Sustainable Innovation Culture Advancing the Development of Energy Efficient Grow Lights
Improving agriculture productivity and output is vital to maintaining food security, given the impacts of the rising global population, demand for quality produce, shrinking arable land, and climate change.
Horticulture and aquaculture lighting are viable solutions to boost crop produce and stimulate animal growth in a controlled environment. Lighting plays a major role in sustainable practices to ensure minimal damage to natural resources and reduced carbon-nitrogen footprint while achieving maximum productivity. Grow light is a common name for aquaculture and horticulture lights. These light sources supplement natural light and, in some cases, are the primary source of light for animal and plant growth, eliminating dependence on external factors, such as sunlight. The ability to grow a steady supply of crops with controlled-environment agriculture (CEA), regardless of weather conditions, will be a major factor driving the adoption of innovative lighting sources.
The global aquaculture and horticulture lighting industry is a high-growth market and forecast to increase at a 25.5% compound annual growth rate between 2021 and 2027. The market’s robust growth rate is forecast to exceed the traditional LED or the lighting controls industry. Europe and North America are expected to lead market growth, while Asia-Pacific will register the highest growth rate over the forecast period.
The adoption of digital technologies, such as artificial intelligence (AI), machine learning (ML), and the internet of things (IoT), for horticulture and aquaculture will generate additional revenue streams.
The aquaculture and horticulture industry comprises a mix of Tier I (global companies), Tier II (strong local brand equity and presence), and Tier III (smaller entities with limited presence or unit of a larger company) players.
The study focuses on the revenue manufacturers earn from the sale of lighting products, including hardware (modules, fixtures, and luminaires ready for installation) and software solutions for monitoring growth and controlling hardware. The analyst gathered insights from OEMs, industry experts, and distributors to produce the forecasts in the study.
