Due to the increasing global population level, the demand for food items is increasing rapidly throughout the globe. According to the latest studies and surveys conducted by the United Nations, the total population in the world is expected to increase from 7.7 billion to 8.5 billion from 2019 to 2030. Moreover, the huge population boom in India, the U.S., Brazil, and China will create huge demand for food items, which will in turn, boost the adoption of advanced farming practices such as those focussing on indoor and greenhouse farming methods, thereby causing the surge of horticulture lighting market.
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The soaring measures being taken by the governments of many countries for promoting the adoption of energy-efficient lighting solutions and the legalisation of cannabis for medical applications are the other major factors fuelling the growth of the horticulture market. Due to these factors, the global horticulture lighting market generated a revenue of $3.2 billion in 2019 and is expected to attain a valuation of $20.3 billion by 2030. The market is predicted to progress at a CAGR of 18.1% during the forecast period (2020—2030).
Horticulture lighting solutions are widely adopted in various agricultural applications such as indoor/vertical farming and greenhouse farming. Of these, the greenhouse farming is expected to hold the highest share, in terms of revenue, in the horticulture lighting market during the forecast period. This is attributed to the fact that most of the farming activities involving the use of horticulture lighting solutions are conducted inside greenhouses. As per many estimates, 1.23 million acres of greenhouse area was found to be under vegetable farming throughout the world in 2019.
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Across the globe, Europe is predicted to lead the horticulture lighting market during the forecast period. This is primarily credited to the fact that the fruit, vegetable, and flower exports and production are the highest in the region as compared to the other regions across the world. In addition to this, the region is home to the headquarters of several major horticulture lighting solutions providing companies in the world such as Osram Licht AG, Heliospectra AB, and Signify N.V. However, the horticulture lighting market is expected to demonstrate the fastest growth in Asia-Pacific (APAC) during the forecast period.
The key market players are Cree Inc., Lumileds Holding B.V., Osram Licht AG, Samsung Electronics Co. Ltd., Everlight Electronics Co. Ltd., EPISTAR Corporation, Broadcom Inc., Hubbell Incorporated, General Electric Company, Signify N.V., LumiGrow Inc., Hortilux Schréder B.V., Heliospectra AB, and Illumitex Inc.
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