North 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)

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 North America horticulture lighting market. Some 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 North America horticulture lighting market. Thus, the factor like rising government initiatives is expected to create a significant demand for horticulture lighting in the coming years, which is further anticipated to drive the North America horticulture lighting market. Moreover, in case of COVID-19, North America is the world’s worst affected region due to coronavirus outbreak specially US. North America is an important market for the growth of horticulture lighting products owing to the presence of developed countries such as the US and Canada in this region. The COVID-19 pandemic has been a major issue for all the farmers in the region, threatening access to agricultural labor and disrupting worldwide supply chains. However, for indoor farming, it has offered an opportunity. In vertical farming, the batches of crops can be watered individually and ignited with the help of LED lights, enabling them to be grown year-round with less resource. Nevertheless, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of horticulture lighting products, such as LED lights and fluorescent lamps. COVID-19 had a severe impact on logistics operations, transportation, and trade activity across North America.

Market Overview and Dynamics

The horticulture lighting market in North America is expected to grow from US$ 830.5 million in 2019 to US$ 3597.2 million by 2027; it is estimated to grow at a CAGR of 20.7 % from 2020 to 2027.Rising importance of vertical farming is expected to upswing the horticulture lighting market in North America. Increase in population 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 in North America 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 North America to opt for vertical farming. It ensures pollution degradation and leads to growing food production and mitigates resources. Several advantages of vertical farming over other methods is expected to boost up the growth of the North America horticulture lighting market.

Key Market Segments

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

Reasons to buy report

• To understand the North America 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 North America horticulture lighting market.
• Efficiently plan M&A and partnership deals in North America 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 North America horticulture lighting market.
• Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

North America 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

• US
• Canada
• Mexico

Company Profiles

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

The List of Companies - North America Horticulture Lighting Market

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

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