and Services) Communication Technology (Wired and Wireless) Installation Type Application Type and Geography - Global Forecast to 2023

The smart lighting market is estimated to grow from USD 7.93 billion in 2018 to USD 20.98 billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide.

The report profiles the top players in the smart lighting market, along with providing their respective market ranking. Prominent players in the market include Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell Lighting (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).

Read More: https://bit.ly/2NLrBXF

About Us:

We are a leading market research store (headquartered in The Hague, Netherlands) bringing to you market research insights, analysis, and data from many market research publishers around the globe.

Our experienced market research consultants understand a client’s research requirements in a precise manner and get as many proposals around the globe as possible on the table suiting your budget and mapping your research goals.

Our only motivation is to provide clients with precise insights into their respective niche markets and offering them the most comprehensive portfolio of business information products.

Contact:
Watchers of Markets BV
Henriëtte van der Meydreef 144, 2492 JG, Den Haag, Netherlands.
Website: watchersofmarkets.com/
Phone number: +31- 85 888 111 6
Email Id: sales@watchersofmarkets.com

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