Horticulture Lighting Market to Reach $26.9 billion, Globally, by 2032 at 20.3% CAGR: Allied Market Research
WILMINGTON, Del., April 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Horticulture Lighting Market by Technology (Light-Emitting Diodes (LEDs), High-Pressure Sodium (HPS) Lamps, and Others) and Application (Greenhouse, Vertical Farming, Research, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "horticulture lighting market" was valued at $4.2 billion in 2022, and is estimated to reach $26.9 billion by 2032, growing at a CAGR of 20.3% from 2023 to 2032.
- In addition, advancements in LED technology continue to drive innovation, further solidifying LEDs' position as the preferred choice for horticulture lighting solutions.
- By application, the greenhouse segment held the highest market share in 2022, accounting for nearly two-fifths of the global horticulture lighting market revenue.
- This method offers scalability, space efficiency, and year-round production capabilities, driving its rapid growth and presenting significant market opportunities for horticulture lighting suppliers.
- These conditions positioned North America as a key player in shaping the global horticulture lighting industry.