Horticulture Lighting Market Business Analysis, Growth and Forecast Report, 2030

Posted by Devanshu Shrivastava on December 30th, 2020

Growth drivers such as population boom, the adoption of improved agriculture methods, legalization of cannabis for medical purposes, and focus of governments on energy-efficient solutions are propelling the demand for horticulture lighting systems. Due to these factors, the horticulture lighting market will advance at a CAGR of 18.1% between 2020 and 2030 (forecast period). At this rate, the market value is expected to increase from 3.2 billion dollar in 2019 to 20.3 billion dollar by 2030.

Among the numerous advanced agricultural methods, vertical farming is the most prominent trend being observed in the horticulture lighting market. Vertical farming encompasses the cultivation of crops in containers kept one above the other, indoors, with artificial light the only source of illumination. The agricultural community is opting for this method due to the reduction in arable land and growth in population. The employment of this technique helps in maximizing the use of limited space, reducing the need for soil, and curtailing water consumption by nearly 90%.

The surging population is one of the prime factors driving the market growth. According to the United Nations, the global population is estimated to increase from 7.7 billion in 2019 to approximately 8.5 billion in 2030. Much of the population boom will be registered in Brazil, China, India, and the U.S. The increasing population has already raised the demand for food products, which can be met by shifting to indoor and greenhouse farming techniques. The adoption of these practices is, thus, augmenting the demand for horticulture lighting systems.

This market research report provides a comprehensive overview of the horticulture lighting market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings