Plant Factory Market by Growing System, Facility Type, Light Type, Crop Type and Region - Global Forecast to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 31, 2021--
The “Plant Factory Market by Growing System (Soil-based, Non-soil-based, and Hybrid), Facility Type (Greenhouses, Indoor Farms, Other Facility Types), Light Type, Crop Type (Vegetables, Fruits, Flowers & Ornamentals), and Region - Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global plant factory market size is estimated to be valued at USD 121.8 billion in 2021 and projected to reach USD 172.5 billion by 2026, recording a CAGR of 7.2% during the forecast period.
By facility type, greenhouses are projected to dominate the market during the forecast period.
Greenhouses are high-tech structures dedicated to the cultivation of plants, particularly vegetables, flowers, and fruits. Environmental elements such as temperature, light exposure, irrigation, fertilization, humidity, and ventilation can be controlled and monitored for optimal crop growth. Commercial greenhouses typically cultivate crops in large volumes for consumers; research greenhouses are suited for plant science and medicinal horticulture.
By light type, sunlight is projected to dominate the market during the forecast period.
Some plant factories prefer and utilize natural light sources, i.e., sunlight. However, it is suitable for places with a significant amount of sunlight necessary for the growth of indoor plants. Greenhouse farms generally use natural sunlight. For sustainable production, the use of freely available sunlight is preferred.
The European region is projected to record the highest growth rate during the forecast period.
The evolution of plant factories or Controlled Environment Agriculture (CEA) and commercial greenhouses took place in Europe due to the favorable situations for adopting the CEA technique of farming and automation technologies and the encouragement from governments. Many Europe-based companies have invested significantly in the research of various areas of greenhouse automation, hydroponics, aeroponics, aquaponics, including climate control, lighting, and material handling, among others. As a result of the all-around development in plant factories, Europe has become a major market for plant factory.
The plant factory market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America and Rest of the World including Africa and the Middle East.
- Higher Yield as Compared to Traditional Agriculture Practices
- Lesser Impact of External Weather Conditions
- Rise in Demand for Food Due to Increasing Population and Challenges of Climate Change
- Rise in Disposable Incomes Are Leading to Increased Expenditure on Food, Fueling Demand for Food Products
- High Capital Investments
- Requirement of High-Precision Environment
- Increased Adoption of Plant Factories by Restaurants and Grocery Stores Amid the COVID-19 Pandemic
- Increased Agri-Food Export Among Countries Fuels the Demand for Ample Yield All-Year-Round
- Rise in Demand for Floriculture and Ornamental Horticulture
- Availability of Disposable Income Allows Consumers to Spend on Floriculture and Other Ornamental Horticulture Products
- Tapping into the Organic Food Market
- Augmented Demand for Organic Food Products in Developed Countries
- Debate Over Certification of Food Grown in Plant Factories as “Organic”
- Risk of Equipment Failure and Delay in the Learning Curve Among Growers
- Spread of Waterborne Diseases and Algae in Closed Systems
- Badia Farms
- Bowery Farming
- Crop One
- Dream Harvest Farming Company LLC
- Farminova Plant Factory N.V.
- Gotham Greens
- Iron Ox
- Mirai Co. Ltd.
- Plenty Unlimited Inc
- Sky Greens
- Taikisha Ltd.
- Vertical Harvest
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INDUSTRY KEYWORD: AGRICULTURE NATURAL RESOURCES
SOURCE: Research and Markets
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PUB: 08/31/2021 11:04 AM/DISC: 08/31/2021 11:04 AM