Revenue Explosion Expected in Global Horticulture Lighting Market during 2020–2030

Horticulture Lighting Market
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One of the biggest factors fuelling the growth in the demand for horticulture lighting across the world is the
rising need for food items, on account of the surging population level. According to the United Nations, the
global population level is set to increase from 7.7 billion in 2019 to 8.5 billion in 2030.
Due to the huge population boom, especially in India, China, Brazil, and the U.S., the demand for food
products would rise massively, which will, in turn, result in the wide-scale adoption of indoor and
greenhouse farming in order to increase the agricultural yield.
The other key factor responsible for the increasing uptake of horticulture lighting solutions is the rising
government support toward energy-efficient solutions that would enhance the agricultural yield. In addition
to this, the rapid development of new indoor cultivation techniques is predicted to further boost the
adoption of horticulture lighting.
Due to these factors, the global horticulture lighting market is expected to see an increase in its
revenue from $3.2 billion in 2019 to $20.3 billion by 2030, with a CAGR of 18.1% during the forecast
period (2020–2030).
For horticulture, lighting is provided by light-emitting diodes (LEDs), fluorescent tubes, and high-intensity
discharge (HID) lamps. Amongst these, LEDs are expected to record the fastest growth in usage during
the forecast period. This is mainly ascribed to the burgeoning usage of LEDs in indoor and greenhouse
horticulture, on account of their numerous advantages, such as lower costs and light of appropriate
intensity, which helps in high crop yields.
Additionally, LEDs are also 80% more energy-efficient than other lights, says the U.S. Department of
Energy.
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The horticulture lighting market is currently witnessing the rising popularity of vertical farming. This is
primarily attributed to the decreasing availability of arable land, on account of the growing population
levels and rising urbanization rate.
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