COVID-19: Potential Impact on Horticulture Lighting Market is Estimated to Record Highest CAGR in Coming Years

The worldwide population is expected to increase to 8.5 billion by 2030, from 7.7 billion in 2019, as per the United Nations Department of Economic and Social Affairs (UN-DESA).

Additionally, the disposable income of people is also rising, and the two factors are together resulting in a growing demand for food products.

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To increase the yield, by making the best use of the available land, several countries are developing indoor farming techniques. Thus, with the population boom, the revenue generated in the global horticulture lighting market is expected to rise from $3.2 billion in 2019 to $20.3 billion by 2030, at a CAGR of 18.1% during 2020-2030 (forecast period).

Till 2030, LED would continue holding the largest revenue share in the horticulture lighting market, as this technology is quite cost-effective and lets farmers control the light intensity to suit different plants and crops. These factors are resulting in a high adoption of LED lights in greenhouse and indoor agricultural processes.

During the forecast period, the flowers bifurcation is expected to witness significant horticulture lighting market growth, as the demand for flower buds and cut flowers for decorative purposes is surging.

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From 2017, the exports of such products rose by 2.5%, to garner $6.6 billion in revenue in 2018, as per Trade Map. Currently, Europe's flower exports account for the highest revenue, followed by Latin America (LATAM), Asia-Pacific (APAC), Middle East and Africa (MEA), and North America.

In 2019, top lighting dominated the horticulture lighting market, as this type of lighting is vastly used for vertical farming, wherein the lights are placed close to the plants.

Similarly, in indoor farming, the lamps and bulbs are suspended for the ceiling, because it creates optimum conditions for the growth of plants. In the coming years, the fastest growth in the horticulture lighting market is projected to be experienced by the indoor/vertical farming division.

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Additionally, farmers are being offered financial support, to install vertical farms, by companies such as Toshiba Corporation and Panasonic Corporation.

The competition in the global horticulture lighting market is primarily among Cree Inc., Samsung Electronics Co. Ltd., Lumileds Holding B.V., EPISTAR Corporation, Everlight Electronics Co. Ltd., Osram Licht AG, Broadcom Inc., Signify N.V., Illumitex Inc., Hubbell Incorporated, Hortilux Schreder B.V., LumiGrow Inc., General Electric Company, and Heliospectra AB, as they are the largest companies in the domain.

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This release was published on openPR.