Horticulture Lighting Market Size to Reach USD 11.27 Billion in 2028

 

The global horticulture lighting market size is expected to reach USD 11.27 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to increasing initiatives by governments to promote adoption of Controlled Environment Agriculture (CEA) practices as it allows for cultivating plants indoors.

Growing trend of cultivating crops indoors using non-conventional practices is contributing to revenue growth of the horticulture lighting market to a significant extent. CEA offers more advantages in comparison to outdoor farming, which includes ability to manage optimal growing conditions throughout the growth phase of crops.

Horticulturists are increasingly adopting Light Emitting Diode (LED) systems to create conditions to enable normal growth of plants, which enhances the taste and quality and ensures higher yield in a shorter span of time. Technological advancements in digital control technology with regard to LED horticultural lights is expected to continue to drive growth of the global horticulture lighting market going ahead. LEDs can easily be integrated into digitally controlled and programmable systems, which enable users to constantly monitor light levels in the greenhouse, which is increasing its demand in horticulture.

Interlighting segment accounted for largest revenue share in 2020. Positive effect of LED interlighting on vegetative development, fruit growth, yield, and quality of high-wire tomato plants is expected to boost growth of the horticulture lighting market.