Asia Pacific Horticulture Lighting Market Growth and Forecast by 2027
Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027Asia 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)
- Report Date : Sep 2020
- Report Code : TIPRE00014160
- Category : Electronics and Semiconductor
- Status : Published
- Available Report Formats :
- No. of Pages : 77
The horticulture lighting market in APAC is expected to grow from US$ 663.7 million in 2019 to US$ 3147.5 million by 2027; it is estimated to grow at a CAGR of 22.1 % from 2020 to 2027.
The Australia, China, India, Japan and South Korea are major economies in APAC. Growing government initiatives is expected to affect the Asia Pacific horticulture lighting market in a positive way. Growing awareness about sustainable crop and increasing government initiatives in various developed as well as developing countries in APAC region to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. The governments in APAC region are focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives such as soft loans and tax breaks, the government has supported the growers. Furthermore, the legalization of cannabis for medicinal purposes by various governments in APAC over the past few years is accelerating the growth of the market. Thus, the growing government initiatives is expected to create a significant demand for horticulture lighting in the coming years, which is further anticipated to drive the market in APAC. Moreover, in case of COVID-19, APAC is highly affected specially the China as well as 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. China has recently emerged from a containment phase and moved into the mitigation stage; however, the economic growth is still declining due to uncertainty around COVID 19 outbreak. 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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC horticulture lighting market. The APAC horticulture lighting market is expected to grow at a good CAGR during the forecast period.
APAC Horticulture Lighting Market Revenue and Forecast to 2027 (US$ Million)
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
APAC Horticulture Lighting Market Segmentation
APAC Horticulture Lighting Market – By Technology
- LED Lights
- High Intensity Discharge Lights
- Fluorescent Lamps
APAC Horticulture Lighting Market – By Application
- Greenhouses
- Vertical Farming
- Indoor Farming
APAC Horticulture Lighting Market – By Cultivation
- Fruits and Vegetables
- Floriculture
APAC Horticulture Lighting Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Horticulture Lighting Market -Companies Mentioned
- General Electric Company
- Heliospectra AB
- Hubbell, Inc.
- Lumileds Holding B.V.
- OSRAM Licht AG
- Signify N.V.
Asia Pacific Horticulture Lighting Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 663.7 Million |
| Market Size by 2027 | US$ 3147.5 Million |
| Global CAGR (2020 - 2027) | 22.1 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
Market Research & Consulting
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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The List of Companies - Asia-Pacific Horticulture Lighting Market
- General Electric Company
- Heliospectra AB
- Hubbell, Inc.
- Lumileds Holding B.V.
- OSRAM Licht AG
- Signify N.V.
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