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Smart Greenhouse Market To Increase By USD 1.20 Billion During 2022-2027 | Growing Requirement For Fresh Food To Drive The Growth - Technavio

By PR Newswire

PR Newswire
Overall Rating

NEW YORK, Sept. 13, 2023 /PRNewswire/ -- The smart greenhouse market size is expected to grow by USD 1.20 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 9.31% during the forecast period. The market is segmented by Type (Hydroponic and Non-hydroponic), Component (HVAC systems, LED grow lights, Control systems and sensors, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). The growing requirement for fresh food drives the growth of the smart greenhouse market. There is an increased demand for fresh food due to the growing urban population's rising requirement for fresh foods. For instance, according to World Bank data, the urban population will be 6 billion by 2045. Furthermore, in urban supermarkets, customers are provided all year with a wide variety of fresh fruit and vegetables at various quality levels, which is made possible by a combination of domestic production and imports. Hence, such factors drive the growth of the smart greenhouse market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

  • The report recognizes the following as some of the key players in the smart greenhouse market: Ag Leader Technology, AGCO Corp., Agra Tech Inc., Ceres Greenhouse Solutions, Certhon Build B.V., CLAAS KGaA mBH, CNH Industrial NV, Controlled Environments Ltd., Cultivar Ltd., Deere and Co., Gibraltar Industries Inc., Green Automation Group Oy Ltd., Heliospectra AB, LOGIQS B.V., Orbia Advance Corp. SAB de CV, Phonetics Inc., Richel Group SAS, Signify NV, Sollum Technologies inc., and TSI Inc.
  • Smart Greenhouse Market is fragmented in nature.
  • Market to observe 8.64% YOY growth in 2023.

Market Dynamics:

Trend

  • Popularity of rooftop farming is an emerging smart greenhouse market trend.
  • The urban population is changing its dietary preferences and they are developing a high preference for increasing fresh manufacture in their diets.
  • Also, owing to the growing urban population and people's reluctance to eat frozen food, the production of foods in cities is becoming important.
  • Rooftop smart greenhouses are greenhouses built on the roof of a building that harvests food without soil and they contribute to the creation of new agricultural land and improve plant coverage in urban areas.
  • These greenhouses use hydroponics and aeroponics methods for irrigation. Hence, such trends fuel the growth of the smart greenhouse market during the forecast period.

Challenge

  • The high initial cost of smart greenhouse setup challenges the growth of the smart greenhouse market. 
  • The construction of many costly systems, and smart greenhouses need a high initial setup cost. The costs include heating, ventilation, and air conditioning systems (HVAC), light-emitting diodes (LED), grow lights, sensors, and more.
  • Furthermore, LED grow lights are more efficient than high-pressure sodium (HPS)as they have a large number of diodes. These diodes are costly, which leads to higher costs for LED growing lamps than other lighting technologies.
  • But their use is restricted to applications where urban farming is done on a large scale and is not advisable to use low-priced LED lights as they break sooner than expected.
  • Hence, such challenges impede market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The hydroponic segment is significant during the forecast period. In this method, plants are grown using a water-based nutrient solution, not soil. Furthermore, one of the best techniques created in recent years is hydroponic cultivation, which substitutes soil as a source of nutrients. Additionally, owing to its qualities, hydroponic plants can address a number of problems, including those related to food production and health conditions such as allergic reactions to heavy metals. Hence, such factors drive the hydroponic segment of the smart greenhouse market during the forecast period. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The commercial greenhouse market size is estimated to grow at a CAGR of 10.72% between 2022 and 2027 and the size of the market is forecast to increase by USD 10.57 billion. This report extensively covers market segmentation by type (plastic greenhouse and glass greenhouse), product (fruits and vegetables, flowers and ornamentals, and nursery crops), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Improvements in CO2 extraction technologies for greenhouses is the key driver for the growth of the global commercial greenhouse market.

The greenhouse horticulture market is estimated to grow at a CAGR of 7.69% between 2022 and 2027. The size of the market is forecast to increase by USD 11,021.23 million. This report extensively covers market segmentation by product (plastic and glass), crop type (fruits and vegetables, nursery crops, flowers and ornamentals, and others), and geography (Europe, North America, APAC, Middle East and Africa, and South America). The improvements in CO2 extraction technologies for greenhouses is notably driving the market growth.

Smart Greenhouse Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.31%

Market growth 2023-2027

USD 1.20 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.64

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key countries

US, China, India, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Ag Leader Technology, AGCO Corp., Agra Tech Inc., Ceres Greenhouse Solutions, Certhon Build B.V., CLAAS KGaA mBH, CNH Industrial NV, Controlled Environments Ltd., Cultivar Ltd., Deere and Co., Gibraltar Industries Inc., Green Automation Group Oy Ltd., Heliospectra AB, LOGIQS B.V., Orbia Advance Corp. SAB de CV, Phonetics Inc., Richel Group SAS, Signify NV, Sollum Technologies inc., and TSI Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com

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SOURCE Technavio

First published on Thu, Sep 14, 2023

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