The horticulture lighting market in APAC is expected to grow from US$ 663.7 million in 2019 to US$ 3,147.5 million by 2027; it is estimated to grow at a CAGR of 22.1% from 2020 to 2027.
Surge in population and advancements in greenhouse and indoor farming techniques are expected to hurry up the expansion of the APAC horticulture lighting market.Due to the population boom witnessed in APAC countries, the demand for food products is anticipated to extend within the coming years.
This is often why several countries in APAC are focusing on greenhouse and indoor farming techniques to extend their agricultural yield significantly.Use of artificial lights for farming purposes is sort of low, particularly in some developing countries across APAC region.
Still, with the growing popularity of horticulture and indoor crop cultivation, the APAC horticulture lighting market is predicted to pace up quickly within the near future because the farmers are adopting big data technologies, predictive analytics, internet of things, and automation within the farming techniques.Such developments and research initiatives taken in the horticulture field are driving the growth of the APAC horticulture lighting market.
Growing government initiatives such as legalization of cannabis, various incentives is among the other factors expected to positively influence the demand for horticulture lighting in APAC. Furthermore, the APAC region is highly affected by COVID-19 outbreak, especially 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 has affected the supply chains and negatively impacted the manufacturing and sales of various products and services. The pandemic has a severe impact on the LED industry since the supply chain is mostly located in this region and production majorly comes from China. The governments are taking drastic measures to reduce the effects of coronavirus outbreak by announcing lockdowns as well as 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.
Based on cultivation, the fruits and vegetables segment led the APAC horticulture lighting market in 2019.The dominance of this segment is mainly ascribed to the significantly greater use of artificial light for growing vegetables and fruits than that in the cultivation of flowers.
According to the APAC-based Department of Agriculture, in 2019, there was a rise in the production of apples, grapes, and pears, than that in 2018, in APAC region.This is anticipated to contribute toward the greater use of horticulture lighting in the cultivation of fruits and vegetables.
The climate variations in APAC countries, such as Australia and India, hamper agriculture, which compels them to import fresh vegetables and fruits from neighboring regions.The indoor and vertical farming techniques allow these countries to produce fruits and vegetables in a controlled environment.
The fruits and vegetables segment is expected to dominate the market in the APAC region during the forecast period.
The overall APAC horticulture lighting market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the APAC horticulture lighting market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC horticulture lighting market. Key players operating in the APAC horticulture lighting market include General Electric Company; Heliospectra AB; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; and Signify N.V.
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