One of the major trends in the horticulture lighting market currently is vertical farming, wherein crops are grown in vessels stacked atop each other. This farming method is becoming rapidly popular because of the decreasing area of arable land, on account of the swift growth of cities. As vertical farming is a form of indoor farming, artificial light is needed to provide the plants with the necessary UV radiation, in the absence of natural light.

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Moreover, compared to conventional agriculture, vertical farming requires up to 90% less water. The growth of the horticulture lighting market is being strongly driven by the rising demand for agricultural products. The reason behind this is the booming population, which, as per the UN’s World Population Prospects 2019 report, is set to increase from 7.7 billion in 2019 to 9.7 billion by 2050.

Coupled with the rising urbanization rate and disposable income, this factor is set to lead to a massive increase in the requirement for produce, especially in developing countries. With arable land decreasing quickly, indoor and vertical farming methods are being adopted. Another driver for the industry is the increasing government support for the adoption of energy-efficient lighting products.

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Countries including the U.S., India, and China are taking numerous steps to replace their high-intensity discharge (HID), fluorescent, induction, and plasma lights with LED lights, which consume a lot less electricity and also have a longer life. Both these factors result in less operational expenditure for horticulturists, along with a significant reduction in the emission of greenhouse gases.