According to a recent report published by Allied Market Research, titled, “Smart Greenhouse Market By Type, Component, and End User: Opportunity Analysis and Industry Forecast, 2020-2027”, the global smart greenhouse market size was valued at $1.37 billion in 2019 and is projected to reach $3.23 billion by 2027, growing at a CAGR of 11.4% from 2020 to 2027.
Smart greenhouse is the revolution of agriculture in which self-regulating platform is made for monitoring and controlling the growth condition of the plants and to automate their growing process. It helps farmers and agriculture firms to control infection in the crops and provide different agrochemical treatment for increasing the fertility of the soil. Furthermore, rise in popularity of organic food across the globe and surge in adoption of IoT and artificial intelligence by farmers and agriculturists drive the growth of the market.
In addition, ease of crop monitoring and harvesting fuels the growth of the market. However, high investment costs owing to deployment of expensive systems in smart greenhouses hamper the growth of the market. Furthermore, rise in adoption of vertical farming technology and increase in public-private partnership in the agriculture sector are expected to provide lucrative opportunities for the market growth.
By end user, the global smart greenhouse market growth was led by the research & educational institutes segment in 2019 and is projected to maintain its dominance during the forecast period. Smart greenhouse organizations are providing various small & medium size greenhouses to the research & educational institutes for public or private research, which boost the growth of the market in this segment. However, the commercial grower’s segment is expected to grow at the highest rate during the forecast period, owing to the need to maintain a better environment for the crops and provide an efficient temperature to protect the plants is expected to increase the adoption of smart greenhouse in this segment.
Region wise, the smart greenhouse market trends was dominated by Europe in 2019 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include rise in adoption of smart farming by various farmers and surge in adoption of greenhouse to provide organic food to the customers. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period owing to various government initiatives in emerging countries to increase smart greenhouse projects and emerging economies such as India, China, and Japan.
Key Findings of the Study:
By end user, the research & educational institutes segment accounted for the highest smart greenhouse market share in 2019.
Region wise, Europe generated the highest revenue in 2019.
Depending on type, the non-hydroponic segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the global smart greenhouse market analysis include Argus Controls, Certhon, Cultivar, Greentech Agro LLC, Heliospectra AB, Hort Americas, Lumigrow, Inc., Netafim, Rough Brothers and Sensaphone. These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to increase their market penetration and strengthen their position in the industry.