Due to the increasing implementation of favorable government measures and policies in several countries for promoting the use of energy-efficient devices, rising requirement of agricultural products and food items, and legalisation of marijuana for medical purposes, the usage of artificial lighting systems is increasing rapidly in the agriculture sector. As a result, the value of the global horticulture lighting market will rise from $3.2 billion to $20.3 billion from 2019 to 2030. The market will also advance at a CAGR of 18.1% from 2020 to 2030.
Interlighting and top lighting are the main two bifurcations present under the type segmentation of the market. Between the two bifurcations, the interlighting one is predicted to record faster growth in the market in the future years. This is because of the rapid incorporation of the light emitting diode (LED)-based systems in the agriculture sector, mainly on account of their lower energy coefficient. This type of illumination offers optimal lighting for the growth of plants and distributes the light to all the crop parts, thereby causing faster crop growth.
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One of the biggest factors propelling the growth of the market is the increasing population across the world. According to the United Nations (UN), the total population in the world is predicted to rise from 7.7 billion to 8.5 billion from 2019 to 2030. The rapidly growing population levels, especially in the U.S., Brazil, India, and China are significantly boosting the need for food items, owing to which, the farmers in these countries are increasingly focussing on indoor and greenhouse farming techniques for increasing the agricultural yield.
One such indoor farming technique is vertical farming, in which, the crops are grown in layers stacked on top of each other, in indoor settings. The only source of illumination in this farming method is artificial lighting. Furthermore, this farming technique considerably reduces the requirement of large areas of arable land and water consumption levels by upto 90%. Due to these factors, this farming method turns out to be much cheaper than the conventionally used cultivation processes and is therefore, rapidly becoming popular all over the globe.
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