Smart Greenhouse Market Size, Share, Growth Analysis, By Type(Hydroponic, Non-Hydroponic), By Component(LED Grow Lights, HVAC Systems, Irrigation Systems, Controlling Systems), By End-User(Commercial Growers, Research & Educational Institutes, Retail Gardens, Others), By Region - Industry Forecast 2024-2031

Smart Greenhouse Market Driver

• Growing Adoption of Smart Greenhouse

As the world becomes increasingly reliant on clean energy, sustainable farming practices are becoming more and more important. One such practice is growing crops in smart greenhouses, which use sensors and automation to optimize climate and energy usage.

According to a study by SkyQuest, the smart greenhouse market will grow at a healthy CAGR during the forecast period. This growth is due in part to increased awareness of the benefits of using smart greenhouses, as well as the increasing demand for food that is both sustainable and affordable. In addition, governments are increasingly funding research and development in this area, meaning that there are plenty of innovations to be made in the coming years.

One major player in the smart greenhouse market is Intel Corporation, which has developed a series of products designed to make it easier for growers to adopt this type of farming. These products include the Intel Greenhouse Software Development Kit (IntelGGSDK), which provides software developers with tools needed to create smart greenhouses, and the Intel Edison platform, which is used to power these devices.

• Increased AI investments.

The market is seeing investments in Artificial Intelligence (AI). For example, MetoMotion, a business that develops sophisticated, intelligent robotic solutions to help farmers with farm activities, raised USD 5 million in funding in September 2021. The financing was supported by Navus Ventures, a family investment company run by Lely, and Ridder, a well-known greenhouse technology company. Sirius VC also took part in the round. The GRoW robot from MetoMotion uses the most recent AI-based processors for 3D vision to bring cutting-edge technology into the greenhouse. The robot's particular shape is a result of specifically designed, flexible motion control and path-planning algorithms, which match the current greenhouse environment.

Smart Greenhouse Market Restraint

• High Installation and Upkeep Cost

The smart greenhouse concept may offer the grower a number of benefits, but the market growth is being constrained by the high investment costs associated with the deployment of pricey technology. Additionally, there is an increase in the use of vertical farming technology, which is an energy-intensive method of growing crops that combines several technologies, including artificial intelligence, robotics, the Internet of Things, big data analysis, and others. To increase crop growth efficiency the installation of pricey systems like HVAC, control systems, LED grow lights, and sensors is necessary for smart greenhouses. An array of LEDs that have been specifically created for use in smart greenhouse applications make up the LED grow light unit. Although pricey, LED grow lights are a crucial component of a smart greenhouse. The devices include various LED light kinds with varying wattages and wavelengths that are necessary for supplying the necessary light for the particular plant species. Thus, the installation of LED technology for smart greenhouses is delayed as a result of this extensive lighting system.

Installation costs can be high. In fact, according to the Greenhouse Association of America, the average cost of installing a greenhouse is $14,000. That's more than three times the cost of installing a traditional home structure!

-Greenhouses need regular maintenance and repairs. For example, they may need to be cleaned and reseeded every year, and they often need replaced parts such as roofing or glass windows.

-The upfront costs don't necessarily mean that greenhouses are expensive long-term. However, if you plan on using your greenhouse for a long time, it's worth investing in quality materials and components that will last.

• Lack of common industry standards and regulations:

There is no industry standard for the management of farm data in the global smart greenhouse market. As the smart greenhouse features micro-suppressors and sensors that are needed to carry out various tasks like controlling temperature and irrigation systems, the data received from these systems is of utmost importance. In a sophisticated greenhouse, any kind of fruit, plant, or vegetable can be grown at any time of the year. These data must be carefully handled and stored as they are utilised to make the productive decisions necessary for the development of a certain crop. A successful farming technique relies on these data to assess the farm's state. To enhance the choices made for efficient farm management. The management of the data must be done correctly. Additionally, a lot of farmers and cultivators in the global smart greenhouse market are unaware of how to use this data to make smart decisions. As a result, it has become difficult to educate farmers and cultivators on how to use technologies and procedures for data management in an efficient manner.