The horticulture lighting market in MEA is expected to grow from US$ 83.9 million in 2019 to US$ 290.3 million by 2027; it is estimated to grow at a CAGR of 17.4 % from 2020 to 2027.
The MEA horticulture lighting market is segmented based on technology, application, and cultivation and country. Based on technology, the market is segmented into LED lights, high-intensity discharge (HID) lights, and fluorescent lamps. LED lights segment led the MEA horticulture lighting market in 2019, and is anticipated to grow at the highest CAGR during the forecast period. In terms of application, the market is segmented into greenhouses, vertical farming, and indoor farming. Greenhouses segment held the largest market share in 2019 and vertical farming segment is anticipated to grow at the fastest CAGR during the forecast period. Based on cultivation, the market is segmented into fruits and vegetables, and floriculture. The fruits and vegetables segment is expected to dominate the market due to increase in demand for fresh vegetables. Furthermore the COVID-19 pandemic is affecting the MEA region very badly. Among the MEA countries, South Africa has faced the highest number of COVID-19 confirmed cases 611,450. Other major countries that are facing the economic impact of COVID-19 include Iran, Turkey, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. The region comprises many growing economies such as UAE, among others, which are prospective markets for horticulture lightning providers, owing to the huge presence of investment in vertical farming. The COVID-19 pandemic is going to severely impact the MEA market compared to the other regions since the major problem related to declining oil prices are already affecting the economies of several oil-producing countries in MEA. In addition to this, the factory lockdowns, business shutdowns, and travel bans are further aggravating the economic problems of the countries in the MEA region. Hence, the estimated decline in MEA’s economic condition and impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the horticulture lightning market in 2020 and 2021.
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General Electric Company; Hortilux Schréder B.V.; Lumileds Holding B.V.; OSRAM Licht AG; Signify N.V. are among the leading companies in the MEA horticulture lighting market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Signify expanded its collaboration with Planet Farms, a leading European operator of vertical farms based in Italy. Planet Farms will boost the quality and yield of the crops using the Philips GreenPower LED production module managed by the Philips GrowWise Control System.
The report segments the MEA Horticulture Lighting Market as follows:
MEA Horticulture Lighting Market – By Technology
MEA Horticulture Lighting Market – By Application
MEA Horticulture Lighting Market – By Cultivation
Horticulture Lighting Market – By Country
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