Greenhouse Horticulture Market size to record USD 11.02 billion growth from 2023-2027, Increasing relevance of LED growth lights in greenhouse horticulture is one of the key market trends, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global greenhouse horticulture market size is estimated to grow by USD 11.02 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 7.69% during the forecast period.

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Key Trends Fueling Growth

• Increasing relevance of LED growth lights in greenhouse horticulture: 
• Greenhouse horticulture relies on adequate lighting for plant growth, especially during seasons with limited natural sunlight. Solutions like photoperiodic and supplemental lighting address this need. Photosynthesis occurs within a specific wavelength range, 400 to 700 nanometers, termed photosynthetically active radiation (PAR).
• LEDs have emerged as superior to traditional sodium lamps due to safety, longevity, and adjustability of light wavelength. Although initial costs may deter adoption, LEDs are more cost-effective over time, outlasting sodium lamps and integrating seamlessly with control systems.
• The affordability of LED systems, particularly when compared to greenhouse infrastructure, further supports their adoption. Integration with IoT enables advanced functionalities like data collection via sensors for predictive analytics, enhancing production efficiency and reducing uncertainty.
• By leveraging machine learning algorithms, factors like light, temperature, and CO2 levels can be optimized to maximize output, ensuring a reliable and sustainable approach to greenhouse horticulture.

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Major Challenges:

• High costs associated with greenhouses 
• Constructing greenhouses entails significant upfront costs, akin to a one-time investment. The outlay for a basic or high-tech greenhouse ranges from $5,000 to $25,000, mirroring the annual farm income of $600.0 billion in the US. These structures necessitate ongoing maintenance, covering repairs, cleaning, and upkeep of equipment such as heaters, ventilation, and irrigation systems.
• Greenhouses employ either passive or active climate control methods. Passive systems absorb solar heat via materials like bricks or water, while active systems, reliant on electricity, may tap into solar energy or grid power. Installation of solar panels and storage gear represents added capital expenditure.
• Opting for grid electricity incurs ongoing operational costs. Hence, while greenhouses promise optimal yields, their upkeep demands prudent financial planning to ensure sustained productivity and profitability.

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Segmentation Overview

1. Product 
• 1.1 Plastic
• 1.2 Glass
2. Geography 
• 2.1 Europe
• 2.2 North America
• 2.3 APAC
• 2.4 Middle East and Africa
• 2.5 South America

1.1 Plastic: The plastic segment in greenhouse construction is set to experience significant growth in the upcoming forecast period. Plastic greenhouses, commonly made from materials like polycarbonate, acrylic, polyethene, or fibreglass, offer high impact resistance, shielding crops from adverse weather conditions such as snow and hail.

• This durability drives their increasing adoption, with the plastic segment reaching a value of USD 16,991.87 million in 2017 and continuing to expand until 2021. Particularly in developing nations, plastic greenhouses are favored due to their lower initial costs compared to glass alternatives. Farmers are increasingly turning to materials like polyethylene due to their cost-effectiveness.
• Plastic coverings offer flexibility, allowing for customization in light transmission, impact resistance, and protection against dust or water. As the demand for cost-effective and adaptable greenhouse solutions rises, the plastic segment is poised for sustained growth.

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Analyst Review

The greenhouse horticulture market is witnessing a surge in demand due to factors like unfavorable weather and population expansion. With traditional open-field methods facing challenges like water scarcity, greenhouse-grown products offer reliable crop harvests and higher yields. Advanced systems like hydroponics and aeroponics enable efficient land utilization and spatial efficiency, making them ideal for limited spaces and emerging regions.

These systems employ advanced irrigation and climate control systems, including drip and recirculation systems and HVAC units, optimizing crop yields year-round. Despite initial investment and ongoing operational expenses, the market is attracting smaller-scale farmers and emerging markets, driven by rising food security concerns and the need for fresh produce amidst extreme weather events and rapid urbanization.

Superior quality and greater aesthetic appeal of greenhouse-grown products mitigate risks like equipment failure and yield losses, ensuring food security and efficient water management practices for sustainable agriculture.

Market Overview

Greenhouse horticulture services offer year-round crop production, addressing consumer's awareness of provenance and water scarcity concerns. Despite rapid urbanization and land constraints, high-quality produce is ensured with advanced greenhouse systems. Environmental factors like carbon dioxide levels are managed efficiently across crop types, whether in plastic or glass greenhouses.

Utilizing grow bags, greenhouse films, windbreaks, and shelter nets optimize growing conditions. Horticulture twines support plant growth while heating systems maintain optimal temperatures. Initial setup and operational costs are considered, with emphasis on maximizing efficiency and productivity. Greenhouse horticulture adapts to evolving market demands, providing sustainable solutions for agricultural needs.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Product 
• Plastic
• Glass
• Geography 
• Europe
• North America
• APAC
• Middle East And Africa
• South America

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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SOURCE Technavio