Agricultural Lighting Market worth $21.4 billion by 2028

The global Agricultural Lighting Market is projected to grow from USD 11.8 billion in 2023 to USD 21.4 billion by 2028; it is expected to grow at a CAGR of 12.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The key factors fueling the growth of this market include rising population along with increasing government funding and support to promote agricultural lighting across the globe, growing demand for food owing to the continuously increasing population.

HID lighting systems are available in various wattages, allowing for flexibility in meeting the lighting requirements of different crop types and sizes. They can provide wide coverage, effectively illuminating larger areas within agricultural facilities. The scope of HID light sources in lighting systems encompasses their use in a wide range of applications, compatibility with lighting controls, energy efficiency considerations, retrofitting possibilities, compliance with standards, and the diversity of lamp options available. These factors make HID light source grow at a significant growth rate during the forecast period.

Online or e-commerce sales channels have experienced significant growth in the agricultural lighting industry, owing to the wide product selection range, convenience and accessibility to each buyer, product specificartion and information available remotely, the ability to compare between similar products for efficient buying. It helps to compare prices, compare reviews of products by other buyers. All these factors tend to increase the market for online sales channel in the coming years.