Europe 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 market due to its numerous advantages, such as low power consumption and existing technologies, which enable lower energy costs. 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 Europe horticulture lighting market. Various 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 Europe horticulture lighting market. Factor like the surge in government initiatives and rising population and advancements in greenhouse and indoor farming approaches is expected to create a significant demand for horticulture lighting in the coming years, which is further anticipated to drive the Europe horticulture lighting market. Moreover, 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.

Market Overview and Dynamics

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. New growth prospect due to LED lighting is expected to upswing the horticulture lighting market in Europe. Increase in requirement for an energy efficient lighting system, rise in penetration of LED as a light source, and decrease in the cost of LEDs is anticipated to accelerate the demand for LED lighting in horticulture during the forecast period. Several developments in LED technology have enabled LED lighting products to penetrate efficiently; thus, offering Europe horticulture lighting market a massive potential for growth. An average LED lasts 50,000 operating hours to 100,000 operating hours or more, which is greater than fluorescent lights. Implementation of LED lighting in horticultural lighting solutions plays a crucial role in high-tech farming. Increase in demand of LED lighting as well as several developments in LED technology ultimately drive the Europe horticulture lighting market.

Key Market Segments

In terms of technology, the LED lights segment accounted for the largest share of the Europe horticulture lighting market in 2019. In terms of application, the greenhouses segment held a larger market share of the Europe 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 Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Agrolux; General Electric Company; Heliospectra AB; Hortilux Schréder B. V; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V.

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• To understand the Europe horticulture lighting market landscape and identify market segments that are most likely to guarantee a strong return
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Europe 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

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Company Profiles

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

The List of Companies - Europe Horticulture Lighting Market

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

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