Smart Greenhouse Market Worth 2.28 Billion USD by 2023

PUNE, India, March 22, 2018 /PRNewswire/ --

According to the new report "Smart Greenhouse Market by Type (Hydroponic and Non-hydroponic), Technology (HVAC, LED Grow Light, Irrigation System, Material Handling, Valves, Control System, and Sensor & Camera), and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM), the overall market is estimated to grow from USD 1.26 Billion in 2018 to 2.28 Billion by 2023, at a CAGR of 12.6% between 2018 and 2023. The key factors driving the smart greenhouse market include trend for indoor farming due to changing consumer preferences, high demand for food due to enormously growing population, favorable government regulations and incentive pertaining to smart greenhouse lighting technology.

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HVAC and LED are major technologies for smart greenhouses 

An HVAC system is used for maintaining the optimum temperature within a controlled environment. HVAC systems play a vital role in greenhouses by maintaining an ideal temperature for plant growth and nullifying the adverse impact of changes in the external temperature and enabling the cultivation throughout the year. Thus, HVAC systems provide an improved indoor environment and minimize the cost of operation. Both the technologies play an important role in the smart greenhouse market.

LED grow light works as supplemental lighting in the greenhouse environment, and HVAC provides heating and cooling along with other activities such as ventilation and lighting to give proper nutrition to plants. Moreover, LED grow lights are the best lighting systems owing to their compact design, adjustable light spectrum, and cool and directional emission of light. LED grow light systems also have a long operational life of 30,000 to 50,000 hours and consume considerably less energy. As a result, LED grow light and HVAC technology expected to account for the largest size of the greenhouse market based on technology.

"Non-hydroponic smart greenhouse to account for larger share of smart greenhouse market 

Non-hydroponic greenhouses use soil as the base for growing plants. Traditional greenhouse horticulture began by using soil as the base for all plants due to its easy availability and less infrastructural costs. Therefore, even today a majority of greenhouses across the world follow this technique. In non-hydroponic (soil-based) greenhouses, proper analysis of the soil needs to be done to determine the type of plants to grow. This helps in achieving increased yields from soil-based greenhouses.

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Europe held largest share of overall smart greenhouse market in 2017 

Europe has traditionally been at the forefront of implementing advanced techniques in greenhouse horticulture. Countries such as the Netherlands, Spain, and Italy have large areas under greenhouse cultivation. CEA has mostly flourished in the Netherlands and the Scandinavian countries where growth is nearly impossible during the winter season.

Recently, the population in Europe has expanded rapidly, and countries are importing fruits and vegetables in a frozen form from markets in Africa and Asia. Indoor horticulture is gaining rapid momentum in some of the major countries in this region to obtain fresh produce from locally cultivated farms. This factor is expected to generate a huge demand for controlled-environment agriculture in the near future.

The smart greenhouse market includes players such as Heliospectra (Sweden), LumiGrow (US), Rough Brothers (US), Nexus Corporation (US), Argus Control Systems (Canada), Certhon (Netherlands), Logiqs (Netherlands), Greentech Agro (US), Netafim (US), and International Greenhouse Company (US).

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