Agricultural Lighting Market Size Worth $ 33,158.07 Million By 2032 | CAGR: 12.40%
The global agricultural lighting market size is expected to reach USD 33,158.07 million by 2032, according to a new study by Polaris Market Research. The report “Agricultural Lighting Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, and Services); By Light Source; By Wattage; By Installation Type; By Sales Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Revolutionizing the agriculture sector has led businesses to focus on product developments for improvement in agriculture. This is likely to improve the growth of the market throughout the world. Various companies are launching advanced and next-generation products to enhance their revenue stream. For instance, in January 2023, the first maker of Opto-semiconductors in India, Polymatech Electronics, introduced two new horticulture LED products: monochromatic LEDs and full-spectrum RavayeTM packages and modules. Horticulture lighting is transformed to provide better plant development, farming conditions, and lower costs. Light-emitting diode (LED) technology has witnessed significant advancements in recent years, making it more energy-efficient, long-lasting, and cost-effective. Advances in such technologies are increasingly helping the market to expand with a notable growth rate.
Request a free sample copy or read the full market insights: Agricultural Lighting Market Report
With the growing global population and shrinking agricultural land, there is a rising need for indoor farming practices such as vertical farming, greenhouse cultivation, and plant factories. Agricultural lighting is crucial in providing artificial light to supplement natural sunlight and optimize plant growth, resulting in higher yields and year-round production. Moreover, there is a growing demand for high-value crops such as fruits, vegetables, and medicinal plants. These crops often require controlled environments and specific light conditions for optimal growth, yield, and quality. Agricultural lighting enables farmers to meet these requirements by creating customized lighting conditions, thereby driving the adoption of lighting solutions in agriculture.
Agricultural Lighting Market Report Highlights
- Software offering is expected to grow with highest growth rate during the forecast period due to increasingly growing integration with IoT and automation
- LED light is accounting the highest share of the global revenue in the year of 2022 due to ongoing adoption of LED technology in the agriculture sector
- Below 50W segment is projected to hold largest market share owing to lesser electricity consumption by these lamps
- Retrofit installation type is anticipated to expand with fastest CAGR as it involve minimal disruption to ongoing agricultural operations
- Retail/ wholesale segment is dominating the market with a significant share in the global market due to improved convenience buying pattern
- Europe held the largest share of the global market by the end of 2022 due to improved investments in agriculture sector and increased large areas under greenhouse cultivation
- The global agricultural lighting market involves Signify, OSRAM, Gavita, Valoya, California Lightworks, Helliospectra AB, LumiGrow Inc., Hortilux Schréder, Eye Hortilux, Signify Holding, ams-OSRAM GmbH, Gavita International B.V., Valoya, California LightWorks, DeLaval, CBM Lighting, Heliospectra AB, Hortilux Schréder, and others.
Polaris Market Research has segmented the Agricultural Lighting market report based on offering, light source, wattage, installation type, sales channel, and region:
Agricultural Lighting, Offering Outlook (Revenue - USD Million, 2019-2032)
- Hardware
- Software
- Services
Agricultural Lighting, Light Source Outlook (Revenue - USD Million, 2019-2032)
- Fluorescent
- HID
- LED
- Others (xenon, plasma, and induction lightning)
Agricultural Lighting, Wattage Outlook (Revenue - USD Million, 2019-2032)
- Below 50W
- 50-150W
- Below 150W
Agricultural Lighting, Installation Type Outlook (Revenue - USD Million, 2019-2032)
- New
- Retrofit
Agricultural Lighting, Sales Channel Outlook (Revenue - USD Million, 2019-2032)
- Retail/ Wholesale
- Direct Sales
- Online/ E-commerce
- Other Sales Channel
Agricultural Lighting, Regional Outlook (Revenue - USD Million, 2019-2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Agricultural Lighting Market Report Scope
| Report Attributes | Details |
| Market size value in 2024 | USD 13,033.35 million |
| Revenue forecast in 2032 | USD 33,158.07 million |
| CAGR | 12.40% from 2024 – 2032 |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast period | 2024 – 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2024 to 2032 |
| Segments covered | By Light Source, By Application, By Offering, By Installation Type, By Wattage Type, By Sales Channel, By Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
| Customization | Report customization as per your requirements with respect to countries, region and segmentation. |
| For Specific Research Requirements |
