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)
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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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Application, and Cultivation
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1.Introduction
1.1Study Scope
1.2The Insight Partners Research Report Guidance
1.3Market Segmentation
1.3.1APAC Horticulture Lighting Market – By Technology
1.3.2APAC Horticulture Lighting Market – By Application
1.3.3APAC Horticulture Lighting Market – By Cultivation
1.3.4APAC Horticulture Lighting Market - By Country
2.Key Takeaways
3.Research Methodology
3.1Coverage
3.2Secondary Research
3.3Primary Research
4.APAC Horticulture Lighting Market Landscape
4.1Market Overview
4.2APAC PEST Analysis
4.3Ecosystem Analysis
4.4Expert Opinion
5.APAC Horticulture Lighting Market – Key Market Dynamics
5.1Market Drivers
5.1.1Growing Government Initiatives
5.1.2Surge in Population and Advancements in Greenhouse and Indoor Farming Techniques
5.2Market Restraints
5.2.1Inadequate Awareness and High Costs Involved
5.3Market Opportunities
5.3.1Growing Significance of Vertical Farming
5.4Future Trends
5.4.1LED Lighting to Open New Growth Options
5.5Impact Analysis of Drivers and Restraints
6.Horticulture Lighting Market – APAC Analysis
6.1APAC Horticulture Lighting Market Overview
6.2APAC Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
6.3Market Positioning – Five Key Players
7.APAC Horticulture Lighting Market Analysis – By Technology
7.1Overview
7.2APAC Horticulture Lighting Market, By Technology (2019 and 2027)
7.3LED Lights
7.3.1Overview
7.3.2LED Lights: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
7.4High Intensity Discharge Lights
7.4.1Overview
7.4.2High Intensity Discharge Lights: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
7.5Fluorescent Lamps
7.5.1Overview
7.5.2Fluorescent Lamps: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
8.APAC Horticulture Lighting Market Analysis – By Application
8.1Overview
8.2APAC Horticulture Lighting Market, By Application (2019 and 2027)
8.3Greenhouses
8.3.1Overview
8.3.2Greenhouses: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
8.4Vertical Farming
8.4.1Overview
8.4.2Vertical Farming: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
8.5Indoor Farming
8.5.1Overview
8.5.2Indoor Farming: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
9.APAC Horticulture Lighting Market Analysis – By Cultivation
9.1Overview
9.2APAC Horticulture Lighting Market Breakdown, by Cultivation, 2019 & 2027
9.3Fruits and Vegetables
9.3.1Overview
9.3.2Fruits and Vegetables Market Revenue and Forecast to 2027 (US$ Million)
9.4Floriculture
9.4.1Overview
9.4.2Floriculture Market Revenue and Forecast to 2027 (US$ Million)
10.APAC Horticulture Lighting Market – Country Analysis
10.1Overview
10.1.1APAC: Horticulture Lighting Market, by Key Country
10.1.1.1Australia: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.1.1Australia: Horticulture Lighting Market, by Technology
10.1.1.1.2Australia: Horticulture Lighting Market, by Application
10.1.1.1.3Australia: Horticulture Lighting Market, by Cultivation
10.1.1.2China: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.2.1China: Horticulture Lighting Market, by Technology
10.1.1.2.2China: Horticulture Lighting Market, by Application
10.1.1.2.3China: Horticulture Lighting Market, by Cultivation
10.1.1.3India: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.3.1India: Horticulture Lighting Market, by Technology
10.1.1.3.2India: Horticulture Lighting Market, by Application
10.1.1.3.3India: Horticulture Lighting Market, by Cultivation
10.1.1.4Japan: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.4.1Japan: Horticulture Lighting Market, by Technology
10.1.1.4.2Japan: Horticulture Lighting Market, by Application
10.1.1.4.3Japan: Horticulture Lighting Market, by Cultivation
10.1.1.5South Korea: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.5.1South Korea: Horticulture Lighting Market, by Technology
10.1.1.5.2South Korea: Horticulture Lighting Market, by Application
10.1.1.5.3South Korea: Horticulture Lighting Market, by Cultivation
10.1.1.6Rest of APAC: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.6.1Rest of APAC: Horticulture Lighting Market, by Technology
10.1.1.6.2Rest of APAC: Horticulture Lighting Market, by Application
10.1.1.6.3Rest of APAC: Horticulture Lighting Market, by Cultivation
11.APAC Horticulture Lighting Market- COVID-19 Impact Analysis
11.1APAC: Impact Assessment of COVID-19 Pandemic
12.Industry Landscape
12.1Market Initiative
12.2New Development
13.Company Profiles
13.1Signify N.V.
13.1.1Key Facts
13.1.2Business Description
13.1.3Products and Services
13.1.4Financial Overview
13.1.5SWOT Analysis
13.1.6Key Developments
13.2Heliospectra AB
13.2.1Key Facts
13.2.2Business Description
13.2.3Products and Services
13.2.4Financial Overview
13.2.5SWOT Analysis
13.2.6Key Developments
13.3Lumileds Holding B.V.
13.3.1Key Facts
13.3.2Business Description
13.3.3Products and Services
13.3.4Financial Overview
13.3.5SWOT Analysis
13.3.6Key Developments
13.4OSRAM Licht AG
13.4.1Key Facts
13.4.2Business Description
13.4.3Products and Services
13.4.4Financial Overview
13.4.5SWOT Analysis
13.4.6Key Developments
13.5General Electric Company
13.5.1Key Facts
13.5.2Business Description
13.5.3Products and Services
13.5.4Financial Overview
13.5.5SWOT Analysis
13.5.6Key Developments
13.6Hubbell, Inc.
13.6.1Key Facts
13.6.2Business Description
13.6.3Products and Services
13.6.4Financial Overview
13.6.5SWOT Analysis
13.6.6Key Developments
14.Appendix
14.1About The Insight Partners
14.2Word Index
LIST OF TABLES
Table 1.APAC Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Table 2.Australia: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 3.Australia: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 4.Australia: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 5.China: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 6.China: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 7.China: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 8.India: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 9.India: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10.India: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 11.Japan: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 12.Japan: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 13.Japan: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 14.South Korea: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 15.South Korea: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 16.South Korea: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 17.Rest of APAC: Horticulture Lighting Market, by Technology –Revenue and Forecast to 2027 (US$ Million)
Table 18.Rest of APAC: Horticulture Lighting Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 19.Rest of APAC: Horticulture Lighting Market, by Cultivation –Revenue and Forecast to 2027 (US$ Million)
Table 20.List of Abbreviation
LIST OF FIGURES
Figure 1.APAC Horticulture Lighting Market Segmentation
Figure 2.APAC Horticulture Lighting Market Segmentation – By Country
Figure 3.APAC Horticulture Lighting Market Overview
Figure 4.LED Lights Segment Held the Largest Market Share Based on Technology
Figure 5.Greenhouses Segment Held the Largest Market Share Based on Application
Figure 6.Fruits and Vegetables Segment Held the Largest Market Share Based on Cultivation
Figure 7.India is the Fastest Growing Country During Forecast Period
Figure 8.APAC: PEST Analysis
Figure 9.Expert Opinion
Figure 10.APAC Horticulture Lighting Market: Impact Analysis of Drivers and Restraints
Figure 11.APAC Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 12.APAC Horticulture Lighting Market Revenue Share, by Technology (2019 and 2027)
Figure 13.APAC LED Lights: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14.APAC High Intensity Discharge Lights: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 15.APAC Fluorescent Lamps: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16.APAC Horticulture Lighting Market Revenue Share, by Application (2019 and 2027)
Figure 17.APAC Greenhouses: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18.APAC Vertical Farming: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 19.APAC Indoor Farming: Horticulture Lighting Market – Revenue and Forecast to 2027 (US$ Million)
Figure 20.APAC Horticulture Lighting Market Breakdown, by Cultivation (2019 and 2027)
Figure 21.APAC Fruits and Vegetables Market Revenue and Forecast to 2027(US$ Million)
Figure 22.APAC Floriculture Market Revenue and Forecast to 2027(US$ Million)
Figure 23.APAC: Horticulture Lighting Market Revenue Share, By Key Country (2019 and 2027)
Figure 24.Australia: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 25.China: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 26.India: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 27.Japan: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 28.South Korea: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 29.Rest of APAC: Horticulture Lighting Market – Revenue and Forecast To 2027 (US$ Million)
Figure 30.Impact of COVID-19 Pandemic on APAC Markets
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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