The global aeroponics market was valued at around USD570 million in 2019 and is projected to grow at a CAGR of close to 25% during the forecast period. Aeroponics is defined as a planting method in which the roots of the plant are suspended in the air. When compared to the way by which farming was done traditionally, aeroponics is an efficient way to grow plants owing to less water as well as minimal space requirements, which is the key factor for the growth & adoption of aeroponics across the globe. Moreover, the increase in population growth and the rise in the implementation of modern technologies under sustainable agriculture are likely to provide growth opportunities to the aeroponics market players in the years to come.
However, some of the factors that might hamper the growth of the global aeroponics market during the forecast period include the high initial costs required for setting up the indoor structure, lighting, and irrigation systems.
The global aeroponics market is segmented based on component, application, region, and company. Based on components, the market can be segmented into irrigation components, lighting, sensor, climate control, building material, and others.
Among them, the irrigation component is projected to grow with a healthy CAGR through 2027. This growth can be attributed to the need for pumping nutrient-enriched water at regular intervals of time, as the roots are held in a soilless growing medium.
Major players operating in the aeroponics market include AeroFarms, Aeroponics (AERO Development Corp), BrightFarms Inc, Evergreen Farm Oy, LettUs Grow, CombaGroup SA, Altius Farms, Ponics Technologies, Living Greens Farm, Freight Farms, and others.
Years considered for this report for Global Aeroponics Market
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2027
The objective of the Study Global Aeroponics Market
- To analyze and forecast the market size of the global aeroponics market.
- To classify and forecast the global aeroponics market based on component, application, company, and regional distribution.
- To identify drivers and challenges for the global aeroponics market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global aeroponics market.
- To conduct pricing analysis for the global aeroponics market.
- To identify and analyze the profile of leading players operating in the global aeroponics market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors.
Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research.
TechSci Research analyzed the new products, distribution channels, and presence of all major players across the globe.
TechSci Research calculated the market size of the global aeroponics market using a bottom-up approach, wherein data for various end-user segments were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size.
You may also read: Agritecture Market
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Comments