Aeroponics Market Expected to Garner $3.53 Billion by 2026

According to a new report published by Allied Market Research, titled, "Aeroponics Market by Application and Component: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global aeroponics market size was valued at $578.70 million in 2018, and is projected to reach $3.53 billion by 2026, growing at a CAGR of 25.60% from 2019 to 2026. Asia-Pacific contributed nearly 49.55% of the share in 2018.

Rise in population and growth in urbanization has increased the requirement of food and food security among different governments globally. Traditional farming is exhaustive, both in terms of available arable land and volume of production. Aeroponics is the process of growing plans in an air or mist environment without the use of soil. The biggest benefit of using aeroponics system is the usage of limited space, which is quite opposite to the traditional farming techniques. Growing plans aeroponically is safe and ecologically beneficial for growing healthy, nutritious, and natural food crops. Aeroponics farming techniques utilizes considerably less energy, conserves water, promotes faster growth than any other conventional means, and assists in quick & disease-free plant growth.  

Aeroponics system offers the possibility to enhance crop production and diminish costs compared to traditional farming methods or to any other alternate technique of farming. Aeroponics system successfully utilizes every vertical distance for either farming or production of greenhouses. Every area available in greenhouse is used for maximum production of food per area. This technique does not use pesticides, in addition to zero harmful waste production in the environment. The controlled environment of aeroponics has the capability to produce approximately 70% more yield than traditional agriculture. 

Increase in popularity of organic foods, rise in urban population, and limited arable land for traditional agriculture are the major factors that drive the aeroponics market growth globally. However, requirement of high initial investment to set up an aeroponics farm and technologies used to be in developmental phase restrain the market growth. Furthermore, decline in water level and increase in government initiatives to promote aeroponics farming globally are anticipated to provide new aeroponics market opportunities.

In July 2019, AeroFarms invested $100 million in a Series E funding round. This investment will allow the U.S. based company to expand its indoor farms and discover new type of produces. Also, on February 2019, Freight Farms also launched Greenery, a successor to the Leafy Green Machine (LGM) that offers farmers 70% more growing space, with unprecedented versatility, efficiency, and automation control. 

Moreover, Asia-Pacific is the major revenue contributor, owing to government initiatives and cooperation from private companies. The market growth in the region is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken areas, and increase in environmental concerns.

The lighting segment dominated the market in 2018. Lighting devices are an essential component of aeroponics farming, as they facilitate growth of plants by acting as a substitute to sunlight. These devices use an LED lighting system that produces dual band color spectrum at the same time, and maintains efficiency and low heat dissipation. Lighting systems provide photosynthetic wavelengths in accordance to crop growth, thereby maximizing crop yield and ensuring minimum power consumption. Thus, farmers opt for LED lighting systems over other lighting technologies for aeroponic farming. 

Key Findings of the Aeroponics Market:

• In terms of revenue, the lighting component contributed the maximum market share in 2018, and is expected to maintain its lead throughout the forecast period.
• Climate control is expected to grow at the highest CAGR during the forecast period.
• In 2018, Asia-Pacific accounted for over 49.55% share globally, and is expected to dominate the aeroponics market share in the future.

By region, the global aeroponics market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, in terms of revenue, Asia-Pacific accounted for nearly half of the aeroponics market industry, and is expected to retain its dominant position, owing to the presence of well-established aeroponics companies, government initiatives, and rise in demand for organic food. 

The major companies profiled in the aeroponics market report include AeroFarms, Aeroponics (AERO Development Corp), BrightFarms Inc, Evergreen Farm Oy, LettUs Grow, CombaGroup SA, Altius Farms, Ponics Technologies, Living Greens Farm, and Frei