Smart Greenhouse Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted May 20, 2021 by manojshinde

The Smart Greenhouse market is expected to register a CAGR of 10% over the forecast period, 2021 - 2026.
 
- In the current era, agriculture growth is considered to one the core component that can directly influence the economic growth of a country as it provides means for revenue by the production of food and raw materials which thereby counts as a primary source for imports and exports. It additionally generates employment opportunities at a larger scale and helps countries to leverage their transformation of the economy from convention to an advanced economy and hence fosters the growth of the market

- For instance, In emerging economies such as India, around 55% of the Indian population is engaged in agriculture and allied activities but constitute about 15% of GDP ( gross domestic product), whereas in developed economies such as the US contribute 1 percent of GDP( gross domestic product) majorly due to stakeholders involved in conventional agricultural practices

- With the advent of smart farming practices such as vertical farming which involves the growth of crops indoors, using vertical space to intensify production where factors such as climatic conditions, pest control can be monitored leading to better production of food per acre of land, such practicing leverages the demand for smart greenhouse.

- For instance, Plenty a Silicon Valley-based Vertical farming startup backed by funding from firms such as SoftBank, Alphabet, DCM Ventures, Jeff Bezos's investment firm among others aimed to expand and build 100,000 square foot vertical farming warehouse in Kent, Washington designed to produce 4.5 million pounds of green annually.

- As with technological advancements heading towards automation, levering IoT farming practices such as greenhouse farming that provided better yield of crops through the control of environmental parameters by manual intervention resulted in production loss, labor cost, and energy loss are heading towards the smart greenhouse that eliminates the need for manual intervention and provides the cost-effective and optimal solution to the stakeholders and Thereby foster the growth of the market.

- Additionally, With cannabis legalization across the states for medical purpose including in countries such as Canada, Germany, Italy, Colombia among others holds greater market potential for food producers, For instance, In July 2019, Heliospectra AB announced it experienced strong demand from licensed cannabis growers and reported increase in company' smart greenhouse market share
- However, high cost associated with technologies such as HVAC, LED grow lights, which are primarily used to deploy smart greenhouses limitthe growth of the market

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Key Market Trends

LED Grow Lights to Hold Largest Market Share

- Artificial lighting within a smart greenhouse environment enables the host of benefits to the crops by acting as supplement energy in circumstances such as limited natural light hours, less radiation from the sun and seasonal & environmental changes.

- Evidently, LED grow lights produce all possible colors from the spectrum, it allows users to tune the type and amount of the light suitable as per the specific needs of the plants throughout its growing phase in accordance with RGB. This allows for critical improvement and control over the plant quality and growth.

- Additionally, LED lighting technology is far more efficient, enduring and lasts about 50,000 to 100,000 hours or more than any conventional lighting such as plasma, HID and CFL among others and also has very low maintenance costs.

- However, LED growing lights are relatively expensive and have greater up-front cost than most of the other lighting alternatives but as LEDs continue to be adopted in masses it is expected that it will eventually result in the reduction of cost in near future and Hence drive the growth to the market.

Europe to witness significant growth

- Europe is expected to grow at the highest rate over the forecast period owing to its forefront greenhouse horticulture practices spread throughout the countries, growing populations and increasing demand for imports.

- The region is experiencing a steady increase in greenhouse potential owing to the increase of area under protected cultivation that is estimated to be 175000 ha with about 4.5% increase from 2005 to 2013 and the increase of the Mediterranean region of about 12000 ha.

- Furthermore, the Netherlands and Spain are considered to be greenhouse hotspots and additionally, countries such as Italy, Greece, and France are expanding their industries

- The presence of projects such as EURPHOROS, a four-year project that aims to develop the greenhouse systems that does requirement energy from sources such as fossil fuel, conserves water, minimizes the carbon footprint and need for protective chemicals while delivery high productivity, foster the growth of the market.

- Also, The Initiatives such as Agricultural European Innovation Partnership (EIP-AGRI) founded in 2012, work to foster the sustainability of farming with a strategy to achieve more from less and help to contribute a steady supply of food. For instance, In March 2020, Heliospectra AB, an intelligent lighting technology provider for greenhouse announced its projected supported by EU funds and European Innovation Partnership (EIP) called method for biotic stress detection in horticultural production. It is equipped with an optical sensor that measures incoming light on a canopy level in a greenhouse environment.

- Additional factors such as recent growth in population lead to higher demand for smart greenhouse in near future.

Competitive Landscape

Although the major players are holding the major market share, there is alot of influx from the local vendors in this segment. The competition is intensifying, hence the companies are more focusing on product development and technological advancements and strategic collaborations with local vendors in order to capitalize on the market.

- September 2019- Heliospectra AB showcased its new MITRA series, a high performance, and high intensity LED lighting solution in North Americas at MJ Biz Con Int'l Booth, Toronto Canada. The MITRA LED lighting is a modular LED system that is designed to cater the needs of cannabis and vine crops and offers an efficacy up to 2.9µmol/J.

- August 2019- LumiGrow announced the launch of TopLight Hybrid Smart fixture, The Toplight Hybrid model is focused on delivering the growth while ensuring less energy bill, It features light with an output power of 1650 µmol/s and is IP67 certified. The model can be controlled wirelessly through software by the company called smartPARTM

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Issued By Statzy Market Research
Country India
Categories Technology
Tags smart greenhouse market , smart greenhouse market forecast , smart greenhouse market share , smart greenhouse market size
Last Updated May 20, 2021