Surge in demand for organic food, limited arable land for traditional agriculture, and popularity of disease-free environment have boosted the growth of the global market. Based on application, the indoor farming segment held the largest market share. Based on component, the lighting segment is expected to dominate the market throughout the forecast period.
Portland, March 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global aeroponics industry was projected at $578.7 million in 2018 and is anticipated to hit $3.53 billion by 2026, registering a CAGR of 25.6% from 2019 to 2026. The research provides an extensive analysis of changing market trends, key investment pockets, major segments, top winning strategies, and competitive scenario.
Increase in demand for organic food, limited arable land for traditional agriculture, and popularity of disease-free environment have propelled the growth of the global market. However, high initial investments impede the growth to some extent. Moreover, increase in urban population and technological advancements replacing traditional farming techniques are expected to offer lucrative opportunities to the key players in the industry.
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The global aeroponics market is analyzed across various segments including application, component, and region. Based on component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others. The lighting segment contributed for the largest market share, accounting for more than one-fourth of the global aeroponics market share in 2018. On the other hand, the climate control segment is expected to showcase the fastest CAGR of 30.3% during 2019–2026.
Based on application, the market is bifurcated into indoor farming and outdoor farming. The indoor farming segment contributed to three-fifths of the global aeroponics market revenue in 2018 and is anticipated to maintain its dominance by the end of 2026. In addition, the same segment is also likely to grow at the fastest CAGR of 27.6% during the estimated period.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across Asia-Pacific held the largest market share in 2018, accounting for nearly half of the total market share. On the other hand, the Europe is estimated to register the fastest CAGR of 28.8% during the forecast period.
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The key market players analyzed in market report include Aeroponics (AERO Development Corp), Evergreen Farm Oy, LettUs Grow, Freight Farms, BrightFarms Inc, AeroFarms, Ponics Technologies, Living Greens Farm, Altius Farms, and CombaGroup SA.
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