COVID-19: Potential Impact on Horticulture Lighting Market Estimated to Record Highest CAGR in Coming Years
One of the biggest factors fuelling the growth in the demand for horticulture lighting across the world is the rising need for food items, on account of the surging population level. According to the United Nations, the global population level is set to increase from 7.7 billion in 2019 to 8.5 billion in 2030.
Due to the huge population boom, especially in India, China, Brazil, and the U.S., the demand for food products would rise massively, which will, in turn, result in the wide-scale adoption of indoor and greenhouse farming in order to increase the agricultural yield.
The other key factor responsible for the increasing uptake of horticulture lighting solutions is the rising government support toward energy-efficient solutions that would enhance the agricultural yield. In addition to this, the rapid development of new indoor cultivation techniques is predicted to further boost the adoption of horticulture lighting.
Due to these factors, the global horticulture lighting market is expected to see an increase in its revenue from $3.2 billion in 2019 to $20.3 billion by 2030, with a CAGR of 18.1% during the forecast period (2020–2030).
For horticulture, lighting is provided by light-emitting diodes (LEDs), fluorescent tubes, and high-intensity discharge (HID) lamps. Amongst these, LEDs are expected to record the fastest growth in usage during the forecast period. This is mainly ascribed to the burgeoning usage of LEDs in indoor and greenhouse horticulture, on account of their numerous advantages, such as lower costs and light of appropriate intensity, which helps in high crop yields.
Additionally, LEDs are also 80% more energy-efficient than other lights, says the U.S. Department of Energy.
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The horticulture lighting market is currently witnessing the rising popularity of vertical farming. This is primarily attributed to the decreasing availability of arable land, on account of the growing population levels and rising urbanization rate.