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Horticulture Lighting Market with COVID-19 Impact Analysis by Technology

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[242 Pages Report] The global horticulture lighting market is projected to grow from USD 2.3 billion in 2020 to USD 6.0 billion by 2025; it is expected to grow at a CAGR of 21.4% from 2020 to 2025. The key factors fueling the growth of this market include rising number of government initiatives to promote the adoption of CEA practices and SSL technology, growing demand for food owing to the continuously increasing population, increased funding to develop vertical farms and greenhouses, and ongoing legalization of cannabis cultivation.

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COVID-19 Impact on the global horticulture lighting market

The horticulture lighting market includes key companies such as Signify Holding (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands). These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, North America, and RoW. The horticulture lighting products manufactured by these companies are purchased by several stakeholders for various applications. COVID-19 not only impacted the operations of the various horticulture lights manufacturers companies, but also affected the businesses of their suppliers and distributers. The fall in export shipments and slow domestic demand for horticulture lighting in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for horticulture lights in short term. The key companies operating in this market, have also witnessed the impact of the pandemic in their order intakes for horticulture lighting during the first half of 2020.

Horticulture lighting market dynamics

Driver: High demand for fresh produce in quick time owing to population growth and loss of arable land.

Rapid population growth and urbanization, shrinking of water supplies, and continued climate change due to the increase in the emissions of greenhouse gases have contributed to declining stocks of arable land per person. As land resources for agriculture are decreasing, policy makers are facing challenges of sustainability and feeding the rapidly growing world population, which is projected to reach approximately 9.6 billion in 2050. Solutions for improving future food production are exemplified by indoor farming, greenhouse farming, and vertical farming, which involve greater use of technology and automation for optimum utilization of land and water. Vertical farming technology aims to significantly increase productivity and reduce the environmental footprint within a framework of urban, indoor, climate-controlled high-rise buildings. It is claimed that such facilities offer many potential advantages such as a clean and green source of food, along with biosecurity, freedom from pests, droughts, and reduced use of transportation and fossil fuels.

Restraint: High setup and installation costs of LED grow lights

The use of horticulture lighting is increasing with the rising awareness about the benefits offered by these solutions. Different sources of artificial lights have been used to grow plants indoor. Earlier, HPS and electric ballasts were widely used in indoor farming as effective sources of light. Nowadays, LEDs are in trend; these grow lights overcome the drawbacks of high-pressure sodium (HPS), fluorescent (FL), metal-halide lights, and electric ballasts. However, the initial capital required for the purchase of good-quality LED grow lights is higher than that of conventional lighting technologies, such as FL and HID (High-intensity Discharge) lamps. This is mainly because each LED grow light unit contains arrays of LEDs, specially designed for horticultural applications. Often, these units contain different types of LEDs with variation in watts and wavelengths to provide a broad range of light spectrum and intensity for different types of plants. High-powered LED grow lights are available in the market for prices starting from USD 500. A high-quality, full-spectrum LED grow light can be installed as the primary light source for commercial indoor growing. It can cost around USD 2,000 or more, depending on the power output and other specifications. A high-powered induction grow light also costs USD 1,300 or more, whereas high-powered plasma grow light costs around USD 3,000. The costs of these grow lights are higher than that of a 1,000-watt HPS light, which costs between USD 100 and USD 150 and provides sufficient light for photosynthesis. This significant price difference restrains the growers from adopting energy-efficient grow light LED technology.

Opportunity: Year-round crop production, irrespective of weather conditions

With the help of horticulture lighting, year-round crop production can be achieved in any region of the world. In traditional farming, there can be only 1 or 2 harvests in a year; with CEA, there can be multiple harvests as plants are grown indoors in a controlled environment. One indoor acre is equivalent to multiple outdoor acres, depending on the plant, available space, and story of the building. For instance, one acre of indoor production of strawberries may produce a yield equivalent to 30 acres. According to (US), one high-rise farm is equal to 480 traditional horizontal farms. Additionally, indoor farming would minimize pest infestation and post-harvest spoilage. The impact of adverse weather conditions on the quality and profiling of the yield is negligible in CEA. Farming in a protected, well-monitored, and managed environment assures high-quality produce and provides repeatable programmable production for the growers. As the production process is not dependent on the weather, controlled environment farming eliminates the concept of seasonal crops. It also reduces the harvest time and increases the production volume without compromising with the flavor or quality.

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