“Smart greenhouse market to exhibit a high growth between 2018 and 2023”
The smart greenhouse market is expected to grow from USD 1.26 billion in 2018 to USD 2.28 billion by 2023, at a CAGR of 12.6% between 2018 and 2023. The key factors driving the growth of the market include favorable government regulations and incentives pertaining to smart greenhouse lighting technology, high demand for food due to enormously growing population, and trend for indoor farming due to changing consumer preferences. Smart greenhouse market players also have various opportunities including the emerging vertical farming technology and need for energy-efficient lighting technology. However, the integration of various smart greenhouse technologies such as lighting, HVAC, control, and irrigation systems, valves, and many others, and high cost of smart greenhouse system are inhibiting the growth of the smart greenhouse market.
“Hydroponic smart greenhouse market to grow at a high rate in the coming years”
Hydroponics is a technique of growing plants used in places where the soil is limited, does not exist, or is contaminated. This technique makes use of containers or specially designed benches with troughs to enable suspension of plants in water. Hydroponic systems often use materials such as sand, pebbles, or sawdust as substrates that have the high water-holding capacity. The roots grow within the substrates to secure the plant in the trough or container. The hydroponics technique was first introduced in the 1920s; however, it could not be implemented on a commercial scale due to limitations such as the need for technical knowledge and the threat of quick system failure and spreading diseases. In recent years, controlled-environment agriculture (CEA) and hydroponics have gained popularity due to advancements in greenhouse structures and affordability of technologies that support plant growth. Hydroponics offers several advantages over soil-based horticulture, such as lower water consumption, no need of soil, better use of space and location, effective use of nutrients, and requirement for fewer pests.
“Market for LED grow lights to grow at a high rate in the coming years”
A grow light is a type of electronic lamp or an artificial light source designed to accelerate plant growth by emitting the electromagnetic spectrum ideal for photosynthesis. By deploying LED grow lights, growers can achieve operational efficiencies, reduce energy consumption, and improve production of warm-season crops, such as tomatoes, lettuce, and cucumbers. LED technologies are gaining rapid acceptance all over the world as they are more energy-efficient and long-lasting than conventional lighting technologies such as HID, CFL, and plasma lighting. Also, Europe is proposing bans on older technologies such as halogen lamps, which, in turn, is expected to accelerate the growth of the market for LED grow lights in greenhouse horticulture.
“Smart greenhouse market in APAC to grow at a high rate in the coming years”
The growing population is a driving factor behind the rising adoption of greenhouse automation technologies in APAC. Developments are largely witnessed in countries such as Japan, Australia, and New Zealand. Chinese growers have also introduced advanced growing techniques such as CEA and hydroponics to increase their yields. The market in APAC is price-sensitive; however, the rising population necessitates the use of advanced technologies to enable the supply of fresh fruits and vegetables throughout the year. Owing to these, growers have started adopting automation technologies in greenhouses to get high returns on investments in APAC.
Breakdown of the profile of the primary participants:
- By Company Type: Tier 1- 40%, Tier 2 - 35%, and Tier 3 - 25%
- By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
- By Region: North America- 45%, Europe - 30%, APAC - 20%, and RoW - 5%
Major key players operating in the smart greenhouse market include Heliospectra (Sweden), LumiGrow (US), Rough Brothers (US), Nexus Corporation (US), Argus Control Systems (Canada), Certhon (Netherlands), Logiqs (Netherlands), Greentech Agro (US), Netafim (US), and International Greenhouse Company (US).
In this report, segments such as type, technology, and geography of the smart greenhouse market have been covered. It also discusses key drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
This report includes the market statistics pertaining to type, technology, and geography.
- Major drivers, restraints, challenges, and opportunities pertaining to the smart greenhouse market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets based on type, technology, and geography have been conducted to give an overall view of the market.
- A detailed competitive landscape, which includes the key players, revenue of key players, and strategic developments, among others, has been provided.