Controlled Environment Agriculture Market to Surpass USD 142 Billion by 2024, Fostered by Growing Food Demand and Practices of Indoor Farming
According to a new report published by FAST.MR, titled, “Controlled Environment Agriculture Market” witnessed a market value of USD 51.32 billion in 2018 and is considered to surpass USD 142 billion by 2024, recording a compound annual growth rate (CAGR) of 13.1% between 2019 and 2024. The controlled environment agriculture market is analysed based on regions, by crop, by growing method and by component. The regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The research report also includes detailed competitive analysis of dominant market players in controlled environment agriculture market, such as Pentair Aquatic Eco-Systems, Inc., Everlight Electronics Co. Ltd., Illumitex Inc., Aerofarms, Amhydro (American Hydroponics), Innovation Agri-Tech Group, Green Sense Farms, Fresh Box Farms, Grow Pod Solutions, LLC, Nelson and Pade, Inc. and others.
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With respect to growing method, the market is segmented into hydroponics, aquaponics, aeroponics and others growing methods, out of which, hydroponics segment shared approximately 63.4% of the global market in 2017. According to KDMI, in the growing system segment, hydroponics segment is expected to be the most attractive market in global controlled environment agriculture market over the forecast period. Further, this segment is projected to open new avenues for the market players and to be the most lucrative market over the forecast period. In addition to this, global controlled environment agriculture market for hydroponics segment value is projected to witness a Y-O-Y growth of 14.6% in 2023 as compared to previous years.
Controlled environment agriculture crop type segment lettuce & leafy greens, cucumber, tomato, peppers, cannabis, strawberries, and others. In this segment, the tomato segment will contribute a market share of XX% in 2018. In terms of value, the global controlled environment agriculture market for tomato segment was valued at USD XXX Million in 2018. Moreover, based on the components, the controlled environment agriculture market is further sub-segmented into lighting, growing media, nutrients, and others. The global controlled environment agriculture market for nutrients segment is projected to brandish an average growth opportunity of USD XXX Million from the period of 2019-2024.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present, Asia Pacific is the prominent market, holding XX% of the global market share. The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Pentair Aquatic Eco-Systems, Inc., Everlight Electronics Co. Ltd., Illumitex Inc., Aerofarms, Amhydro (American Hydroponics), Innovation Agri-Tech Group, Green Sense Farms, Fresh Box Farms, Grow Pod Solutions, LLC, Nelson and Pade Inc. and others prominent players.
Research Scope and Deliverables:
- Research Methodology & Executive Summary
- Market Drivers, Trends, Barriers and Opportunities
- Market Size and Forecast Projections
- Competitive Analysis
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the controlled environment agriculture market by the following segments:
- Growing Method
- Crop Type
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.
FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.
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