Agriculture Lighting : Global Market Intelligence ( 2023-2030 )

REPORT OBJECTIVES

The report "Agriculture Lighting : Global Market Intelligence ( 2023-2030 ) " provides market intelligence on the different market segments, based on Offering, Technology, Application, Lighting Type, Cultivation, Installation Type, Region, Companies etc. Market size and forecast (2020-2030) has been provided in the report. The primary objectives of this report are to provide 1) comprehensive global market intelligence through detailed segmentation, 2) market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends, 3) detailed analysis of current dynamics and trends, key market players, and strategies in the market, 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants, 5) provide emerging opportunities in the market and the future impact of major drivers and restraints of the market and, 6) support decision makers in making cost-effective business decisions.

RESEARCH METHODOLOGY

In our market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the market in each region. Extensive primary research was also carried out by interviewing the key executives from the industry. These interviews helped us to fill-in the data gaps after secondary research. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study. The respondents - selected experts from manufacturers and selected suppliers - have been interviewed to obtain and verify critical information as well as to assess the future prospects. The usage of obtained information is based on the perceived reliability by the research team. In many cases, a combination of several sources was used. Sprout Intelligence provides an in-depth analysis of the market segmentation, which is a critical element of the market intelligence reports at Sprout Intelligence.

KEY AUDIENCE

Executives in marketing, strategic planning and new product development will find such discussions in our reports pertinent and useful. Management consultants, investment bankers, manufacturers, distributors, suppliers, and regulatory authorities are amongst our regular clientele served.

DATA SOURCES

The general data sources used in this report are company websites, trade association publications, regulatory authorities, journals, magazines, news websites, press releases, media publications, interaction with industry experts, company executives, research papers, articles, patents, scientific literature, among many others.

KEY FINDINGS FROM THE REPORT

The Agriculture Lighting market was valued at $2,315.6 Million in 2020, and is projected to reach $11,919.1 Million by 2030 growing at a CAGR of 20.15% from 2021 to 2030.

Hardware segment is expected to be the highest contributor to this market, with $2,092.5 Million in 2020, and is anticipated to reach $10,718.7 Million by 2030, registering a CAGR of 20.08%.

Software and Services segment is anticipated to reach $1,200.4 Million by 2030 with the highest CAGR of 20.73%.

The global agriculture lighting market is being primarily driven by the increasing adoption of controlled environment agriculture (CEA) practices, such as vertical farming and greenhouse cultivation, which require specialized lighting solutions to optimize crop growth and yield.

Additionally, the growing awareness of energy-efficient LED lighting technologies among farmers is fueling market growth, as these solutions not only enhance crop quality and productivity but also reduce operational costs.

Furthermore, the rising demand for year-round crop production, irrespective of external weather conditions, presents significant opportunities for market expansion.

Overall, the agriculture lighting market is poised for robust growth due to its pivotal role in modernizing and revolutionizing the agriculture industry..