Market Overview
Smart greenhouse market is expected to grow at a CAGR of 10.1% during the forecast period 2024- 2031.
The bright greenhouse is a glasshouse or a hothouse in which plants are developed in an artificial environment. Its construction involves solar radiation and a favorable environment for growing plants.It is a significant revolution in the agriculture industry and a new trend in farming techniques. The increasing global population and advancements in technology are replacing traditional agriculture techniques with automated urban farming methods like the smart greenhouse.
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Market Summary
| Metrics | Details |
| Market CAGR | 10.1% |
| Segments Covered | By Type, By Technology, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Europe |
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Market Dynamics
- The smart greenhouse market is primarily driven by growing the need for creative farming techniques to fulfill the demand for energy efficiency from customers.
- Also, the growing popularity of technological developments and rooftop farming is anticipated to encourage the growth of the overall market in the upcoming years.
- Furthermore, The emergence of vertical farming in urban areas and the growing awareness among consumers will help to open up new opportunities for the smart greenhouse market.
- On the other side, the high cost of the smart greenhouse is considered as one of the critical factors anticipated to restrict the growth of the global quickly in the coming years.
- Additionally, the integration of technologies and the requirement for high initial investment are estimated to curb the growth of the market.
Market Segmentation Analysis
- Based on the technology, the global smart greenhouse market is comprised of a variety of techniques such as lighting systems, irrigation systems, control systems, material handling, and communication technology.
- While lighting systems lead the market with a larger share, Due to the demand construction activities in emerging economies are expected to drive the smart greenhouse market over the forecast period.
- The increasing need for lifelong and energy-efficient lighting technology is expected to boost market growth in the forecast period.
Market Geographical Share
- Geographically, the global smart greenhouse market is segmented into Asia-Pacific, North America, Europe, South America, and RoW.
- In 2018, Europe is projected to lead the overall market and account for a critical share in the coming years. The robust growth of this region can be attributed to the increasing adoption of smart greenhouse technology in the last few years. Additionally, a significant contribution from Spain, the Netherlands, and Italy is anticipated to encourage the growth of the smart greenhouse market in the forecast period.
- The Asia Pacific is estimated to witness progressive growth in the coming years. The swift pace of urbanization in the region is one of the critical factors predicted to accelerate the growth of the smart greenhouse market.
- Also, the development of the economy and the rising population are some of the other factors likely to boost the growth of the market throughout the forecast period.
Market Companies
- Some of the Major Key players present in the market include Rough Brothers, Inc., Ceres Greenhouse Solutions, Hort Americas, Argus Controls Systems Ltd., JFE Engineering Corporation, Nexus Corporation, LumiGrow, Inc., International Greenhouse Company, Libelium, and Smart Cannabis.
- The global smart greenhouse market is highly competitive and fragmented due to the presence of a large number of international and local players.
- The market is witnessing numerous expansions and mergers. Recently, In 2018, Pure Harvest Smart Farms, a transformational, tech-enabled arid climate agribusiness based in Abu Dhabi, launched its high-tech greenhouse technology to help companies build Stronger Businesses through more Diverse Teams.
