As per a report by P&S Intelligence, the global horticulture lighting market is expected to generate a revenue of $20.3 billion in 2030, rising from $3.2 billion in 2019, advancing at an 18.1% CAGR during the forecast period (2020–2030). The market is growing due to the rising demand for food, legalization of medical marijuana, and rising government support for deployment of energy-efficient products. In terms of type, the market is divided into interlighting and top lighting, between which, the top lighting division accounted for the major share of the market in 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

This is due to the rising preference for this type of illumination for vertical and indoor farming across the globe. When cultivation is taken into consideration, the horticulture lighting market is bifurcated into flowers and fruits & vegetables, between which, the fruits & vegetables division held the larger share of the market in 2019. This is because of the fact that the utilization of man-made lighting solutions is considerably higher for producing fruits and vegetables as compared to flowers.

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On the basis of application, the horticulture lighting market is categorized into greenhouse farming and indoor/vertical farming. The greenhouse category held the larger revenue share of the market in the past and is further expected to dominate the market during the forecast period as well, owing to the fact that most of horticulture related activities happen in these installations. Inside these settings, plants remain protected from hail, rain, sunlight, intense heat, and snow. In 2019, the greenhouse area for vegetable cultivation was 1.23 million acres as compared to 1.21 million acres in 2017.

Asia-Pacific (APAC) would experience the highest CAGR during the forecast period, mainly due to the rising requirement for agricultural products here. APAC is witnessing a robust increase in the population and disposable income, which is why the agrarian community is swiftly turning to indoor and greenhouse farming.

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.