Market Research Report
Asia Pacific Smart Greenhouse Market Forecast 2021-2028
|Asia Pacific Smart Greenhouse Market Forecast 2021-2028|
Published: February 8, 2021
Content info: 94 Pages
Delivery time: 2-3 business days
The Asia Pacific smart greenhouse market is set to project a CAGR of 9.71% during the forecast period, 2021-2028. The fast-paced innovations in technology, the growing disposable income, the rising population, and the increasing demand for organic food, are assessed to propel the market growth.
The geographical analysis of the Asia Pacific smart greenhouse market includes the evaluation of India, China, Australia & New Zealand, South Korea, Japan, Singapore, and Rest of Asia Pacific. In Japan, the average age of a farmer is 67, and with fewer candidates to replace, vertical farming has taken center stage. The stability of supply and the hygienic production conditions offered by vertical farms have given it a competitive advantage. Several key players in Japan hope to expand through collaborations and partnerships in countries with restricted water supply. This is because the environmental benefits of vertical farms at such places will be optimal.
In India, vertical farming is an ideal solution to critical problems faced in farming. These are lack or oversupply of farm produce, deteriorating soils, unemployment, and overuse of fertilizers and pesticides. There are also challenges in the incorporation of vertical farming. This is due to problems like lack of electricity supply, no control over market glut, no assurance of minimum support prices, water scarcity, etc. The initial infrastructure costs for a large-scale farm are a significant hurdle in vertical farming implementation. At the same time, vertical farming has been introduced in the country, with small-scale adaptions seen in several places. Such developments are predicted to drive the market growth.
Some of the distinguished players in the market are Greentech India, Prospera Technologies, Nexus, Rough Brothers Inc, Delta T Solutions, Sensaphone, etc.