Horticulture Lighting Market

Market Leader - Horticulture Lighting Market

The global horticulture lighting market is projected to grow from USD 2.3 billion in 2020 to USD 6.0 billion by 2025; it is expected to grow at a CAGR of 21.4% from 2020 to 2025. The key factors fueling the growth of this market include strong government initiatives to promote the adoption of controlled-environment agriculture (CEA) practices and SSL technology, high demand for fresh produce in quick time owing to population growth and loss of arable land, increased funding to build vertical farms and greenhouses, and ongoing legalization of Cannabis cultivation.

The horticulture lighting market is dominated by key global established players such as Signify Holding (Netherlands), OSRAM GmbH (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.

Signify Holding (Netherlands) is a recognized brand in the lighting and illumination business; it offers a diversified product portfolio for horticulture applications. The company has developed innovative products to cater to the customers from the horticulture lighting market by combining its expertise in lighting technologies with inputs from plant psychologists. Its products come in a variety of shapes, with a range of lumen outputs that are offered at various price points to suit the requirements of a wide range of growers, from hobbyists to commercial growers. Various factors, such as the increasing focus of consumers on indoor cultivation and vertical farming and ongoing government initiatives to adopt energy-efficient lighting, will create growth opportunities for these products.

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The recent collaborations and partnerships of Signify Holding with local vegetable growers and agriculture-based research institutes are expected to strengthen its position in the horticulture lighting market. For instance, in August 2019, its collaboration with CannNext (Netherlands) is expected to facilitate its foray into the medicinal crops market in the Netherlands. Moreover, its research collaboration with the Wageningen University & Research (WUR) (Netherlands) to investigate the way LED lighting can influence compound production, quality, and plant characteristics of cannabis or marijuana crops grown for medicinal purposes is also expected to help the company develop state-of-the-art lighting products. Signify offers its horticultural lighting solutions in all key markets globally with the help of its global distribution and servicing capabilities.

OSRAM (Germany) is known for developing superior quality products for its target markets. The company in January 2020, launched the new generation of the Oslon Square Hyper Red with a wavelength of 660 nm. It is a flagship product in the comprehensive horticulture portfolio of Opto Semiconductors of OSRAM. The company also focuses on inorganic growth strategies such as acquisitions. For instance, in May 2018, the company acquired Fluence Bioengineering, Inc. to become a leading provider of intelligent plant growth solutions. Similarly, in May 2018, OSRAM acquired Motorleaf, a Canada-based start-up. This acquisition helped OSRAM strengthen the human and environmental aspects of greenhouse production. This shows that the company is persistently working on widening its product portfolio in the horticulture lighting market. These steps are expected to significantly help the company maintain its dominant position in the horticulture lighting market. With its stronghold in electronic components and connectivity space, the company can dominate the IoT segment within the horticulture lighting market. OSRAM can further explore software-as-a-service (SAAS) opportunities and big data to aggregate and analyze sensor data from its all installation points.

Another important player in the horticulture lighting market is Gavita (Netherlands), a strong market player in assimilation lighting for professional horticulture and indoor growing applications. It is a well-known brand for electric, electromagnetic, and plasma fixtures used in horticulture applications. The company conducts extensive research and development activities for its products by working with commercial greenhouse operators in the Netherlands. It focuses on product launches to sustain its position in the horticulture lighting market. For instance, in June 2019, Gavita launched a 750 W double-ended fixture and lamp. Similarly, in January 2018, the company introduced a new wattage HPS grow light, Gavita Pro750e. It partnered with General Electric Company (US), Signify (Netherlands), and OSRAM (Germany) to offer improved lighting equipment to growers. Apart from offering grow light systems and related accessories, Gavita also provides lighting plans to hobbyists and commercial growers for precise light measurements.

Other major players in the horticulture lighting market are mainly focusing on acquisitions and partnerships along-with new product launches to achieve continuous and sustainable development.

Related Reports:

Horticulture Lighting Market with COVID-19 Impact Analysis by Technology (Fluorescent, HID, and LED), Application (Greenhouses, Vertical Farms, and Indoor Farms), Cultivation, Lighting Type, Offering, Installation, and Region - Global Forecast to 2025

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Report Code
SE 6606
RI Published ON
11/20/2020
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