Europe Horticulture Lighting Market is expected to reach US$ 3,767.9 Mn by 2027

GreenhousesSegment to DominateEuropeHorticulture Lighting Marketduring 2019–2027

According to The Insight Partners market research study on “Europe Horticulture Lighting Marketto 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Application and Cultivation”is expected to reach US$ 3767.9millionby 2027 from US$ 991.1million in 2019. The market is estimated to grow at a CAGR of 18.8 % from 2020 to 2027. The report provides trends prevailing in the Europehorticulture lighting marketalong with the drivers and restraints pertaining to the market growth. Surge in government initiativesand rising population and advancements in greenhouse and indoor farming approachesare the major factor driving the growth of the Europehorticulture lighting market. However, issues associated with insufficient awareness and high costs involved hinder the growth of Europehorticulture lighting market. In case of COVID-19, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. In the region, imports of produce from countries such as China, India, and South Africa have slowed owing to this pandemic. But Spain has increased its imports from Morocco since the start of the pandemic to guarantee the supply of fresh vegetables and fruits in Europe. Further, owing to lockdown across region, there has been a halt in business operation. Various businesses in the countries of Europe either had to suspend their operations or reduce their activities in a substantial manner which resulted in supply and demand disruptions and thus affected the sales of companies operating in the region. All these factors are expected to have a direct impact on horticulture lighting market growth in European countries.

The Europe 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 Europehorticulture 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.

Agrolux; General Electric Company; Heliospectra AB; HortiluxSchréder B.V; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V.are among the leading companies in the Europehorticulture 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, Osram unveiled Phytofy RL horticultural research grow light, which is developed to meet the growing demands of researchers at universities, private institutes and plant production in greenhouses and vertical farms.

Europe Horticulture Lighting Market, By Country, 2019 and 2027 (%)

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Europe Horticulture Lighting Market to Grow at a CAGR of 18.8% to reach US$ 3,767.9 Million from 2020 to 2027

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Europe 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)

The report segments the EuropeHorticulture Lighting Marketas follows:

Europe Horticulture Lighting Market – By Technology

• LED Lights
• High Intensity Discharge Lights
• Fluorescent Lamps

Europe Horticulture Lighting Market – By Application

• Greenhouses
• Vertical Farming
• Indoor Farming

Europe Horticulture Lighting Market – By Cultivation

• Fruits and Vegetables
• Floriculture

Europe Horticulture Lighting Market – By Country

·         France

·         Germany

·         Italy

·         UK

·         Russia

·         Rest of Europe