Population growth and climate change are putting stress on existing food supply chains. The world’s existing agricultural systems cannot keep pace with population growth. Unfavourable weather and changing climatic conditions are making it difficult to grow crops under sunlight.
Technology is going to be crucial to meet the food demands of our societies. Therefore, more and more companies are shifting towards controlled environments, where crops are grown under artificial lighting. In addition, more and more countries are legalizing high value crops that yield CBD and THC used for both medicinal and recreational purposes. These crops are most often grown in either protected, indoor areas with artificial lighting or in greenhouses with supplemental lighting.
As a result, the horticultural lighting is one of the fastest growing markets in the lighting industry today. Between 2018 and 2020, while the total lighting fixtures market dropped at an average rate of 3% per year, the horticultural business kept increasing at a CAGR of 30%. CSIL estimates that the sector will reach US$ 1.8 billion by 2023.
The CSIL report “The world market for Horticultural Lighting” aims at better understand the global market for horticultural lighting, its competitive landscape, and the new opportunities arising from the growth of the agritech business.
Some of the results, emerged from the analysis, include: