(MENAFN- GlobeNewsWire - Nasdaq) The Global Agricultural Lighting market Size was Valued at USD 11.4 Billion in 2023 and the Worldwide Agricultural Lighting Market Size is Expected to Reach USD 35.83 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Agrolux, Valoya, LumiGrow, California Lightworks, Illumitex, Everlight Electronics, Bridgelux, Sunlight Supply, Gavita International B.V., Hortilux Schréder, VividGro, Apogee Instruments, Black Dog LED, Fluence, Others Key Vendors.
New York, United States, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural Lighting Market Size is to Grow from USD 11.4 Billion in 2023 to USD 35.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.1% during the projected period.
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Light is essential to maintaining the health of plants. The amount of light a plant receives directly affects how quickly it grows and how long it stays active. Photosynthesis is the primary metabolic process in plants and is powered by light energy. LED lights are changing plant growth, flowering time, flavor, and even vitamin and antioxidant content in ways that almost seem alchemical when used in agricultural applications. The lights might lengthen their shelf life. Furthermore, artificial light has a big impact on plant development. Different colors and wavelengths of light can have distinct effects on plants. Light-emitting diodes (LEDs), an artificial lighting source, are becoming more and more popular, especially in greenhouse agriculture. Studies have shown that combining the red and blue spectra can enhance growth traits in a range of plants, including vegetables, decorative plants, and medicinal herbs, such as biomass, leaf area, and height. Additionally, light quality which includes the blue light component might affect plant morphology and light absorption, which in turn can affect plant growth. Furthermore, LEDs possess the characteristics that include modest, reliable, and fast switching. LED technology offers the potential to reduce the carbon footprint of agricultural areas in addition to its long-term benefits in terms of durability, portability, and low power usage. The greenhouse industry, one of the largest energy consumers, uses artificial lighting to reduce energy consumption. However, the market is affected by the high electricity costs associated with LED grow light technology and the feasibility of cultivating a narrow variety of crop species in agricultural light environments. The effective fusion of multiple elements and the technologies utilized in CEA facilities. The intricacy of establishing specified environmental conditions necessitates technical skill. The largest challenges to the growth of the global agricultural lighting market are these factors.
Browse key industry insights spread across 266 pages with 110 Market data tables and figures & charts from the report on the " Global Agricultural Lighting Market Size, Share, and COVID-19 Impact Analysis, By Light Source (Fluorescent, HID, LED, and Others), By Installation (New and Retrofit), By Application (Aquaculture, Livestock, and Horticulture), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The LED segment is anticipated to hold the greatest share of the global agricultural lighting market during the projected timeframe.
Based on the light source, the global agricultural lighting market is divided into fluorescent, HID, LED, and others. Among these, the LED segment is anticipated to hold the greatest share of the global agricultural lighting market during the projected timeframe. Artificial lightning produced by agricultural LED lights stimulates and augments plant development. It's used for many different types of farming, including indoor, vertical, and greenhouse farming. Increased use of agricultural lighting for fruit, vegetable, and floriculture cultivation is a result of floriculture's growth, and this has a further favorable impact on the market. The market is booming due to the population's explosive growth, the limited amount of available land, and the rising annual payouts.
The retrofit segment is expected to grow at the fastest pace in the global agricultural lighting market during the projected timeframe.
Based on the installation, the global agricultural lighting market is divided into new and retrofit. Among these, the retrofit segment is expected to grow at the fastest pace in the global agricultural lighting market during the projected timeframe. Retrofitting light fixtures reduces energy consumption and maintenance costs in commercial greenhouses, animal facilities, and vertical farms. Depending on the type of plant being grown, growth lights must operate for around 14 to 18 hours every day, which results in low running costs. When HID bulbs are converted to LED grow lights, they have a high efficiency, a long lifespan, and are lightweight. These factors are expected to fuel an increase in the global market for retrofit installs.
The horticulture segment is predicted for the largest revenue share in the global agricultural lighting market during the estimated period.
Based on the application, the global agricultural lighting market is divided into aquaculture, livestock, and horticulture. Among these, the horticulture segment is predicted for the largest revenue share in the global agricultural lighting market during the estimated period. The current widespread adoption of LED light technology has led to the discovery of new potential applications. Considering that LEDs help a range of crops grow and produce more, it seems that more study is necessary to properly comprehend the rise in bioactive chemicals, particularly those that are favorable to health. In doing so, sustainable goal 3 (good health and well-being) will be achieved and nutrition security will be ensured. The advantages of LEDs, particularly in protected cultivation, to enhance fruit development and growth might lead to the creation of new horticultural technologies that will enhance specific compounds present in these products and facilitate the production of greenhouse crops in a more sustainable and energy-efficient manner.
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Europe is expected to hold the largest share of the global agricultural lighting market over the forecast period.
Europe is expected to hold the largest share of the global agricultural lighting market over the forecast period. Large areas of land are covered with greenhouses in countries like the Netherlands, Spain, France, and Italy, which also have an exceptionally high number of facilities for raising livestock, including poultry and dairy, due to their strong economies and booming sectors that increase capital investment capacities. LED grow lights are gradually replacing incandescent bulbs as the primary source of lighting for indoor farming in this area.
Asia Pacific is predicted to grow at the fastest pace in the global agricultural lighting market during the projected timeframe. Asia Pacific, which includes nations like China, India, Japan, and Southeast Asian republics, is home to some of the largest agricultural economies in the world. Strong agricultural sectors are essential to these nations' national economies. Due to the region's vast agricultural operations, there is a huge need for agricultural lighting solutions, which results in a sizable market share. The industry has a lot of potential because different crops grown in different parts of the region have different lighting needs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Lighting Market include Agrolux, Valoya, LumiGrow, California Lightworks, Illumitex, Everlight Electronics Co., Ltd., Bridgelux, Inc., Sunlight Supply, Inc., Gavita International B.V., Hortilux Schréder, VividGro, Apogee Instruments, Inc., Black Dog LED, Fluence, and Others
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Recent Developments
In July 2024, A provider of agricultural lighting systems, Photosynthetic, is releasing a dynamic grow light designed specifically for the CEA market. This device is an innovative dynamic lighting solution made to enhance plant growth and productivity, promote sustainability, and optimize energy efficiency. At the GreenTech exhibition, Photosynthetic will have a stand at 05.464VF.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Lighting Market based on the below-mentioned segments:
Global Agricultural Lighting Market, By Light Source
Fluorescent HID LED Others
Global Agricultural Lighting Market, By Installation
Global Agricultural Lighting Market, By Application
Aquaculture Livestock Horticulture
Global Agricultural Lighting Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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