Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Horticulture Lighting Market size was over USD 7.57 billion in 2024 and is anticipated to cross USD 50.97 billion by 2037, witnessing more than 15.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of horticulture lighting is estimated at USD 8.59 billion.
The growth of the market can be attributed to the increasing demand for different types of food crops globally, and therefore the need amongst the food producers to adopt sustainable production processes. Backed by the growing population worldwide, which according to the World Bank touched 7.76 Billion in the year 2020, up from 6.92 Billion in the year 2010, and the surge in urbanization globally, the land available for agricultural purposes is depleting at a greater rate. For instance, in the other statistics by the World Bank, agricultural land as a share of land area decreased from 37.3% in the year 2000 to 36.9% in the year 2018. As a result, there is a growing need amongst the producers of food to adopt advanced farming methods, which is projected to drive the demand for horticulture lighting. On the other hand, surge in government initiatives to promote the adoption of controlled environment agriculture (CEA) practices is also projected to fuel the growth of the horticulture lighting market in the coming years.
Horticulture Lighting Sector: Growth Drivers and Challenges
Growth Drivers
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Growing Population and Urbanization
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Surge in Government Initiatives
Challenges
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High Costs of Installation of the Product
Horticulture Lighting Market: Key Insights
| Report Attribute | Details |
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
15.8% |
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Base Year Market Size (2024) |
USD 7.57 billion |
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Forecast Year Market Size (2037) |
USD 50.97 billion |
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Regional Scope |
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Horticulture Lighting Segmentation
The global horticulture lighting market is segmented by product into hardware, and software & services, out of which, the hardware segment is anticipated to garner the highest market share by the end of 2037, while the software & services segment is projected to garner the highest CAGR of 19.3% during the forecast period. By application, the market is segmented into greenhouses, vertical farms, and indoor farms. Out of these, the vertical farms segment is projected to garner the largest revenue of USD 16561.3 Million by the end of 2031, up from a revenue of USD 3032.5 Million in the year 2021. By connection, the market is segmented into wired and wireless, out of which the wireless segment is projected to grow with the highest CAGR of 20.7% during the forecast period. By technology, the horticulture lighting market is segmented into LED, fluorescent, HID, and others. The LED segment is projected to garner the largest revenue of USD 17512.5 Million by the end of 2031, up from a revenue of USD 3166.0 Million in the year 2021. By watt, the market is segmented into <300 watts and >300 watts, out of which, the >300 watts segment is projected to garner the highest market share by the end of 2031. By cultivated plant, the market is segmented into fruits & vegetables, floriculture, cannabis, crops, and others. The fruits & vegetables segment is projected to garner the largest revenue of USD 30340.4 Million by the end of 2031, up from a revenue of USD 5673.5 Million in the year 2021. By distribution channel, the market is segmented into online and offline, out of which, the offline segment is projected to garner the highest horticulture lighting market share by the end of 2031.
Our in-depth analysis of the global market includes the following segments:
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by Product Offering |
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Application |
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Connection |
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Technology |
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Vishnu Nair
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Horticulture Lighting Industry - Regional Synopsis
Regionally, the global horticulture lighting market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The market in the Asia Pacific industry is expected to dominate majority revenue share of 46% by 2037, attributed to presence of a large number of LED light manufacturers in countries such as China, Korea, Taiwan, and Japan among others. LED horticultural grow lights, owing to its high energy efficiency rate and low adoption cost, are widely being used for artificial cultivation techniques. According to the statistics by the International Energy Agency, LED use has increased substantially worldwide over the past few years and that China has taken the lead in the manufacturing of LED lights, backed by the supportive government subsidies and incentives, which has resulted in the fall of the price of LED light bulb to USD 3-5 per bulb. The horticulture lighting market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Australia, and Rest of Asia Pacific. The market in Japan is projected to garner the largest revenue of USD 5084.3 Million by the end of 2031, up from a revenue of USD 982.1 Million in the year 2021.
Companies Dominating the Horticulture Lighting Landscape
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global horticulture lighting market that are included in our report are Signify Holding (Philips), Fluence Bioengineering, Inc., GE Lighting (SAVANT TECHNOLOGIES LLC), Hubbell Incorporated, California Lightworks, Gavita International B.V., Heliospectra AB, Valoya, LumiGrow, Inc., Hortilux Schreder, Lemnis Oreon BV, Black Dog Grow Technologies Inc., Agnetix, Thrive Agritech, Hyperion Grow Lights Limited, Hydrofarm Holdings Group, Inc., MechaTronix Co., Ltd., Felio Sylvania Group, SANANBIO, PL Light Systems, Tungsram Operations Ltd., ams-OSRAM International GmbH, Lumileds Holding B.V., Cree LED (SMART Global Holdings, Inc.), SAMSUNG, Bridgelux, Inc., Luminus, Inc. and others.
Recent Developments
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February 1st 2019: Hyperion Grow Lights Limited announced that it has launched its new grow light, Hyperion Inter Light.
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April 17th 2019: GE Lighting announced that it has launched a new line of indoor GE Grow Lights. Using these lights, users can grow herbs, vegetables, greens, and other plants anywhere inside the home.
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May 28th 2019: Heliospectra AB announced that it has launched the ELIXIA 600W high-voltage adjustable spectrum light for use in indoor horticulture and greenhouse applications.
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April 6th 2021: Agnetix announced that it has launched its new grow lighting series, known as Zenith, which has the first ever built-in multi-sensor & imaging horticulture lighting system.
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June 24th 2021: Signify Holding announced that its subsidiary, Philips, has signed a partnership with Hortipar, where the latter would add the grow lights of Philips to their global portfolio.
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May 2nd 2022: Fluence Bioengineering, Inc. announced that it has successfully been acquired by Signify Holding from its earlier parent organization ams-OSRAM International GmbH
Author Credits: Preeti Wani
- Report ID: 4070
- Published Date: Dec 26, 2024
- Report Format: PDF, PPT
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