The Commercial Greenhouse Market is estimated to be valued at US$ 44.99 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A commercial greenhouse can be defined as a structure covered with transparent material and with climate control mechanisms to cultivate crops and flowers all year round. Commercial greenhouses are commonly used by farmers and producers to grow vegetables, fruits, flowers under regulated environmental conditions. Key benefits of commercial greenhouses include increased yield, year-round production, protection from extreme weather conditions and pests. Major crops grown in commercial greenhouses include tomatoes, cucumbers, peppers, lettuce and others.
Market Dynamics:
One of the key drivers fueling growth of the commercial greenhouse market is the increasing demand for fresh and quality produce driven by shifting consumer preferences. With commercial greenhouses, farmers can harvest multiple crops throughout the year even during winter months, thus meeting the rising demand for fresh fruits and vegetables. Also, commercial greenhouses allow precision agriculture by regulating light, temperature, humidity and other climatic conditions which helps improve yields significantly. This has boosted their adoption rate globally. Further, growing focus on urban and vertical farming is expected to positively impact the commercial greenhouse market over the forecast period. Using multi-layer greenhouses, farmers can optimize space to cultivate crops in urban areas. This is anticipated to drive commercial greenhouse installations going ahead.
Segment Analysis
The Commercial Greenhouse Market Scope is segmented into segmented into glass greenhouses, Plastic greenhouses and others. Among these, the plastic greenhouse segment dominates the market and accounts for over 55% of the market share. This is because plastic greenhouses offer advantages like low maintenance, durability and cost-effectiveness over glass greenhouses. The growing adoption of plastic greenhouses for horticulture and floriculture is also driving the growth of this segment.
PEST Analysis
Political: The government support for adoption of advanced greenhouse technologies to improve yield and for promoting exports is driving the growth of the commercial greenhouse market.
Economic: Increasing disposable income and growing demand for fruits and vegetables throughout the year is positively impacting the commercial greenhouse market.
Social: Changing food habits and preference for fresh foods is influencing consumers to opt for greenhouse grown crops.
Technological: Adoption of upcoming technologies like IoT sensors, LED lighting and hydroponics is helping commercial greenhouse operators to maximize production and resource utilization.
Key Takeaways
The global commercial greenhouse market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing adoption of advanced greenhouse technologies. The market size for commercial greenhouse is expected to reach US$ 82.22 Bn by 2030 from US$ 44.99 Bn in 2023.
The Asia Pacific region is projected to be the fastest growing as well as the largest market during the forecast period. The growth in this region is driven by factors such rising food demand owing to growing population, initiatives by governments to enhance farm productivity and exports.
Key players operating in the commercial greenhouse market are Richel Group, Argus Control Systems Ltd, Rough Brothers Inc., Certhon, Logiqs BV, Lumigrow Inc., Nexus Corporation, Hort Americas, Heliospectra AB, and Agra Tech Inc. These players are focusing on new product launches and expansion in emerging markets to strengthen their market position. For instance, in 2022 Heliospectra AB launched ELIXIA lighting solution specifically designed for the commercial greenhouse applications.
Read More: https://www.rapidwebwire.com/commercial-greenhouse-market-demand/
