Report : South America Horticulture Lighting Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology (Fluorescent Lamps, High Intensity Discharge Lights, and LED Lights), Application (Greenhouses, Vertical Farming, and Indoor Farming), and Cultivation (Fruits and Vegetables and Floriculture)
LED Lights Segment to Dominate SAM Horticulture Lighting Market during 2019–2027
According to a new market research study on “SAM Horticulture Lighting Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Application and Cultivation” is expected to reach US$ 580.6 million by 2027 from US$ 161.6 million in 2019. The market is estimated to grow at a CAGR of 18.0% from 2020 to 2027. The report provides trends prevailing in the SAM Horticulture Lighting market along with the drivers and restraints pertaining to the market growth. Government initiatives on rise and improvements in greenhouse and indoor farming techniques along with rising population are the major factor driving the growth of the SAM horticulture lighting market. However, issues associated with high costs and low awareness hinder the growth of SAM horticulture lighting market.
The SAM horticulture lighting market is segmented based on technology, application, and 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 SAM 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. Furthermore the COVID-19 pandemic is having severe impact over the SAM region. Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners such as China, Europe, and North America. At present, the total number of cases in Brazil accounted for 3,627,217 out of which 115,451 total deaths are recorded.
The sharp decline in the sales of various horticulture lightning products in the region due to lockdown measures is expected to directly impact the growth of the horticulture lightning market in this region. The sharp decline in business activities and product sales are expected to directly affect the growth rate of the horticulture lightning market in SAM region for the next three to four quarters.
General Electric Company; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V. are among the leading companies in the SAM 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, Hubbell Lighting announced the improvement of NutriLED horticultural LED luminaire with the addition of more wavelengths. The improved version offers increased production, greater yield, and shorter growth periods for the indoor horticulture industry.
SAM Horticulture Lighting Market, By Country, 2019 and 2027 (%)
The report segments the SAM Horticulture Lighting Market as follows:
SAM Horticulture Lighting Market – By Technology
- LED Lights
- High Intensity Discharge Lights
- Fluorescent Lamps
SAM Horticulture Lighting Market – By Application
- Vertical Farming
- Indoor Farming
SAM Horticulture Lighting Market – By Cultivation
- Fruits and Vegetables
SAM Horticulture Lighting Market – By Country
- Rest of SAM
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