CSIL market research unit has presented the report on "The world market for Horticultural Lighting". The study, at its first edition, aims at better understanding the global market for horticultural lighting, its competitive landscape, and the new opportunities arising from the growth of the agritech business.
Horticultural lighting is one of the fastest-growing markets in the lighting industry today. Between 2018 and 2020, while the total lighting fixtures market dropped at an average rate of 3% per year, the horticultural business kept increasing at a CAGR of 30%. CSIL estimates that the sector will reach US$ 1.8 billion by 2023. Asia-Pacific is the largest regional market, followed by North America and Europe. The Asia-Pacific and CSI countries are the ones expecting to report the fastest growth between 2020 and 2023.
In terms of applications, in 2020 the global market for the horticultural market can be broken down in descendent order in greenhouse, cannabis, indoor and vertical farming and research.
The market is quite concentrated among the largest players. The top 10 largest players from the CSIL sample hold a cumulative market share of over 50%. Signify is by far the leading player with a market share of 14%, followed by Fluence by Osram and Gavita.
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Cover photo credit: Signify