The growing demand for higher agricultural productivity, on account of the mushrooming population, especially in countries such as the U.S., India, Brazil, and China, is pushing up the requirement for horticulture lighting solutions across the world. According to the latest estimates of the United Nations, the global population will rise from 7.7 billion in 2019 to 8.5 billion by 2030. Due to this reason, many countries are increasingly focusing on indoor and greenhouse farming techniques as these techniques allow them to increase the agricultural yield.
Apart from the aforementioned factors, the rapid legalization of cannabis for medical purposes and the surging government support regarding the adoption of energy-efficient lighting solutions are also fueling the demand for horticulture lighting solutions across the globe. This is subsequently causing the expansion of the global horticulture lighting market. As per the forecast of the market research company, P&S Intelligence, the market revenue will grow from $3.2 billion in 2019 to $20.3 billion by 2030.
The market is also expected to grow at a CAGR of 18.1% between 2020 and 2030. Between the top lighting and the interlighting horticulture lighting solutions, the demand for the latter is predicted to be higher in the forthcoming years. This is credited to the rapid adoption of light emitting diodes (LED) in agriculture, that make interlighting solutions effective. Because of their low energy coefficient, LEDs provide the optimal environment for crop growth. 
In this type of lighting method, illumination is properly distributed to all crop parts. When technology is taken into consideration, the horticulture lighting market is categorized into light-emitting diode (LED), fluorescent, and high-intensity discharge (HID). Out of these, the LED category contributed the highest revenue to the market in 2019. This was because this technology was extensively used in greenhouse and indoor agriculture, on account of its highly cost-effective nature. Moreover, the intensity provided by these lights is ideal for plant growth. 
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