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 One of the major drivers is that it provides higher yield compared to traditional agricultural techniques, owing to the increase in harvest cycles. • 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.
Break-up of Primaries • By Company: Tier 1– 60%, Tier 2– 25%, Tier 3– 15%, • By Designation: CXO – 35%, Directors - 45%, and Others - 20% • By Region: North America - 10%, Europe - 25%, APAC- 45%, South America – 5%, RoW- 15%
Leading players profiled in this report include the following: • AeroFarms (US) • BrightFarms (US) • Gotham Greens (US) • Bowery Farming (US) • AppHarvest (US) • Plenty Unlimited Inc. (US) • Mirai Co. Ltd. (Japan) • Kalera (Norway) • Farminova (Turkey) • Taiksha Ltd. (US) • Iron Ox (US) • Agricool (France) • Crop One (UAE) • Vertical Harvest (US)
Research Coverage This report segments the plant factory market based on facility type, growing system, light type, crop type, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, pricing insights, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the plant factory market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
Reasons to buy this report • To get a comprehensive overview of the plant factory market • To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them • To gain insights about the major countries/regions, in which the plant factory market is flourishing
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