Market Research Report
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 472 Pages
Delivery time: 1-2 business days
Global Horticulture Lighting Market to Reach $6.4 Billion by 2027
Amid the COVID-19 crisis, the global market for Horticulture Lighting estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$6.4 Billion by 2027, growing at a CAGR of 16% over the analysis period 2020-2027. Hardware, one of the segments analyzed in the report, is projected to record a 16.2% CAGR and reach US$2.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 16.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $606.9 Million, While China is Forecast to Grow at 20.6% CAGR
The Horticulture Lighting market in the U.S. is estimated at US$606.9 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2027 trailing a CAGR of 20.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.3% and 14.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 13.8% CAGR.
Services Segment to Record 14.1% CAGR
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 13.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$348.3 Million in the year 2020 will reach a projected size of US$846 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$906.8 Million by the year 2027, while Latin America will expand at a 15.4% CAGR through the analysis period.
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