Northbrook, IL 60062 -- (SBWire) -- 10/06/2023 --The global Agricultural Lighting Market is projected to grow from USD 11.8 billion in 2023 to USD 21.4 billion by 2028; it is expected to grow at a CAGR of 12.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The key factors fueling the growth of this market include rising population along with increasing government funding and support to promote agricultural lighting across the globe, growing demand for food owing to the continuously increasing population.
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The software segment to witness highest growth rate during the forecast period.
Modern lighting solutions incorporate intelligent control systems that utilize software to optimize lighting operations. These systems encompass a range of features, such as automated scheduling, occupancy sensing, daylight harvesting, and energy management. Implementing these software-driven functionalities necessitates additional efforts in terms of programming, customization, and integration with the lighting hardware. The extensive scope of software in lighting solutions is rooted in the objective of delivering intelligent control, user-friendly interfaces, data analysis capabilities, integration with building systems, remote management, firmware updates, and interoperability with other platforms. It enhances the flexibility, efficiency, and functionality of lighting solutions.
The HID light source segment grew at a significant growth rate during the forecast period.
HID lighting systems are available in various wattages, allowing for flexibility in meeting the lighting requirements of different crop types and sizes. They can provide wide coverage, effectively illuminating larger areas within agricultural facilities. The scope of HID light sources in lighting systems encompasses their use in a wide range of applications, compatibility with lighting controls, energy efficiency considerations, retrofitting possibilities, compliance with standards, and the diversity of lamp options available. These factors make HID light source grow at a significant growth rate during the forecast period.
The online/e-commerce sales channel grew at the highest CAGR during the forecast period.
Online or e-commerce sales channels have experienced significant growth in the agricultural lighting industry, owing to the wide product selection range, convenience and accessibility to each buyer, product specificartion and information available remotely, the ability to compare between similar products for efficient buying. It helps to compare prices, compare reviews of products by other buyers. All these factors tend to increase the market for online sales channel in the coming years.
The below 50W wattage type segment to hold largest market share during the forecast period.
Agricultural applications often require lower-wattage lighting solutions due to the nature of the crops being grown. Many types of plants, especially leafy greens, herbs, and young seedlings, have lower light intensity requirements. The below 50W segment offers sufficient light output for these crops without excessive energy consumption or heat generation. Lower-wattage lighting systems are generally more energy-efficient, leading to cost savings and electricity consumption.
The livestock application segment to hold the largest market share in 2023.
The livestock industry, including poultry, swine, and cattle, is typically larger in scale compared to horticulture and aquaculture. The demand for lighting solutions in livestock operations is significant, as lighting plays a crucial role in maintaining animal welfare, productivity, and overall management. The sheer size of the livestock industry contributes to the larger market share of livestock lighting.
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Asia Pacific region to hold the largest share of the agricultural lighting market in 2028.
The Asia Pacific region boasts some of the world's largest agricultural economies, encompassing countries like China, India, Japan, and Southeast Asian nations. These countries have robust agricultural sectors that significantly contribute to their overall economies. The region's extensive agricultural operations, both in size and scale, generate substantial demand for agricultural lighting solutions, leading to a significant market share. Moreover, the Asia Pacific region cultivates a wide variety of crops, including rice, wheat, fruits, vegetables, tea, coffee, spices, and more. Each crop has specific lighting requirements crucial for its optimal growth and productivity. As a result, there is a high demand for agricultural lighting solutions to cater to the diverse lighting needs of the various crops cultivated throughout the region.
Signify (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), Signify Holding (Netherlands), ams-OSRAM GmbH (Germany), Gavita International B.V. (Netherlands), Valoya (Finland), California LightWorks (US), DeLaval (Sweden), CBM Lighting (Canada), Heliospectra AB (Sweden), Hortilux Schréder (Netherlands) are the key players in the global agricultural lighting companies. These players increasingly undertake product launches and development strategies, expansions, partnerships, contracts, and acquisitions to increase their market share.
Agricultural Lighting Market Worth $21.4 Billion by 2028