The agricultural lighting market is poised for significant growth, with a projected market size of US$ 12.1 billion in 2024 and a CAGR of 12.3% over the forecast period, reaching US$ 38.5 billion by 2034.
The increasing adoption of agricultural lighting in controlled environment agriculture (CEA) practices, driven by the need for high-quality crop production and government initiatives promoting sustainable agriculture practices, is a key factor contributing to this growth.
Urban areas are also embracing agricultural lighting for vertical farming systems, enabling the cultivation of crops in controlled indoor environments, independent of external climatic conditions. The growing awareness of the environmental impact of traditional farming methods is leading to a shift towards energy-efficient agricultural practices, further propelling the demand for agricultural lighting solutions.
Large-scale commercial growers and farmers are increasingly deploying lighting solutions to enhance crop growth, extend growing seasons, and improve overall yield and quality. Horticulture and floriculture farmers are also utilizing agricultural lighting to cultivate specific plants for ornamental or decorative purposes. Additionally, agricultural research institutions, universities, and laboratories are employing these lights to study plant biology, optimize growth parameters, and develop new varieties with improved traits.
The market is witnessing a surge in demand for agricultural lighting, particularly in the United States, the United Kingdom, China, Japan, and South Korea, with a projected CAGR of 12.50%, 13.20%, 12.90%, 13.80%, and 13.60%, respectively, over the forecast period. Key players in the agricultural lighting market, such as Signify (formerly Philips Lighting), Osram Licht AG, and others, are prioritizing research and development to stay at the forefront of technological advancements.
These companies are recognized for their extensive experience and expertise in developing advanced horticultural lighting systems, catering to the unique needs of plant cultivation for optimal plant growth, yield, and quality. The competitive landscape is characterized by companies specializing in horticultural lighting systems, with a focus on innovation and sustainability.
Collaborations and partnerships between industry leaders are driving the development of cutting-edge lighting solutions tailored to specific crops, enhancing crop cultivation and overall productivity.
As the agricultural lighting market continues to evolve, companies must prioritize education and training programs to raise awareness among farmers about the benefits and proper use of advanced lighting technologies in crop production, ensuring a sustainable and efficient agricultural ecosystem.
For more information on the agricultural lighting market, visit: https://www.futuremarketinsights.com/reports/agricultural-lighting-market
