Smart Indoor Garden Systems Market Research, 2027
The global smart indoor garden systems market size was valued at $105,627.0 thousand in 2019, and is projected to reach $176,559.1 thousand by 2027, registering a CAGR of 8.4% from 2020 to 2027.
Smart indoor gardening system is a self-growing garden solution, which enables users to grow herbs, fresh plants, and flowers with higher nutritional content. The smart garden is a technological gardening device that is controlled by Wi-Fi. It has an app that helps to manage the unit from Android phone or iOS. These systems are designed for indoor use to manage lighting and offer nutrients to plants. In addition, they are specially designed for indoor use in small spaces, without soil, and are equipped with self-watering systems.
Market Dynamics
Increase in construction activities in the developing countries, such as India and China drives the growth of the market. For instance, China planned to spend $13 trillion on construction building by 2030, which expected to contribute toward the growth of the global smart indoor garden systems market. In addition, increase in trend of indoor gardening among people globally is another factor driving the growth of the market. Moreover, rise in disposable income is anticipated to boost the growth of the market. The emerging economies such as India, China, Brazil, and South Africa are witnessing increase in disposable income from past few years. For instance, in February 2020, the National Bureau of Statistics, China released data of the Chinese economy. According to this data, real disposable income per capita has increased by 5.8% from 2018 to 2019. This rise in disposable income may result in rise in expenditure on health, which is expected to lead to rise in demand for smart indoor gardening systems in the future.
However, unfavorable climatic conditions hinders the smart indoor garden systems market growth. In addition, the outbreak of COVID-19 pandemic has enforced many companies in the market to halt their business operations to comply with new government regulations to curb the spread of COVID-19. This halt in operations directly impacts revenue flow of the market supply chain. In addition, implementation of lockdown and need to maintain social distancing during this pandemic have resulted in dearth of manpower, which, in turn, has negatively impacted the market revenue.
On the contrary, several players have been developing and launching technologically advanced indoor gardening systems market, which is expected to offer lucrative growth opportunities for the smart indoor garden systems market players during the forecast period. For Instance, in May 2020, a U.S.-based company Niwa developed smartphone-controlled growing system. It is a fully connected growing system with combination of hardware and software that helps the plants to grow. Similarly, in July 2018, a China-based company, Vincross launched a six-legged robot that carries a potted plant. It is equipped with 19 servos, infrared, and 720p cameras, and a Linux-based operating system.
By Type
Wall garden segment is projected to grow at a significant CAGR
The global market of smart indoor garden systems is segmented into type, technology, end user, and region. By type, the market is segregated into floor garden and wall garden. Depending on technology, it is fragmented into self-watering, smart sensing, and smart pest management. On the basis of end user, the market is bifurcated into residential and commercial. Region wise, the smart indoor garden systems market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America dominated the market in 2019, accounting for the highest share. However, Asia-Pacific is anticipated to lead the market throughout the forecast period, owing to rapid urbanization in countries such as India and China. According to the National Academy of Economic Strategy, China’s urbanization ratio is anticipated to reach 70% by 2035. The demand for residential real estate would, therefore, increase, which is expected to drive the smart indoor garden systems market in major cities of developing countries.
By End User
Commercial segment holds dominant position in 2019
Competition Analysis
Key companies profiled in the report of smart indoor garden systems market include Aero Farms, Agrilution GmbH, AVA Technologies Inc., BSH Hausgeräte GmbH (Robert Bosch Stiftung GmbH) CityCrop Automated Indoor Farming Ltd, Click & Grow LLC, EDN Inc., Grobo Inc., Plantui Oy, and SproutsIO Inc.
The product launch and business expansion are the key strategies adopted by major players to remain competitive in the market. For instance, in April 2020, AeroFarms planned to build a 90,000 square foot indoor vertical farm in Abu Dhabi, UAE. The farm will be dedicated to state-of-the-art R&D and commercialization of relevant local crops utilizing AeroFarms’ expertise and proprietary indoor vertical farming technology.
By Region
North America holds a dominant position in 2019 and Asia-Pacific is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging smart indoor garden systems market trends and dynamics.
In-depth smart indoor garden systems market analysis is conducted by the constructing market estimations for the key market segments between 2019 and 2027.
Extensive analysis of the smart indoor garden systems market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The global smart indoor garden systems market forecast analysis from 2020 to 2027 is included in the report.
Key players within smart indoor garden systems market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the smart indoor garden systems industry.
Smart Indoor Garden Systems Market Report Highlights
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Analyst Review
The global smart indoor garden systems market is expected to grow at a significant rate in the near future, owing to the development of the residential and commercial construction sector globally. The factors such as rapid urbanization, rise in disposable income, exponential growth in population, improved economic conditions of developing countries drive the market growth. Moreover, several manufacturers have been developing and launching technologically advanced smart indoor gardening systems, which offer lucrative growth opportunities for expansion of the market during the forecast period.
Furthermore, increase in the spending on home remodeling globally is expected to provide the necessary impetus to the smart indoor gardening systems industry in the near future. Various types of smart indoor garden systems are available in the market; however, choosing the appropriate smart indoor gardening systems based on the climatic conditions is imperative. In addition, increase in investment in commercial construction activities is expected to drive the growth of the global smart indoor garden systems market.
Among the analyzed regions, Asia-Pacific is expected to grow by highest CAGR throughout the forecast period, followed by LAMEA, Europe, and North America. Countries such as China, India, Singapore, and South Korea have been recognized as the potential markets for future expansion, owing to urbanization, which leads to growth in construction of residential infrastructure. Urbanization of countries such as China, Japan, India, and South Korea in Asia-Pacific has led to growth in the residential real estate market.
The smart indoor garden systems market is projected to reach $1,76,559.1 thousand by 2027.
The business expansion is key growth strategy of smart indoor garden sytemsindustry players.
The report sample for global smart indoor garden systems market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The smart indoor garden systems market size was valued at $1,05,627.0 thousand in 2019.
Based on type, the floor garden segment holds the maximum market share of the smart indoor garden systems market in 2019.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Rise in urbanization in developing countries, and increase in spending on home remodeling are the key trends in the smart indoor garden systems market.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Rise in awareness about smart indoor gardening and increase in disposable income are the effecting factors for smart indoor garden systems market.
The end users of smart indoor garden systems includes residential and commercial spaces.
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