Global Aeroponics Market Overview
The key driver impacting the aeroponics market is the rise in popularity of organic food and a disease-free environment in the agriculture sector. For instance, as per the 2020 Organic Industry Survey revealed by the Organic Trade Association of the U.S., organic food sales reached $50.1 billion, increased by 4.6% from last year. In 2019 Organic vegetable and fruit sales rose by about 5% and hit $18 billion. Younger and Millennials generations have grown up with organic and are considered the major growth drivers for this segment. Organic produce accounts for around a third of all organic food sales. Organic fruits and vegetables, including frozen, fresh canned, and dried, have now grabbed 15% of the fruits and vegetable market in the United States. Moreover, the rising trend of deploying innovative technologies, such as sensors, robotics, and analytics, in the agriculture sector is estimated to be a significant factor that adds to the market growth.
According to Value Market Research, the global aeroponics market size was valued at around USD 800 million in 2020 and is expected to rise at a CAGR of about 20% during the forecast period of 2021 to 2027.
The numerous benefits associated with aeroponics are estimated to augment aeroponics demand in the forecast period. For instance, it provides the option to improve crop production and reduce costs compared to conventional farming methods or any other alternating farming technique. However, high initial investment is needed to set the indoor structure, lighting, and irrigation systems that may hamper the global aeroponics market in the long run. Also, the technologies involved in aeroponics farming are nascent, are negatively impacting the market. The current industry trends, such as the increase in urban population and technological advancements replacing traditional farming techniques, are expected to provide market players with new market opportunities.
The aeroponics market is vast, with many local and global players. The key leaders follow different strategies to advance their market position, such as contracts, amalgamation, extending product portfolio, expansions, acquisitions, and product upgrades to raise their market share across the globe. The major players in the report are Aeroponics (AERO Development Corp), AeroFarms, BrightFarms Inc, LettUs Grow, Evergreen Farm Oy, Altius Farms, Ponics Technologies, CombaGroup SA, Living Greens Farm, and Freight Farms.
In this research report, the aeroponics market is segmented by component, application, and region.
Analysis by Component:
By component, the report is categorized into irrigation components, lighting, sensor, climate control, building material, and others. The lighting segment is likely to show considerable growth in the forecast period. It is due to the Aeroponic light arrays delivering the highest level of photosynthesis to plants. Moreover, light energy is the significant ecological factor needed for the plant. The light intensity and quality bring the energy and supply various morphogenesis and physiological responses for plant growth, driving demand for a lightning component in the forecast period.
Analysis by Applications:
By application, the report is categorized into indoor farming and outdoor farming. The indoor farming segment dominates the application segment with over 60% share in 2020. It is due to the increasing adoption of the modern idea of aeroponics farming that uses indoor farming techniques and controlled environment agriculture technology, where all environmental factors can be controlled. Moreover, aeroponic systems are best for indoor farming. They adopt less space than other methods available. Nearly any type of plant can be developed in these systems, thus contributing to the high market demand for indoor farming in the forecast period.
Analysis by Region:
In the regional outlook of the global aeroponics market, the Asia Pacific region is likely to show significant growth during the forecast period. It is due to the growing agriculture industry of India and China. Moreover, the growing population and high adoption of advanced technologies in farming contribute to the development of the aeroponics market in Asia pacific.
Market Segmentation covered in the Report:
- Irrigation Component
- Climate Control
- Building Material
- Indoor Farming
- Outdoor Farming
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.