Horticulture Lighting Market Comprehensive Analysis and Forecast 2024 to 2030
Markntel Advisors’ report, Horticulture Lighting Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Horticulture Lighting presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Horticulture Lighting Market Research Report & Market Summary:
The?Global Horticulture Lighting Market?size is valued at around?USD?6.78?Billion?in 2023?and is projected to grow at a CAGR of around 16.22% during the forecast period, i.e., 2024-30. The market is driven by the exponentially rising population throughout the world entwined with a rapid climate change, resulting in greater food demand and immense pressure on the agriculture industry. Such swift augmentation in need can only be satiated through additional modern ways like indoor farming that requires horticulture lighting. Additionally, the growing propensity for home-grown fruits and vegetables fuels the market during the forecast period.
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Horticulture Lighting Market Dynamics:
Key Driver-
Widespread Adoption of Horticulture Lighting in Numerous Agricultural Applications?- The increased deployment of horticulture lighting in numerous agricultural applications, including urban farming, supplemental lighting, cultivation without daylight, and multilayer cultivation, provides the necessary impetus to the market for the projected timeframe. Further, the growing vertical farming applications and greenhouse projects enthrall the market. Additionally, the population boom for the past few years, instigating the farmers to go indoors and utilize every bit of resource to cater to the up-scaling needs, further propels the market through 2030.
Horticulture Lighting Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Application
Among all, the?Vertical Farming?segment is anticipated to drive the Global Horticulture Lighting Market during forecast period. It owes principally to its immense potential in coping with unpredictable land areas and environmental growth. On top of it, the insignificant requirement of soil and water projected by Vertical Farming ultimately leads to enhanced crop harvest, further bolstering the market growth. Such minimal maintenance makes them the most suitable for urban farming, citing lesser available area in urban setup for growing crops, thereby facilitating market expansion.
By Technology
By Offering
By Cultivation
By Lighting Type
Here, Inter lighting segment acquires the major revenue share in the market during the forecast period. Such dominance can be credited to its consummate ability to proportionally distribute the lights in the canopy that otherwise tends to receive lesser lights in lower and middle levels.?
By Region
Europe demonstrates a significant shareholding and thereby dominates the Global Horticulture Lighting Market in the historical period. Such dominance can be attributed to numerous factors. One would be the availability of relatively larger areas for cultivation. In addition, being the home to one of the strongest economies enables the region to attract substantial investment from neighborhoods and poses higher capital investment capabilities.
As indicated in the latest market research report published by Markntel Advisors, “Horticulture Lighting Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Horticulture Lighting industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
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Top Companies Operating in the Horticulture Lighting Market:
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