Horticulture Lighting Market Size, Share, Growth Analysis, By Technology(Fluorescent, HID, LED), By Spectrum(Partial and Full), By Region - Industry Forecast 2024-2031

Global Horticulture Lighting Market size was valued at USD 4.15 Billion in 2022 and is poised to grow from USD 5.69 Billion in 2023 to USD 71.54 Billion by 2031, at a CAGR of 37.21% during the forecast period (2024-2031).

Due to their simple installations and affordable solutions, LED lights are the more cutting-edge technology employed in the horticulture sector. Compared to other artificial light sources, lights are also more affordable. LEDs don't burn out like regular light bulbs, although they do gradually lose some lumen output. LEDs may function for more than 50,000 hours (depending on the application), whereas light bulbs typically fail after a year. High reliability is guaranteed by the longer lifetime. The development of vertical farms in the area is anticipated to be sparked by expanding consumer demand for food and growing public knowledge of their advantages. Researchers in the Netherlands are evaluating the economic viability of vertical farming in urban settings. For instance, in April 2022, ams-OSRAM planned to invest an additional EUR 800 million in Malaysia (at the Kulim Hi-Tech Park) to support the production of breakthrough LED technologies and microLEDs. Additionally, by 2030, ams Osram hopes to be carbon neutral. Due to the decreasing supply of fertile agricultural land and the growing population, increased awareness of the need for alternative farming is one of the important reasons projected to drive industry demand.