North America Horticulture Lighting Market Size, Share & Industry Trends Analysis Report By Offering, By Technology, By Application, By Cultivation, By Lighting Type, By Installation Type, By Country and Growth Forecast, 2022 - 2028

Report Id: KBV-8771 Publication Date: May-2022 Number of Pages: 86

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Analysis of Market Size & Trends

The North America Horticulture Lighting Market would witness market growth of 20.9% CAGR during the forecast period (2022-2028).

Due to an increase in demand for improved lighting technologies, the horticulture lighting market is estimated to grow in the upcoming period. Moreover, these lights are utilized for fruit and vegetable cultivation as well as floriculture, or flower farming, which is predicted to drive market expansion. Furthermore, demand for horticulture lighting systems is increasing in vertical farming applications, which encourages vertical farming producers to put up efficient operations, driving the market growth. Toshiba & Panasonic have begun assisting growers with technical & financial aid in the establishment of vertical farms. Such advancements in vertical farming are fuelling the growth of the horticulture lighting industry.

Over the last few years, various countries throughout the world have legalized cannabis for medicinal uses, increasing the market's growth. The government has approved medical cannabis in 33 states, comprising Arizona, Alaska, Delaware, Connecticut, Arkansas, Columbia District, Colorado, California, Hawaii, Florida, and Illinois. Cannabis sales have also been fully legalized across the country in Canada. This has resulted in the expansion in the production of cannabis. Growing cannabis on indoor farms necessitates the use of horticulture lighting.

For industrial participants, the fast adoption of innovative agriculture practices in developing nations represents a potential opportunity. Artificial light use for farming is now fairly low, in various countries but with the rising popularity of horticulture & indoor crop production techniques, it is predicted to rapidly increase in the next years.

The US market dominated the North America Horticulture Lighting Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,162.4 million by 2028. The Canada market is poised to grow at a CAGR of 23.7% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 22.6% during (2022 - 2028).

Based on Offering, the market is segmented into Hardware and Software & Services. Based on Technology, the market is segmented into LED, HID, Fluorescent, and Others. Based on Application, the market is segmented into Greenhouses, Vertical Farms, Indoor Farms, and Others. Based on Cultivation, the market is segmented into Fruits & Vegetables, Floriculture, and Others. Based on Lighting Type, the market is segmented into Toplighting and Interlighting. Based on Installation Type, the market is segmented into New Installations and Retrofit Installations. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

Free Valuable Insights: The Global Horticulture Lighting Market is Estimated to reach $11.1 Billion by 2028, at a CAGR of 21.2%

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., LumiGrow, Inc., Heliospectra AB, Iluminar Lighting LLC., Gavita International B.V., California LightWorks, Valoya Oy, Hortilux Schréder, and Eye Hortilux.