The developing countries hold immense potential for the players of the horticulture lighting market. Currently, the usage of artificial lights is quite low in the agriculture sector, especially in South Africa, India, and Brazil, but the soaring popularity of the indoor crop cultivation and horticulture concepts will amplify the usage of such lights in the coming years.

The large-scale adoption of such lighting products in these nations might reduce their costs in the future. Moreover, the governments of these countries are extending their support to light-emitting diodes (LED), to conserve energy.The categories under the technology segment of the horticulture lighting market include LED, high-intensity discharge (HID), fluorescent, and others.

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Among these, the LED category held the largest share in 2019, as the LED technology is quite cost-effective, which is why its usage is rising in indoor and greenhouse agriculture. The intensity of such lights is apt for the growth of plants, which helps in improving the quality of the produce. These lights consume lesser energy than incandescent, fluorescent, and HID bulbs, therefore continue to gather support from the government.

During the forecast period, Europe will dominate the horticulture lighting market, owing to the leading position held by this region in terms of the production and export of flowers, vegetables, and fruits. Moreover, the presence of horticulture light providers, like Heliospectra AB, Signify N.V., and Osram Licht AG, will stimulate the region’s growth. Whereas Asia-Pacific (APAC) will display the fastest growth., which can be ascribed to the robust surge in the disposable income and population, which is resulting in the shift toward indoor and greenhouse farming.

Thus, the escalating global population and growing popularity of vertical farming are expected to propel the market growth in the forecast years.