Report : Asia Pacific Horticulture Lighting Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology (Fluorescent Lamps, High Intensity Discharge Lights, and LED Lights), Application (Greenhouses, Vertical Farming, and Indoor Farming), and Cultivation (Fruits and Vegetables and Floriculture)
Fruits and VegetablesSegment to DominateAPACHorticulture Lighting Marketduring 2019–2027
According to The Insight Partners market research study on “APAC Horticulture Lighting Marketto 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Application and Cultivation”is expected to reach US$ 3147.5millionby 2027 from US$ 663.7million in 2019. The market is estimated to grow at a CAGR of 22.1% from 2020 to 2027. The report provides trends prevailing in the APAChorticulture lighting marketalong with the drivers and restraints pertaining to the market growth. Growing government initiativesand surge in population and advancements in greenhouse and indoor farming techniquesare the major factor driving the growth of the APAChorticulture lighting market. However, issues associated with inadequate awareness and high costs involved hinder the growth of APAChorticulture lightingmarket. In case of COVID-19, APAC is highly affected specially China and India.APAC is characterized by a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including horticulture lighting. Due to the pandemic, uncertain consumer demand and supply chain problems have affected the horticulture lighting industry in the region. The lockdown of various factories in China affects the supply chains and negatively impacts the manufacturing and sales of various products and services. For the LED industry, since the supply chain mostly locates in this region and production majorly coming from China, the pandemic has an impact on the industry. The governments are taking drastic measures to reduce the effects of coronavirus outbreak by announcing lockdowns, travel, and trade bans. All these measures are expected to have a negative impact on the adoption and growth of horticulture lighting in 2020 and 2021.
The APAC horticulture lighting market is segmented based on technology, application, cultivation and country. Based on technology, the market is segmented into LED lights, high-intensity discharge (HID) lights, and fluorescent lamps. LED lights segment led the APAChorticulture lighting market in 2019, and is anticipated to grow at the highest CAGR during the forecast period. In terms of application, the market is segmented into greenhouses, vertical farming, and indoor farming. Greenhouses segment held the largest market share in 2019 and vertical farming segment is anticipated to grow at the fastest CAGR during the forecast period. Based on cultivation, the market is segmented into fruits and vegetables, and floriculture. The fruits and vegetables segment is expected to dominate the market due to increase in demand for fresh vegetables.
General Electric Company; Heliospectra AB; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V.are among the leading companies in the APAChorticulture lighting market.The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, OsramOpto Semiconductors announced two new LED families for horticulture lighting. A phosphor-converted purple LED delivers the blue and red spectral energy that’s conducive to photosynthesis; a new white LED delivers enhanced far-red energy.
The report segments the APACHorticulture Lighting Marketas follows:
APAC Horticulture Lighting Market – By Technology
APAC Horticulture Lighting Market – By Application
APAC Horticulture Lighting Market – By Cultivation
APAC Horticulture Lighting Market – By Country