Smart Greenhouse Market to Reach $3.23 Billion, Globally, by 2027 at 11.4% CAGR: Allied Market Research
Increase in demand for organic food, rise in adoption of IoT and artificial intelligence by farmers and agriculturists, and ease of crop monitoring and harvesting fuel the growth of the global smart greenhouse market.
PORTLAND, Oregon, May 20, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, Allied Market Research published a report, titled, "Smart Greenhouse MarketBy Type (Hydroponic and Non-Hydroponic), Component (HVAC Systems, LED Grow Lights, Irrigation System, Valves & Pumps, Sensor & Control System, and Others), and End User (Commercial Growers, Research & Educational Institutes, Retail Gardens, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global smart greenhouse industry was estimated at $1.37billion in 2019, and is expected to hit $3.23 billion by 2027, registering a CAGRof 11.4% from 2020 to 2027.
Drivers, Restraints and Opportunities
Increase in demand for organic food, rise in adoption of IoT and artificial intelligence by farmers and agriculturists, and ease of crop monitoring and harvesting fuel the growth of the global smart greenhouse market. On the other hand, high investment costs owing to deployment of expensive systems in smart greenhouses curtail down the growth to some extent. However, surge in adoption of vertical farming and increase in public-private partnership in the agriculture sector are expected to create multiple opportunities in the industry.
After the lockdown has been imposed and several strict measures have been taken to fight the virus, the manufacturing for all product categories has come to a halt. As a result, there is a shortage in the production of smart agriculture equipment which, in turn, has impacted the global smart greenhouse market to a significant extent.
However, with people being more conscious about eating and living healthy, there's been a steep rise in the demand for greenhouse products in the urban as well as rural areas.
The Hydroponic Segment to Dominate By 2027
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.
The LED Grow Lights Segment to Lead the Trail
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.
Europe, Followed By Asia-Pacific and North America, Garnered the Highest Share in 2019
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.
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