At 20.2% CAGR, the Horticulture Lighting market is estimated to accumulate US$11,383.5 million by 2027, says The Insight Partners

According to our latest market study on “Horticulture Lighting Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Fluorescent Lamps, High Intensity Discharge Lights, and LED Lights), Application (Greenhouses, Vertical Farming, and Indoor Farming), Cultivation (Fruits and Vegetables and Floriculture), and Geography,” the market was valued at US$ 2,730.8 million in 2019 and is projected to reach at US$11,383.5 million by 2027; it is expected to grow at a CAGR of 20.2% from 2019 to 2027.

The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy. Similarly, the government of the Netherlands is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives, such as soft loans and tax breaks, the government has supported the growers.

Furthermore, the legalization of cannabis for medicinal purposes by various governments globally over the past few years is accelerating the growth of the market. In the U.S., in 33 states, including Alaska, Arizona, Connecticut, Delaware, Columbia District, Arkansas, California, Colorado, Florida, Hawaii, and Illinois, the government has legalized medical cannabis. In Canada, cannabis purchases have been fully authorized across the country as well. Europe is the most advanced region regarding cannabis legalization for medicinal purposes. Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access. Such initiatives taken by the government is the primary driving factor for the global horticulture lighting market.

The global horticulture lightingmarketis concentrated with a few well-established players,such asAgrolux; Bridgelux, Inc.; Signify N.V.; Heliospectra AB; PARsource; Lumileds Holding B.V.; Hortilux Schréder B.V.; OSRAM Licht AG; General Electric Company; and Hubbell, Inc.