[160 Pages Report] The overall horticulture lighting market was valued at USD 2.08 billion in 2017 and is expected to reach USD 6.21 billion by 2023, at a CAGR of 20.61% from 2018 to 2023.
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“Latent markets in APAC to fuel the growth of the horticulture lighting market”
APAC is expected to be the fastest-growing market for horticulture lighting. Growing urbanization in the developing countries of this region positively affects the growth of the market owing to the rapid population growth and availability of limited agricultural land. APAC constitutes thriving economies, such as Japan, China, India, and Australia, which are expected to register high growth rates in the market.
- Rapid population growth and availability of limited agricultural land
- A steady supply of crops despite unfavourable weather conditions for farming across geographies
- Government initiatives to support adoption of energy-efficient LEDs in horticulture
- Increased year-round high-quality yield
- Legalization of cannabis for medicinal purposes
- High cost of energy-efficient LED grow light technologies
- Feasibility of cultivating limited number of crop species
- Retrofitting traditional lighting sources with LED grow lights
- Increasing awareness about vertical and indoor farming
- Adoption of controlled-environment agriculture technique for large-sized fields
- Requirement for different light spectrums for certain crop varieties
- Scarcity of required technical know-how
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