The horticulture lighting market in Europe is expected to grow from US$ 991.1 million in 2019 to US$ 3767.9 million by 2027; it is estimated to grow at a CAGR of 18.8 % from 2020 to 2027.
The report provides trends prevailing in the Europe horticulture lighting market along with the drivers and restraints pertaining to the market growth. Surge in government initiatives and rising population and advancements in greenhouse and indoor farming approaches are the major factor driving the growth of the Europe horticulture lighting market. However, issues associated with insufficient awareness and high costs involved hinder the growth of Europe horticulture lighting market. In case of COVID-19, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. In the region, imports of produce from countries such as China, India, and South Africa have slowed owing to this pandemic. But Spain has increased its imports from Morocco since the start of the pandemic to guarantee the supply of fresh vegetables and fruits in Europe. Further, owing to lockdown across region, there has been a halt in business operation. Various businesses in the countries of Europe either had to suspend their operations or reduce their activities in a substantial manner which resulted in supply and demand disruptions and thus affected the sales of companies operating in the region. All these factors are expected to have a direct impact on horticulture lighting market growth in European countries.
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The Europe 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 Europe 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; General Electric Company; Heliospectra AB; HortiluxSchréder B.V; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V.are among the leading companies in the Europe 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, Osram unveiled Phytofy RL horticultural research grow light, which is developed to meet the growing demands of researchers at universities, private institutes and plant production in greenhouses and vertical farms.
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The report segments the Europe Horticulture Lighting Market as follows:
Europe Horticulture Lighting Market – By Technology
- LED Lights
- High Intensity Discharge Lights
- Fluorescent Lamps
Europe Horticulture Lighting Market – By Application
- Vertical Farming
- Indoor Farming
Europe Horticulture Lighting Market – By Cultivation
- Fruits and Vegetables
Europe Horticulture Lighting Market – By Country
· Rest of Europe
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