According to a new report published by Allied Market Research, titled, “Smart Indoor Garden Systems Market by Type, Technology, and End-user: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart indoor garden systems market size was valued at $105,627.0 thousand in 2019, and is projected to reach $176,559.1 thousand by 2027, registering a CAGR of 8.4% from 2020 to 2027.
Factors such as rise in urbanization coupled with increase in disposable income in the developing countries such as India, China, Brazil, Indonesia, and Vietnam drives the residential and commercial construction activities, which, in turn, is expected to fuel the growth of the global market. On the contrary, unfavorable climate conditions is one of the major restraints of the smart indoor garden systems market. Conversely, technological advancements in smart indoor garden systems is expected to provide lucrative opportunities in near future.
Depending on type, the floor garden segment garnered the largest smart indoor garden systems market share in the in 2019, and is estimated to register a CAGR of 8.2% during the forecast period. This is attributed to the fact that floor garden offers better space allocation, as smart indoor plant systems require about 20% less space.
On the basis of technology, the self-watering segment is anticipated to grow rapidly, during the forecast period due to surge in urban population and rise in residential and commercial construction projects. In addition, many companies are involved in the development of the self-watering smart indoor gardening systems, which notably contributes toward the growth of the global market. For instance, in August 2020, Canada based firm AVA Technologies launched Byte, an self-watering smart indoor gardening system. It is basically a soil-free pod with advance self-watering systems.
By end user, the residential segment garnered the largest share in the smart in 2019, and is expected to grow at a CAGR of 8.7% during the forecast period, owing to increase in residential construction activities around the globe. For example, the Government of South Korea has decided to develop two new towns to balance development in Gangnam and Gangbuk areas. Such expansion and setup plans for new cities boost the demand for residential real estate amongst investors, which, in turn, will fuel the growth of the market. Hence, such factors provide lucrative opportunities for the market growth.
Region wise, the market of smart indoor garden systems is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2019, however, Asia-Pacific is expected to exhibit the highest CAGR from 2020 to 2027. This is attributed to the fact that emerging economies in the region are witnessing commercial infrastructural development and increase in residential construction projects. Moreover, rapid economic recovery significantly drives the market growth in this region.
Key players operating in the global smart indoor garden systems industry have adopted business expansion and partnership as their key developmental strategies to strengthen their foothold in the global market. For instance, in April 2019, BSH Hausgeräte GmbH, a subsidiary of Robert Bosch GmbH and Plantui, established partnership to expand their presence in Europe and increase their extensive global distribution network and boosts product development.
However, the outbreak of COVID-19 has a negative impact on the manufacturing and production of smart indoor garden systems in the first and second quarter of 2020, and is likely to hamper the smart indoor garden systems market growth throughout the year. This has further affected the demand for smart indoor garden systems from the developed countries, including the UK, France, and Italy, thereby halting the production activities. In addition, the disruption of supply chain is causing hindrance in manufacturing of the smart indoor garden systems around the globe.
The key players profiled in the smart indoor garden systems market report include Aero Farms, Agrilution GmbH, AVA Technologies Inc., BSH Hausgeräte GmbH (Robert Bosch Stiftung GmbH) CityCrop Automated Indoor Farming Ltd, Click & Grow LLC, EDN Inc., Grobo Inc., Plantui Oy, and SproutsIO Inc.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging smart indoor garden systems market trends and dynamics.
- Depending on type, the floor garden segment dominated the smart indoor garden systems market, in terms of revenue in 2019, however, wall garden is projected to grow at a significant CAGR during the forecast period.
- By end user, the residential segment registered highest revenue in 2019.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- Key players within the smart indoor garden systems market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the smart indoor garden systems industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth smart indoor garden systems market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.