How is Surging Population Driving Horticulture Lighting Market?

The global horticulture lighting market is expected to generate a revenue of $20.3 billion by 2030, increasing from $3.2 billion in 2019, and is predicted to advance at an 18.1% CAGR during the forecast period (2020–2030). The market is majorly being driven by surging requirement for agricultural products, increasing government support for energy-efficient lights, and decriminalization of the utilization of marijuana for medical purposes in a number of countries. On the basis of type, the market is bifurcated into interlighting and top lighting.

Between these two, top lighting accounted for the larger share of the horticulture lighting market, in terms of value, during the historical period (2014–2019). This type of horticulture lighting is preferred highly for indoor and vertical farming illumination purposes across the globe. The interlighting bifurcation is predicted to grow at a faster pace during the forecast period in the horticulture lighting market. This is because of the growing adoption of light-emitting diodes (LED) in the agricultural industry, as they offer proper growth environment for plants and does not damage them. Moreover, these lighting solutions distribute illumination to all parts of the crop and not just its top part.

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When geographical scenario is taken into consideration, the horticulture lighting market is projected to be dominated by the European region during the forecast period. This is primarily because of the fact that the region’s flower, vegetable, and fruit production and exports are the highest. The fastest growth in the horticulture lighting marketduring the forecast period is predicted to be registered by the Asia-Pacific region, which can majorly be attributed to the surging population and rapidly increasing disposable income of people.

In fact, the swiftly increasing population across the globe is major driving factor of the horticulture lighting market. According to the latest United Nations estimates, the worldwide population is predicted to grow from 7.7 billion in 2019 to 8.5 billion in 2030. Owing to this robust growth in population, particularly in countries including the U.S., India, Brazil, and China, the demand for food products will rise as well. Attributed to this, several countries are focusing increasingly on indoor and greenhouse farming techniques for raising their agricultural yield.