Global Horticulture Lighting Market to Reach $21.4 Billion by 2030
The global market for Horticulture Lighting estimated at US$5.7 Billion in the year 2023, is expected to reach US$21.4 Billion by 2030, growing at a CAGR of 20.9% over the analysis period 2023-2030. Horticulture Lighting Hardware, one of the segments analyzed in the report, is expected to record a 23.3% CAGR and reach US$11.5 Billion by the end of the analysis period. Growth in the Horticulture Lighting Software segment is estimated at 19.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.5 Billion, While China is Forecast to Grow at 26.8% CAGR
The Horticulture Lighting market in the U.S. is estimated at US$1.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2030 trailing a CAGR of 26.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.6% and 18.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 17.3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.4 Billion by the year 2030.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook