The horticulture lighting market in Europe is expected to grow from US$ 991.1 million in 2019 to US$ 3,767.9 million by 2027; it is estimated to grow at a CAGR of 18.8% from 2020 to 2027.
Surge in government initiatives is expected to boost the growth of the horticulture lighting market in Europe.Growing awareness about sustainable farming and increasing government initiatives in various developed as well as developing countries in Europe to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period.
For example, horticulturalists in the Netherlands, the second-largest exporter of agricultural products, are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy.Moreover, the government of the Netherlands is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers.
Through various incentives such as soft loans and tax breaks, the government has supported the growers.Furthermore, the legalization of cannabis for medicinal purposes by various governments in Europe over the past few years is accelerating the growth of the market.
Europe is the most advanced region regarding cannabis legalization for medicinal purposes. Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access. Such initiatives taken by governments is one of the primary driving factor for the Europe horticulture lighting market. Moreover, rising population and advancements in greenhouse and indoor farming approaches are expected to positively influence the demand for horticulture lighting in Europe.
Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region due to COVID-19 outbreak.Businesses in the region are facing 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.However, 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 the 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.
In terms of application, the greenhouses segment led the Europe horticulture lighting market in 2019.Horticulture are generally practiced in protected environment in case of greenhouses, that ensure optimum yield.
Facilities like protected environment helps to trap and retain natural sunlight and humidity, which makes it suitable for growing variety of plants.In greenhouses and controlled environments, electric lamps are used to supplement sunlight and extend lighting times to produce horticultural crops, such as vegetables, flowers, and herbs.
Plants can either be grown via a conventional method that uses soil as a base or through the hydroponic technique.Plants grown in greenhouses are protected against external factors such as dirt, and they can also be shielded from insects and pests with proper care.
Moreover, the plants are protected in such settings from rain, hail, intense heat and sunlight, and snow. Several advantages of Greenhouses above other application ultimately drive the Europe horticulture lighting market.
The overall Europe 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 Europe 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 Europe horticulture lighting market. Key players operating in the Europe horticulture lighting market include Agrolux; General Electric Company; Heliospectra AB; Hortilux Schréder B.V; Hubbell, Inc.; Lumileds Holding B.V.; OSRAM Licht AG; and Signify N.V.
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