Market Research Report
North America Horticulture Lighting Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, Application, and Cultivation
|North America Horticulture Lighting Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, Application, and Cultivation|
Published: September 15, 2020
The Insight Partners
Content info: 78 Pages
Delivery time: 1-2 business days
The horticulture lighting market in North America is expected to grow from US$ 830.5 million in 2019 to US$ 3,597.2 million by 2027; it is estimated to grow at a CAGR of 20.7% from 2020 to 2027.
Increase in population and advancements in greenhouse and indoor farming techniques are expected to boost the growth of the horticulture lighting market in North America. Due to the population boom, the demand for food products is anticipated to increase in the coming years. This is why numerous countries in North America are focusing on greenhouse and indoor farming techniques to increase their agricultural yield significantly. With the growing popularity of the concepts of horticulture and indoor crop cultivation, the North America horticulture lighting market is expected to pace up quickly in the near future as the farmers are adopting big data technologies, predictive analytics, the internet of things, and automation in the farming techniques. For example, The Vineland Research and Innovation Centre, a Canadian research organization, is currently testing a robot that picks mushrooms. Such developments and research initiatives taken in the horticulture field are driving the growth of the North America horticulture lighting market. Rising government initiatives is among the other factors expected to positively influence the demand for horticulture lighting in North America. Furthermore, in case of COVID-19, North America is the world's worst affected region due to coronavirus outbreak, specially the US. North America is an important market for the growth of horticulture lighting products owing to the presence of developed countries such as the US and Canada in this region. Large no. of farmers has been affected by coronavirus in North America, threatening access to agricultural labor and disrupting worldwide supply chains. However, for indoor farming, it has offered an opportunity. In vertical farming, the batches of crops can be watered individually and ignited with the help of LED lights, enabling them to be grown year-round with less resource. Nevertheless, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of horticulture lighting products, such as LED lights and fluorescent lamps. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity across North America.
Based on technology, the LED lights segment led the North America horticulture lighting market in 2019. LED lights are made from a very thin layer of doped semiconductor material. An LED emits colored light at a particular spectral wavelength, depending on the semiconductor material used and the amount of doping. The ability of LEDs to separate waste heat from the illumination allows the placement of LEDs near plant canopies without the risk of plants overheating. However, the cost of LED light bulbs is higher than the other horticulture lighting technologies, such as fluorescent lamps and HID lights. While working in indoor farms, the personnel need to use eye protection, since LEDs can be harmful to human eyes. Durability and easy availability of LED lights is the main reason for their success in market, which ultimately drives the North America horticulture lighting market.
The overall North America horticulture lighting market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America horticulture lighting market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America horticulture lighting market. Major players operating in the North America horticulture lighting market include Agrolux; Bridgelux, Inc.; General Electric Company; Heliospectra AB; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; PARsource; and Signify N.V.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America horticulture lighting market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the North America horticulture lighting market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets. Scrutinize in-depth North America market trends and outlook coupled with the factors driving the horticulture lighting market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.