Agricultural Lighting Market Set to Reach US$ 38.5 Billion by 2034, Driven by Innovation and Sustainable Farming Practices | Future Market Insights Inc.
Agricultural Lighting Market, poised for exponential growth, driven by innovation and sustainable practices. Manufacturers lead the charge in reshaping global agriculture for efficiency and eco-conscious productivity by 2034. Agricultural lighting systems are integrating IoT (Internet of Things) and sensor technologies driving demand for the agriculture lighting market
NEWARK, Del, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The market size for agricultural lighting is estimated to be around *US$ 12.1* billion in *2024*. It is projected to exhibit a CAGR of *12.3%* over the forecast period, with an estimated market size of *US$ 38.5* billion by *2034*.In the last few decades, agricultural lighting has become increasingly popular in the agriculture sector, especially in CEA practices where technologies are used to create an optimal environment for plant growth. This is due to the rising demands for high-quality crop production throughout the year and the government's initiatives to promote sustainable agriculture practices, energy-efficient technologies, and modern farming techniques.
Urban areas also adopt agricultural 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 agricultural 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 agricultural 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 agricultural lighting in the underdeveloped parts of the world. Companies in agricultural 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 Sudip Saha, managing director at Future Market Insights (FMI) analyst.
*Key Takeaways from the Market Study*
· The new segment dominates the agricultural 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 agricultural 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 agricultural lighting in China has the potential to increase at *12.90%* CAGR through *2034*.
· The Japan agricultural lighting market is predicted to rise by *13.80%* CAGR through *2034*.
· The agricultural lighting market in South Korea is very likely to grow at *13.60%* through *2034*.
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*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.
*Key Players:*
· Signify (formerly Philips Lighting)
· Osram Licht AG
· Heliospectra AB
· Fluence by OSRAM
· 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
· Illumitex
· PARsource Lighting Solutions
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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
*Author: *
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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