Huge Revenue Explosion Expected in Global Horticulture Lighting Market During Coming Decade

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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