The rapidly expanding urban population is fueling the demand for food. This factor is expected to drive the smart greenhouse market significantly. A greenhouse is a structure made using glass, in which plants are grown in a controlled environment. Smart greenhouses use farming techniques to cultivate crops without the need for human intervention.
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Advancement in Technology to Drive Demand for Smart Farming Techniques
The rising demand for smart farming due to the ever-expanding global population has led to improvement in conventional agricultural techniques. More and more traditional farming techniques are now being integrated with smart technologies. Conventionally, soil was used as the foundation in greenhouses for growing plants. However, due to the advancement in technology in the past few years, the use of soilless hydroponic horticulture is increasingly gaining popularity in the greenhouse industry. Furthermore, the rising demand for rooftop farming in urban areas is supporting the growth of the global smart greenhouse market.
On the other hand, the high initial investment cost required to set up a smart greenhouse is acting as a major restraint on the global smart greenhouse market. Nevertheless, the rising popularity of vertical farming in urban regions will provide good opportunities for market players.
HVAC Sector to Dominate Global Smart Greenhouse Market
On the basis of technology, the global smart greenhouse market is segmented into HVAC, LED grow light, irrigation systems, communication technology, control systems, valves and pumps, material handling, and other technologies.
The technology of heating, ventilation, and air conditioning (HVAC) is used to maintain optimum temperature in a controlled environment. Hence, HVAC plays a crucial role in maintaining the ideal temperature for plant growth in a smart greenhouse. Currently, the HVAC technology sector is dominating the global smart greenhouse market and is expected to continue its dominance in the coming few years.
Another technology sector expected to witness significant growth in the global smart greenhouse market is that of LED technology. LED grow lights are extensively used in smart greenhouses. Furthermore, due to favorable government regulations, the demand for long-lasting and energy-efficient LED lighting is projected to grow substantially in the coming few years.
Early Adoption of Smart Greenhouse to Drive Europe Market
By geography, the global smart greenhouse market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Though smart greenhouses have a strong global presence, Europe, being an early adopter of smart greenhouses, holds a major market share.
Strong growth of the market is also predicted in emerging regional smart greenhouse markets such as Asia Pacific and the Middle East. The rising urbanization in these regions is expected to fuel the demand for smart greenhouses.
By type, the global smart greenhouse market is segmented into hydroponic greenhouses and non-hydroponic greenhouses. Currently, the non-hydroponic sector holds the majority market share.
The key players operating in the global smart greenhouse market are currently challenged by the issue of integration of technologies. Hence, companies are trying to come up with solutions that effectively integrate technologies used to maintain smart greenhouses. Some of the key players operating in the global smart greenhouse market are GreenTech Agro LLC, Certhon, Logiqs, Nexus Corporation, JFE Engineering Corporation, Hort Americas, Ceres Greenhouse Solutions, LumiGrow, Argus Control Systems, Terrasphere Systems, Heliospectra, and Rough Brothers.
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