Smart Greenhouse Market to Grow at 12.6% CAGR to 2023
PUNE, India, March 26, 2018 /PRNewswire/ --
ReportsnReports.com adds Smart Greenhouse Market is forecast to reach $2.28 billion by 2023 from $1.26 billion in 2018 at a CAGR of 12.6% during (2018-2023) driven by trend for indoor farming due to changing consumer preferences, high demand for food due to enormously growing population, favorable government regulations and incentive pertaining to smart greenhouse lighting technology.
Browse 32 Market Data Tables and 25 Figures spread through 100 Pages and in-depth TOC on "Smart Greenhouse Market by Type (Hydroponic and Non-hydroponic), Technology (HVAC, LED Grow Light, Irrigation System, Material Handling, Valves, Control System, and Sensor & Camera), and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/404679-smart-greenhouse-market-by-technology-hvac-led-grow-light-communication-technology-irrigation-system-material-handling-valves-pumps-control-system-and-others-type-hydroponic-non-hydroponic-and-geography-forecast-to-2020.html .
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).
The smart greenhouse market in APAC will 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.
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The smart greenhouse 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.
The hydroponic Smart Greenhouse Market will 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.
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The Europe held largest share of overall smart greenhouse market in 2017. 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.
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%
Another research titled Vertical Farming Market Global Forecast to 2022 says, the vertical farming market is expected to be valued at $5.80 billion by 2022, growing at a CAGR of 24.8% between 2016 and 2022. Lighting devices and hydroponics components are expected to dominate the hardware segment of vertical farming market between 2016 and 2022. Vertical farming market in Asia-Pacific (APAC) is expected to have the largest share. Companies such as AeroFarms (U.S.), FarmedHere (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex (U.S.), Sky Greens (Singapore) have been profiled in this 174 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=457086 .
Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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