PUBLISHER: Polaris Market Research | PRODUCT CODE: 1339275
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1339275
The global agricultural lighting market size is expected to reach USD 33,158.07 million by 2032, according to a new study by Polaris Market Research. The report "Agricultural Lighting Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, and Services); By Light Source; By Wattage; By Installation Type; By Sales Channel; By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Revolutionizing the agriculture sector has led businesses to focus on product developments for improvement in agriculture. This is likely to improve the growth of the market throughout the world. Various companies are launching advanced and next-generation products to enhance their revenue stream. For instance, in January 2023, the first maker of Opto-semiconductors in India, Polymatech Electronics, introduced two new horticulture LED products: monochromatic LEDs and full-spectrum RavayeTM packages and modules. Horticulture lighting is transformed to provide better plant development, farming conditions, and lower costs. Light-emitting diode (LED) technology has witnessed significant advancements in recent years, making it more energy-efficient, long-lasting, and cost-effective. Advances in such technologies are increasingly helping the market to expand with a notable growth rate.
With the growing global population and shrinking agricultural land, there is a rising need for indoor farming practices such as vertical farming, greenhouse cultivation, and plant factories. Agricultural lighting is crucial in providing artificial light to supplement natural sunlight and optimize plant growth, resulting in higher yields and year-round production. Moreover, there is a growing demand for high-value crops such as fruits, vegetables, and medicinal plants. These crops often require controlled environments and specific light conditions for optimal growth, yield, and quality. Agricultural lighting enables farmers to meet these requirements by creating customized lighting conditions, thereby driving the adoption of lighting solutions in agriculture.
Software offering is expected to grow with highest growth rate during the forecast period due to increasingly growing integration with IoT and automation
LED light is accounting the highest share of the global revenue in the year of 2022 due to ongoing adoption of LED technology in the agriculture sector
Below 50W segment is projected to hold largest market share owing to lesser electricity consumption by these lamps
Retrofit installation type is anticipated to expand with fastest CAGR as it involve minimal disruption to ongoing agricultural operations
Retail/ wholesale segment is dominating the market with a significant share in the global market due to improved convenience buying pattern
Europe held the largest share of the global market by the end of 2022 due to improved investments in agriculture sector and increased large areas under greenhouse cultivation
The global agricultural lighting market involves Signify, OSRAM, Gavita, Valoya, California Lightworks, Helliospectra AB, LumiGrow Inc., Hortilux Schreder, Eye Hortilux, Signify Holding, ams-OSRAM GmbH, Gavita International B.V., Valoya, California LightWorks, DeLaval, CBM Lighting, Heliospectra AB, Hortilux Schreder, and others.
Polaris Market Research has segmented the Agricultural Lighting market report based on offering, light source, wattage, installation type, sales channel, and region: