PUBLISHER: The Business Research Company | PRODUCT CODE: 1478528
PUBLISHER: The Business Research Company | PRODUCT CODE: 1478528
The smart indoor gardening system market encompasses innovative solutions designed for cultivating plants within indoor environments, leveraging advanced technologies to facilitate plant growth without the need for traditional outdoor spaces. This market caters to a wide array of users, including residential homeowners seeking to enhance their living spaces with greenery, as well as commercial entities such as offices, restaurants and hotels aiming to incorporate biophilic design elements into their interiors.
The smart indoor gardening system market consists of sales, by entities (organizations, sole traders or partnerships), of smart indoor gardening system that are utilized year-round, offering a viable option for growing herbs, vegetables, flowers and other plants irrespective of external weather conditions.
The global smart indoor gardening system market was valued at $1,779.09 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Climate Change And Its Impact On Traditional Farming
During the historic period, the smart indoor gardening system market was mainly driven by climate change and its impact on traditional farming. Unpredictable weather patterns, such as high temperatures, droughts, floods and other unfavorable circumstances, are a result of climate change. Traditional farming methods have been upended by these developments, which have an impact on crop yields and global food production. There is a growing demand for alternate food production methods since traditional outdoor farming is becoming more and more exposed to the threats associated with climate change. For instance, in December 2022, according to a survey of 200 farmers conducted by Farmers' Seed Network, a China-based pioneering organization offering research methods on agrobiodiversity and natural resource management, each farming household was allocating, on average, between 20% and 40% of its yearly income to testing and putting into practice ecological farming practices to prepare for climate change. Between 60% and 80% of their revenue was being spent in this way by farmers who were in isolated areas or who were especially susceptible to the effects of climate change. Therefore, climate change and its impact on traditional farming contributed to the growth of the smart indoor gardening system market.
Advancements in Aquaponic and Hydroponic Systems
The advancements in aquaponic and hydroponic systems in smart indoor gardening systems are a key trend gaining popularity in the market. Improvements in aquaponic and hydroponic systems are innovations that are revolutionizing indoor farming. These systems maximize fertilizer supply, remove reliance on soil and promote plant development. Hydroponics is concerned with nutritional solutions based on water, whereas aquaponics incorporates fish waste as an organic fertilizer. For instance, in January 2023, Rise Gardens, a US-based home hydroponic garden systems manufacturing company, launched a brand-new, top-of-the-line, fully modular garden that supports up to 108 distinct plants at once, the most varied number of plants that can be cultivated in any system, at the 2023 Consumer Electronics Show (CES). The New Rise Garden allows for the growth of a wide variety of vegetables and herbs, as well as rooted veggies like radishes and beets, vining crops like beans and peas, large flowering plants like tomatoes, cauliflower, eggplant and peppers, microgreens and leafy greens. It also comes with a variety of accessories, like plant stands and trellises. Additionally, in September 2022, Growgreen Limited, a Hong Kong-based hydroponics equipment manufacturing company, launched 'Aspara Smart
Grower', a smart indoor hydroponic planter for herbs, fruits, flowers and vegetables. A detachable water tank is used by the "Aspara Smart Grower" to automatically irrigate the plants and light-emitting diode (LED) "Grow Lights" with adjustable light spectrum and intensity are used to promote plant development at various growth phases. The Aspara Smart Grower employs a variety of sensors to identify and keep track of factors like humidity, light intensity, water and fertilizer levels that are critical for optimal growing conditions.
The global smart indoor gardening system market is highly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 99.61% of the total market in 2022.
Smart Indoor Gardening System Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart indoor gardening system market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for smart indoor gardening system? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart indoor gardening system market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart indoor gardening system market; and compares it with other markets.