Horticulture Lighting Market 2020 Trends and 2027 Future Insights | Key Players: Agrolux,Bridgelux, Inc.,General Electric Company,Heliospectra AB

The horticulture lighting market was valued at US$ 2,730.8 million in 2019 and is expected to reach US$ 11,383.5 million by 2027; it is estimated to grow at a CAGR of 20.2% during 2020–2027.

COVID–19 Impact on Horticulture Lighting Market

According to the latest situation report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. As of August 12, 2020, there are around 20,162,474 confirmed COVID-19 cases globally, with ~737,417 total deaths, and the number is growing at varying rates in different countries.

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Top Key Players:

1. Agrolux
2. Bridgelux, Inc.
3. Signify N.V.
4. HeliospectraAB
5. PARsource
6. Lumileds Holding B.V.
7. HortiluxSchréder B.V.
8. OSRAM Licht AG
9. General Electric Company
10. Hubbell, Inc.

The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy.

The report segments the global horticulture lighting market as follows:

By Technology

• LED Lights
• High Intensity Discharge Lights
• Fluorescent Lamps

By Application

• Greenhouses
• Vertical Farming
• Indoor Farming

By Cultivation

• Fruits and Vegetables
• Floriculture

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well. The pandemic has disturbed horticulture businesses and suppliers around the globe. Fresh vegetables and fruits have become increasingly scarce in various regions since the COVID-19 pandemic has hampered the global movement of crops and the people required to gather crops.

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This release was published on openPR.