Press release
Smart Greenhouse Market Expected to Surpass $3.23 Billion by 2027, Fueled by 11.4% CAGR
Smart Greenhouse Market
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Smart greenhouse is the revolution of agriculture in which self-regulating platform is made for monitoring and controlling the growth condition of the plants and to automate their growing process. It helps farmers and agriculture firms to control infection in the crops and provide different agrochemical treatment for increasing the fertility of the soil. Furthermore, rise in popularity of organic food across the globe and surge in adoption of IoT and artificial intelligence by farmers and agriculturists drive the growth of the market.
In addition, ease of crop monitoring and harvesting fuels the growth of the market. However, high investment costs owing to deployment of expensive systems in smart greenhouses hamper the growth of the market. Furthermore, rise in adoption of vertical farming technology and increase in public-private partnership in the agriculture sector are expected to provide lucrative opportunities for the market growth.
The smart greenhouse market is segmented on the basis of type, component, end user, and region. By type, it is bifurcated into hydroponic and non-hydroponic. By component, it is divided into HVAC Systems, LED grow lights, irrigation system, valves & pumps, sensor & control system, and others.
Based on type, the hydroponic segment accounted for around two-thirds of the global smart greenhouse market share in 2019, and is expected to rule the roost by 2027. This is attributed to its capability to produce more nutritious eatables in less space consumption. At the same time, the non-hydroponic segment is expected to grow at the fastest CAGR of 12.8% throughout the forecast period, owing to its environment-friendly nature.
Based on component, the LED grow lights segment contributed to more than one-fourth of the global smart greenhouse market revenue in 2019, and is anticipated to lead the trail till 2027.This is due to rise in demand for LED lights by various plant factories The HVAC systems, on the other hand, would register the fastest CAGR of 13.2% during the study period. Surge in demand for energy efficient solutions by smart greenhouse owners and rise in demand for HVAC system for maintaining the temperature of the greenhouse projects boost the segment growth.
Based on geography, Europe, followed by Asia-Pacific and North America, held the highest share in 2019, generating nearly two-fifths of the global smart greenhouse market, owing to the adoption of advance technologies such as IoT and machine learning in farming. Simultaneously, the Asia-Pacific region would portray the fastest CAGR of 12.8% by the end of 2027. Various government initiatives to increase smart greenhouse projects boost the growth of the market in the region.
The key players profiled in the global smart greenhouse market analysis include Argus Controls, Certhon, Cultivar, Greentech Agro LLC, Heliospectra AB, Hort Americas, Lumigrow, Inc., Netafim, Rough Brothers and Sensaphone. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.
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Key Findings of the Study:
➢ By end user, the research & educational institutes segment accounted for the highest smart greenhouse market share in 2019.
➢ Region wise, Europe generated the highest revenue in 2019.
➢ Depending on type, the non-hydroponic segment is anticipated to exhibit substantial growth during the forecast period.
Key Benefits For Stakeholders:
➢ The study provides an in-depth analysis of the global smart greenhouse market forecast along with the current & future trends to elucidate the imminent investment pockets.
➢ Information about key drivers, restraints, and opportunities and their impact analysis on the global smart greenhouse market size is provided in the report.
➢ Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
➢ The quantitative analysis of the smart greenhouse market trends from 2019 to 2027 is provided to determine the market potential.
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