North America Horticulture Lighting Market is expected to reach US$ 3,597.2 Mn by 2027

LED Lights Segment to Dominate North America Horticulture Lighting Market during 2019–2027

According to The Insight Partners market research study on “North America Horticulture Lighting Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Application and Cultivation” is expected to reach US$ 3597.2 million by 2027 from US$ 830.5 million in 2019. The market is estimated to grow at a CAGR of 20.7% from 2020 to 2027. The report provides trends prevailing in the North America horticulture lighting market along with the drivers and restraints pertaining to the market growth. Rising government initiatives and increasing population and advancements in greenhouse and indoor farming techniques are the major factor driving the growth of the North America horticulture lighting market. However, issues associated with less awareness and high costs involved hinder the growth of North America horticulture lighting market. In case of COVID-19, North America is the world’s worst affected region due to coronavirus outbreak specially US. North America is an important market for the growth of horticulture lighting products owing to the presence of developed countries such as the US and Canada in this region. The COVID-19 pandemic has affected all the farmers in the region, threatening access to agricultural labor and disrupting worldwide supply chains. However, for indoor farming, it has offered an opportunity. In vertical farming, the batches of crops can be watered individually and ignited with the help of LED lights, enabling them to be grown year-round with less resource. Nevertheless, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of horticulture lighting products, such as LED lights and fluorescent lamps. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity across North America.

The North America 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 North America horticulture 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; Bridgelux, Inc.; General Electric Company; Heliospectra AB; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; PARsource; Signify N.V. are among the leading companies in the North America horticulture 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, Hubbell Lighting announced the improvement of NutriLED horticultural LED luminaire with the addition of more wavelengths. The improved version offers increased production, greater yield, and shorter growth periods for the indoor horticulture industry.

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

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North America Horticulture Lighting Market to Grow at a CAGR of 20.7% to reach US$ 3,597.2 Million from 2020 to 2027

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North America 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 North America Horticulture Lighting Market as follows:

North America Horticulture Lighting Market – By Technology

• LED Lights
• High Intensity Discharge Lights
• Fluorescent Lamps

North America Horticulture Lighting Market – By Application

• Greenhouses
• Vertical Farming
• Indoor Farming

North America Horticulture Lighting Market – By Cultivation

• Fruits and Vegetables
• Floriculture

North America Horticulture Lighting Market – By Country

• US
• Canada
• Mexico