An estimated US$ 12.1 billion will be spent on agricultural lighting by 2024. With an agricultural lighting market size of US$ 38.50 billion by 2034, it is anticipated to grow at a compound annual growth rate (CAGR) of 12.3% throughout the forecast period.
Throughout the last few decades, the usage of agriculture lighting has grown in popularity, particularly in CEA methods, which employ technology to produce the ideal growing environment for plants. The government’s measures to support energy-efficient technology, modern agricultural methods, and sustainable agriculture practices are the cause of this, as well as the growing need for year-round, high-quality crop output.
Urban areas also adopt agriculture lighting for vertical farming systems to cultivate crops in controlled indoor environments, independent of external climatic conditions. There is also a growing awareness of the environmental impact of traditional farming methods, leading to a shift toward energy-efficient agricultural practices. Ongoing research and development activities in agricultural technologies have resulted in innovative lighting solutions tailored specifically to certain crops.
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The agriculture lighting market is experiencing increasing demand from large-scale commercial growers and farmers who deploy lighting solutions to enhance crop growth, extend growing seasons, and improve overall yield and quality. Horticulture and floriculture farmers also employ agriculture lighting to cultivate specific plants for ornamental or decorative purposes. There is also a great demand for these lights in agricultural research institutions, universities, and laboratories to study plant biology, optimize growth parameters, and develop new varieties with improved traits.
“There is still less awareness about agriculture lighting in the underdeveloped parts of the world. Companies in the agriculture lighting must offer educational resources, training programs, and workshops to inform farmers about the benefits and proper use of advanced lighting technologies in crop production,” opines an FMI analyst.
Key Takeaways from the Market Study
- The new segment dominates the agriculture lighting market with a CAGR of 12.10%.
- Based on the light source, the LED segment leads the market with a CAGR of 12.0%.
- The agriculture lighting market in the United States is anticipated to grow at a rate of 12.50% through 2034.
- The market in the United Kingdom is estimated to rise at a whopping 13.20% CAGR through 2034.
- The market for agriculture lighting in China has the potential to increase at 12.90% CAGR through 2034.
- The Japan agriculture lighting market is predicted to rise by 13.80% CAGR through 2034.
- The agriculture lighting market in South Korea is very likely to grow at 13.60% through 2034.
Competitive Landscape
Signify (formerly Philips Lighting), Osram Licht AG and other key players dominate the market’s competitive landscape. These industry leaders are recognized for their extensive experience and expertise in developing advanced horticultural lighting systems.
Companies within the competitive landscape prioritize research and development to stay at the forefront of technological advancements. This emphasis on innovation ensures that these companies continuously improve existing lighting technologies, providing farmers with cutting-edge solutions that enhance crop cultivation and overall productivity.
The competitive landscape is characterized by companies that specialize in horticultural lighting systems. This specialization demonstrates a strategic focus on catering specifically to the unique needs of plant cultivation for optimal plant growth, yield, and quality.
For instance, on January 2, 2023, Energous Corporation, an RF-based technology company, and ams OSRAM, a leader in intelligent sensors, announced a collaboration on a wirelessly powered multi-spectral light sensor for the application of agricultural sensors.
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Key Segments in the Agricultural Lighting Market
By Installation:
- New
- Retrofit
By Light Source:
- LED
- Fluorescent
- HID
- Others
By Wattage Type:
- Below 50W
- 50 to 150W
- Above 150W
By Sales Channel:
- Retail/Wholesale
- Direct Sales
- Online/E-commerce
By Offering:
- Hardware
- Software
- Services
By Application:
- Livestock
- Horticulture
- Aquaculture
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa (MEA)
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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