Horticulture Lighting Market to be worth USD 31.5 billion by 2032, Says Global Market Insights inc.
Horticulture Lighting Industry size is expected to register 16.1% CAGR between 2024 and 2032 propelled by the increased investments in modern agriculture technologies.
Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) — Horticulture Lighting Market value could reach USD 31.5 billion by 2032, as per a
Europe to witness a high market value
Europe horticulture lighting market will register a robust CAGR from 2023 to 2032. With the continent’s increasing focus on sustainable agriculture, there’s a growing adoption of indoor farming methods such as vertical farming and greenhouse cultivation. Horticulture lighting is pivotal in enabling year-round production and enhancing crop yields. Additionally, supportive government policies and incentives for energy-efficient technologies further propel market growth. As European consumers prioritize locally grown, fresh produce, the demand for advanced horticulture lighting solutions continues to surge, positioning Europe as a key driver of market demand in the global landscape.
Horticulture Lighting Market Players
Heliospectra AB, Lumileds Holding BV, Signify Holding (Philips), Everlight Electronics Co. Ltd., Samsung Electronics Co. Ltd., Gavita International BV, and OSRAM GmbH, among others
Company efforts tailored to the Horticulture Lighting Market are driving demand through strategic initiatives. Manufacturers are investing in research and development to enhance the efficiency and effectiveness of lighting solutions tailored to plant growth. Advanced technologies, such as LED fixtures with customizable spectra, optimize light wavelengths for different crops and growth stages, maximizing yields and quality. Additionally, companies are focusing on sustainability, developing energy-efficient lighting systems that reduce environmental impact and operational costs for growers. By aligning with market needs and sustainability goals, these efforts are shaping the future of horticulture lighting and driving market demand.
In November 2023, RED Horticulture, a dynamic lighting company, successfully concluded a $17 million Series A funding round. Headquartered in the Netherlands and France, the company specializes in innovative lighting solutions for advanced greenhouse operations.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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