Smart Greenhouse Market Is Expected To Reach A Revenue Of USD 5.7 Bn By 2033, At 10.4% CAGR: Dimension Market Research

New York, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Overview :

The Smart Greenhouse Market size is expected to reach USD 2.3 billion by 2024 and is further anticipated to reach USD 5.7 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 10.4% from 2024 to 2033.

Smart Greenhouse is an advancement in farming technology that develops a microclimate for consistent plant growth with the assistance of sensor technology. It optimizes plant growth by adjusting the growing conditions automatically.

Therefore, even slight variations in these conditions help in producing automated actions that evaluate change & take corrective action and also, help in maintaining ideal conditions for plant growth.

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The US Overview

The Smart Greenhouse Market in the US is projected to reach USD 1.0 billion in 2024 at a compound annual growth rate of 9.8% over its forecast period.

The Greenhouse market in the US is expected to grow through development in precision agriculture, driven by the need for sustainable, efficient food production. Innovations in AI, IoT, & renewable energy improved operations, while consumer preference for locally sourced, year-round produce and government support boosted expansion.

However, the high initial investment demand for smart greenhouse setups remains a major barrier, mainly for smaller farms, limiting broad adoption.

Important Insights

• The Smart Greenhouse Market is expected to grow by USD 3.2 billion by 2033 from 2025 with a CAGR of 10.4% .
• The Hydroponics segment is anticipated to lead in 2024 with a major market share & is projected to dominate throughout the forecasted period.
• The hardware segment is predicted to lead the Smart Greenhouse market in 2024.
• The commercial growers as the end user is set to get the biggest revenue share in 2024 in the Smart Greenhouse market.
• North America is predicted to have a 46.4% share of revenue share in the Global Smart Greenhouse Market in 2024.

Global Smart Greenhouse Market: Trends

• AI and Machine Learning : Higher usage of AI and machine learning for predictive analytics & automated decision-making in greenhouse management.
• Renewable Energy Integration : Rise in the trend of incorporating solar panels & other renewable energy sources to minimize operational costs & carbon footprints.
• Data-Driven Farming : Better uses big data & cloud computing for live monitoring and optimization of greenhouse environments.
• Vertical Integration : Companies are highly adopting vertically integrated models, controlling production from seed to market, to better efficiency and profitability.

Smart Greenhouse Market: Competitive Landscape

The Smart Greenhouse market is highly competitive, with companies giving importance to technological innovation to gain an edge. Investments in automation, AI-driven systems, and IoT integration are improving efficiency and crop yield.

Strategic partnerships & a focus on sustainability are also key, as firms develop eco-friendly solutions. Companies are transforming through advanced technologies and customized offerings to meet distinctive agricultural needs..

Some of the major players in the market include Cultivar, Kubo Greenhouse, Prospiant, Certhon Group, Agra Tech, Heliospectra AB, Netafim Irrigation, and more.

Some of the prominent market players:

• Cultivar
• Kubo Greenhouse
• Prospiant
• Certhon Group
• Agra Tech
• Heliospectra AB
• Netafim Irrigation
• Argus Control System
• Sensaphone
• Lumigrow
• Other Key Players

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Smart Greenhouse Market Scope

Segment Analysis:

The smart greenhouse market is segmented into hardware, software, and services. Among these, the hardware segment is expected to lead in 2024 and maintain dominance throughout the forecast period, which is driven by the higher adoption of advanced technologies like sensors, actuators, and control systems, important for creating intelligent, automated greenhouse environments.

These components allow real-time monitoring of temperature, humidity, and lighting, crucial for optimizing plant growth. As the need for precision farming and sustainable agriculture grows, the demand for reliable and efficient hardware solutions is expected to grow, boosting the smart greenhouse hardware market.

Smart Greenhouse Market Segmentation

By Type

• Hydroponic
• Non-Hydroponic

By Offering

• Hardware
• Software
• Services

By Component

• HVAC Systems
• LED Grow Lights
• Irrigation Systems
• Valves & Pumps
• Sensor & Control Systems
• Others

By End User

• Commercial Growers
• Research & Educational Institutes
• Retail Gardens
• Others

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Global Smart Greenhouse Market: Driver

• Technological Advancements : Integration of IoT, AI, and automation in greenhouse systems improves efficiency and crop yield.
• Rising Food Demand : The growth of the global population & demand for fresh, high-quality produce drive the adoption of smart greenhouses.
• Climate Change : Unpredictable weather patterns allow the use of controlled environments for consistent crop production.
• Government Initiatives : Supportive policies & subsidies for sustainable agriculture promote the development of smart greenhouses.

Global Smart Greenhouse Market: Restraints

• High Initial Costs : The major investment required for smart greenhouse setup & technology integration can be a barrier for various growers.
• Technical Complexity : The demand for specialized knowledge to manage & maintain advanced systems can limit adoption.
• Limited Awareness : Many farmers & growers are still unaware of the benefits or existence of smart greenhouse technologies.
• Energy Consumption : High energy usage for heating, cooling, & lighting can create increased operational costs, impacting profitability.

Global Smart Greenhouse Market: Opportunities

• Precision Agriculture : A growing fascination with precision farming techniques builds opportunities for integrating smart technologies in greenhouses.
• Vertical Farming : The growth of vertical farming in urban areas boosts the need for smart greenhouse solutions.
• Sustainable Agriculture : A higher focus on sustainability and minimizing carbon footprints provides growth prospects for eco-friendly smart greenhouse systems.
• Export Markets : The higher global demand for high-quality, off-season produce opens up new markets for smart greenhouse-grown crops.

Regional Analysis

North America is expected to lead the global smart Greenhouse market, capturing over 46% of the market share in 2024 due to the broad adoption of advanced agricultural technologies. The region's advanced technological infrastructure, climate challenges, and the need for year-round, locally sourced produce drive this growth, helped by government initiatives for sustainable farming.

Also, the Asia Pacific region is anticipated to take the lead during the forecast period, driven by fast technological adoption, urbanization, population growth, and strong government support for efficient, sustainable food production systems.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Smart Greenhouse Market

• August 2024: Helle-Tech Oy along with Bloemteknik announced a joint venture to launch modular adjustable LED fixtures developed mainly for high-wire and leafy green growers.
• August 2024: Skytree introduced the Stratus Hub launching the decentralized Direct Air Capture (DAC) product Stratus. The Stratus Hub will act as a plug-and-play configuration for a variety of carbon dioxide removal & storage or usage projects.
• August 2024: The U.S. Department of Agriculture (USDA) unveiled its plans to develop the Greenhouse Gas Technical Assistance Provider and Third-Party Verifier Program Advisory Council and is looking for nominations for Council membership.
• May 2024: KUBO launched the world's first CO2-negative Greenhouse developing fresh vegetables with minimal fossil energy and lower costs.
• September 2023: Lumiforte & Rui Xue Global planned to sign a memorandum of understanding (MOU) for a joint venture (JV) based in Beijing, which will focus on local production, storage, transportation, and delivery, initially targeting wholesalers and distributors in Greater China.

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