Increase in demand for organic food, limited arable land for traditional agriculture, and the popularity of disease-free environment drive the growth of the global aeroponics market
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.
According to the report by Allied Market Research, the global aeroponics industry was estimated at $578.7 million in 2018 and is expected to hit $3.53 billion by 2026, registering a CAGR of 25.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in demand for organic food, limited arable land for traditional agriculture, and popularity of disease-free environment are the major factors fueling the growth of the global aeroponics market. On the other hand, high initial investments curtail down the growth to some extent. However, rise in urban population and technological advancements replacing traditional farming techniques are expected to create a number of opportunities for the key players in the industry.
The lighting segment to lead the trail by 2026-
Based on component, the lighting segment contributed to more than one-fourth of the global aeroponics market share in 2018 and is expected to rule the roost till 2026. This is due to their ability to produce dual-band color spectrum, which helps the plant to grow even in controlled environments. The climate control segment, on the other hand, would showcase the fastest CAGR of 30.3% during 2019–2026. This is attributed to the fact that it helps to eliminate the harsh impact of sunlight, wind, and other environmental factors on plant growth.
The indoor farming segment to dominate during the estimated period-
Based on application, the indoor farming segment accounted for three-fifths of the global aeroponics market revenue in 2018 and is anticipated to retain its top status by the end of 2026. This is due to this technology helps to create optimum growing conditions for farmers to grow crops from sowing to harvesting stage in lower time. The same segment is also likely to grow at the fastest CAGR of 27.6% during the estimated period.
AeroFarms, Aeroponics (AERO Development Corp), BrightFarms Inc, Evergreen Farm Oy, LettUs Grow, CombaGroup SA, Altius Farms, Ponics Technologies, Living Greens Farm, and Freight Farms.