Factors such as the increasing government support for energy-efficient lights, decriminalizing of marijuana for medical purposes in several countries, and soaring demand for agricultural products will fuel the horticulture lighting market at a CAGR of 18.1% during 2020–2030 (forecast period). The market stood at $3.2 billion in 2019, and it is expected to reach $20.3 billion by 2030.

Moreover, the booming world population and increasing popularity of vertical farming will facilitate the market growth in the foreseeable future. The rising adoption of vertical farming will fuel the horticulture lighting industry growth in the coming years. The reduction of arable land is pushing farmers to make the optimum use of whatever space they get, to meet the growing needs of the booming population.

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Vertical farming encompasses the cultivation of crops indoors, in layers stacked above each other, with artificial lighting providing the illumination. This technique has the potential to reduce the requirement for water by almost 90%, decrease the requirement for soil, and make the optimum use of limited space. The most important factor behind the market growth is the booming world population.

According to the United Nations Department of Economic and Social Affairs (UNDESA), the global population is estimated to grow from 7.7 billion in 2019 to 8.5 billion in 2030. Much of this population boom will be reflected in the U.S., Brazil, India, and China. Owing to this exponential surge, the demand for food will also escalate in the coming years. Due to this reason, numerous countries have started focusing on indoor and greenhouse farming techniques to increase their agricultural production.