Global horticulture lighting market is driven by increasing adoption of novel farming techniques

Horticulture lighting is a lighting system designed to provide light of certain spectrum and intensity to enable plants growth. Major factor driving growth of the global horticulture lighting market is growing demand for food, owing to growing population. In addition, changing weather conditions, coupled with adoption of various farming methods are also factors fueling growth of the global market. However, high cost of energy efficient LED lights is a factor that may affect growth of the global horticulture lighting market.

The global horticulture lighting market has been segmented on the basis of offering, lighting type, technology, application, and region. On the basis of offering, the market is segmented into software and services, and hardware. Hardware segment accounts for major share in terms of revenue and anticipated to maintain its position in the near future.

On the basis of lighting type, the market is segmented into inter-lighting and top-lighting. Top-lighting segment is expected to hold major share in terms of revenue in the near future, as it is mostly used for indoor cultivation. On the basis of technology, the market is segmented into LED light, high-intensity discharge (HID) light, fluorescent light, and others. On the basis of application, the market is segmented into vertical farming, greenhouses, indoor farming, and others.

Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in Europe dominates the global market in terms of revenue and is expected to witness lucrative growth over the forecast period. Government initiatives to encourage use of grow lights, coupled with presence of key manufacturers are factors expected to boost growth of the target market in this region. Market in Asia Pacific is expected to witness fastest growth in terms of revenue in the near future, owing to rising adoption of new farming techniques such as vertical farming, greenhouses, and indoor farming.

Key players operating in the global horticulture lighting market include Koninklijke Philips N.V. (Philips Lighting B.V.), Gavita Holland B.V., GE Lighting, LLC, OSRAM Licht AG, Agrolux, Heliospectra AB, Hortilux SchrEder B.V., Lumileds Holding B.V., PARsource, and Illumitex Inc.