Asia Pacific 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)

Market Introduction

Horticulture lighting is an artificial light used to facilitate photosynthesis. This process is beneficial in areas where adequate sunlight is absent. Horticulture lighting also enhances the growth of plants by illuminating them with artificial light. Horticulture's LED lighting technology is gaining traction in the APAC market due to its numerous advantages, such as low power consumption and existing technologies, which enable lower energy costs. Several countries in APAC region is expected to grow at the good rate during the forecast period. This can be attributed to increase in food requirement due to growing population. Horticultural lighting is used in urban agriculture, multi-layer cultivation, supplemental lighting, and daylight-free cultivation. Due to increasing awareness of sustainable farming, researchers, governments, and organizations have taken initiatives to improve horticulture with efficient and adequate lighting. Increase in demand for advanced lighting-related technologies is expected to boost the growth of the APAC horticulture lighting market. Companies have started to support the farmers by providing financial and technical support to establish vertical farms. Such developments in vertical agriculture are boosting the growth of the APAC horticulture lighting market. Factors such as growing government initiatives and surge in population and advancements in greenhouse and indoor farming techniques is expected to create a significant demand for horticulture lighting in the coming years, which is further anticipated to drive the APAC horticulture lighting market. Moreover, in case of COVID-19, APAC is highly affected specially China and India. APAC is characterized by a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including horticulture lighting. Due to the pandemic, uncertain consumer demand and supply chain problems have affected the horticulture lighting industry in the region. The lockdown of various factories in China affects the supply chains and negatively impacts the manufacturing and sales of various products and services. For the LED industry, since the supply chain mostly locates in this region and production majorly coming from China, the pandemic has an impact on the industry. The governments are taking drastic measures to reduce the effects of coronavirus outbreak by announcing lockdowns, travel, and trade bans. All these measures are expected to have a negative impact on the adoption and growth of horticulture lighting in 2020 and 2021.

Market Overview and Dynamics

The horticulture lighting market in APAC is expected to grow from US$ 663.7 million in 2019 to US$ 3147.5 million by 2027; it is estimated to grow at a CAGR of 22.1 % from 2020 to 2027.Growing significance of vertical farming is expected to surge the horticulture lighting market in APAC. Increase in population across APAC creates a huge demand for food, which cannot be fulfilled only through conventional or outdoor farming. In order to meet the increasing food demand, various countries are designing and implementing vertical farms, which includes cultivating plants on vertically inclined surfaces. Vertical farming produces crops by incorporating several technologies, such as robotics, big data analytics, and Artificial Intelligence (AI); thus, it produces healthy crops without any agronomic constraint. The environmental degradation caused by traditional farming methods allows various countries in APAC to opt for vertical farming. It ensures pollution degradation and leads to growing food production and mitigates resources. It produces crops by artificially stacking plants vertically above each other, which may reduce the issues of malnutrition and contaminated food in the coming years. Vertical farming offers numerous opportunities for growers to sustainably produce crops by diminishing the use of water, reducing fertilizers, maintaining healthy ecosystems, and safeguarding crops from weather-related disasters. Several advantages of vertical farming over conventional farming is expected to drive the APAC horticulture lighting market.

Key Market Segments

In terms of technology, the LED lights segment accounted for the largest share of the APAC horticulture lighting market in 2019. In terms of application, the greenhouses segment held a larger market share of the APAC horticulture lighting market in 2019. Further, the fruits & vegetables segment held a larger share of the market based on cultivation in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the horticulture lighting market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are General Electric Company; Heliospectra AB; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V.

Reasons to buy report

• To understand the APAC horticulture lighting market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC horticulture lighting market.
• Efficiently plan M&A and partnership deals in APAC horticulture lighting market by identifying market segments with the most promising probable sales.
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC horticulture lighting market.
• Obtain market revenue forecast for market by various segments from 2020-2027 in APAC region.

APAC Horticulture Lighting Market Segmentation

By Technology

• LED Lights
• High Intensity Discharge Lights
• Fluorescent Lamps

By Application

• Greenhouses
• Vertical Farming
• Indoor Farming

By Cultivation

• Fruits and Vegetables
• Floriculture

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC.

Company Profiles

• General Electric Company
• Heliospectra AB
• Hubbell, Inc.
• Lumileds Holding B.V.
• OSRAM Licht AG
• Signify N.V.

The List of Companies - Asia-Pacific Horticulture Lighting Market

1. General Electric Company
2. Heliospectra AB
3. Hubbell, Inc.
4. Lumileds Holding B.V.
5. OSRAM Licht AG
6. Signify N.V.

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• The key findings and recommendations highlight crucial progressive industry trends in the APAC horticulture lighting market, thereby allowing players across the value chain to develop effective long-term strategies.

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• Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the horticulture lighting market, as well as those hindering it.

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