PORTLAND, June 22, 2020 (GLOBE NEWSWIRE) -- According to the report, the global smart greenhouse industry was pegged at $1.37 billion in 2019, and is anticipated to hit $3.23 billion by 2027, registering a CAGR of 11.4% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in demand for organic food, increase in adoption of IoT and artificial intelligence by farmers and agriculturists, and ease of crop monitoring and harvesting augment the growth of the global smart greenhouse market. However, high investment costs due to deployment of expensive systems in smart greenhouses curb the growth to some extent. Nevertheless, surge in adoption of vertical farming and rise in public-private partnership in the agriculture sector would create multiple opportunities in the near future.
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Covid-19 Scenario:
- Due to the stringent regulations amid lockdown, the production management and supply chain operations of components used in smart greenhouse market have been paused. The shortage in the component has impacted the market to certain extent.
- However, the demand for greenhouse products have been increased during Covid-19, due to rise in awareness for healthy lifestyle.
The smart greenhouse market is segmented on the basis of type, component, end user, and region.
Based on type, the hydroponic segment contributed to around two-thirds of the global smart greenhouse market share in 2019, and is anticipated to rule the roost by 2027. On the other hand, the non-hydroponic segment is expected to manifest the fastest CAGR of 12.8% throughout the forecast period.
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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. However, HVAC systems is estimated to portray the fastest CAGR of 13.2% during the study period. The report also studies segment including irrigation system, valves & pumps, sensor & control system, and others.
Based on geography, Europe held the highest share in 2019, accounting for nearly two-fifths of the global smart greenhouse market. On the other hand, the Asia-Pacific region would portray the fastest CAGR of 12.8% by the end of 2027. The report also analyzes regions including North America and LAMEA.
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The key market players in the report include Certhon, Cultivar, Netafim, Greentech Agro LLC, Sensaphone, Heliospectra AB, Lumigrow Inc., Hort Americas, Argus Controls, and Rough Brothers
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