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The global horticulture lighting market is projected to grow from USD 2.3 billion in 2020 to USD 6 billion by 2025; it is expected to grow at a CAGR of 21.4% from 2020 to 2025.
The market has a promising growth potential due to several factors, including the technological advancements in LED technology, rising number of government initiatives to promote the adoption of CEA practices, growing demand for food owing to the continuously increasing population, and ongoing legalization of cannabis cultivation. Moreover, increasing the adoption of CEA facilities to meet the growing demand for fresh produce due to COVID-19, and increasing awareness regarding benefits provided by LED technology to grow crops through the year amid the COVID-19 pandemic could play a key role in driving the growth of the horticulture lighting market.