According to the report, the global smart greenhouse market was valued at approximately USD 680.3 million in 2016 and is expected to reach approximately USD 1.31 Billion by 2022, growing at a CAGR of around 14.12% between 2017 and 2022.
The smart greenhouse is a revolution in agriculture and is a self-regulating, climate controlling which is suitable for plant growth. It is possible to control microclimate environment (climate in the restricted area) using sensors and different applications. The smart greenhouse is consists of different components such as sensors, actuators, monitoring system, control system. The concept of smart greenhouse aims to optimize growth conditions for plants and automate the growing process.
Smart greenhouse market is expected to witness significant growth due to initiatives were taken by the government on account of increasing population. Smart farming is expected to develop at an astounding growth rate. Changing atmosphere affects the agriculture industry which simultaneously affects the food & beverage industry and economy of many nations. Therefore, smart greenhouse gives new opportunity for the agriculture industry. Transforming technological preferences due to urbanization in developing countries is also expected to have a positive impact on smart greenhouse market. High installation prices of the automation system and high initial investment may inhibit the growth of smart greenhouse market at a certain level in non-developed countries like the Middle East & Africa. But developed countries like Europe and North America have started adoption of this technique to address the concern of increasing population.
Based on type segment, the global smart greenhouse market has been segmented into hydroponic and non-hydroponic. Hydroponic greenhouse deals with the method of growing plants without soil. Presently, non-hydroponic smart greenhouse-dominated the global smart greenhouse market. Furthermore, the hydroponic smart greenhouse type has the highest growth perspective over the forecast period.
HVAC, LED grow light, communication technology, irrigation system, material handling, valves & pumps, control system, and others are the key technologies covered under the smart greenhouse market. LED grow light segment dominated the smart greenhouse market in 2016 in terms of as it can be used as an artificial light source to stimulate plant growth.
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Europe is expected to remain the market leader over the forecast period and accounted for significant share of the global market revenue in 2016 due to the fast adoption of smart greenhouse technology. The rapid adoption of technology in emerging economies of Japan, China, and India is expected to drive the smart greenhouse market in Asia Pacific. Asia Pacific is expected to be the most attractive segment of the market over the years owing to rapid infrastructural development in countries like India coupled with a high population in the region.
Key industry participants include Rough Brothers, Inc., Heliospectra AB, Terrasphere Systems, LLC, Argus Control Systems Ltd., LumiGrow Inc., Ceres Greenhouse Solutions, Hort Americas, JFE Engineering Corporation, Nexus Corporation, Logiqs B.V., Certhon, and GreenTech Agro LLC.