Plant Factories

Plant Factories

Global Plant Factories Market to Reach US$192.0 Million by 2030

The global market for Plant Factories estimated at US$133.9 Million in the year 2023, is expected to reach US$192.0 Million by 2030, growing at a CAGR of 5.3% over the analysis period 2023-2030. Soil-based Systems, one of the segments analyzed in the report, is expected to record a 5.6% CAGR and reach US$128.0 Million by the end of the analysis period. Growth in the Non Soil-based Systems segment is estimated at 4.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$36.5 Million While China is Forecast to Grow at 8.6% CAGR

The Plant Factories market in the U.S. is estimated at US$36.5 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$40.2 Million by the year 2030 trailing a CAGR of 8.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.1% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Global Plant Factories Market - Key Trends and Drivers Summarized

Plant factories, also known as vertical farms or indoor farms, are innovative agricultural systems that grow crops in controlled indoor environments, using advanced technologies such as LED lighting, hydroponics, and climate control systems. These facilities are designed to maximize crop yield and quality by optimizing growing conditions, such as light, temperature, humidity, and nutrient supply. Unlike traditional farming, plant factories can produce food year-round, regardless of external weather conditions, which makes them particularly valuable in urban areas or regions with unfavorable climates. The ability to stack growing trays vertically allows for more efficient use of space, making plant factories a viable solution for food production in densely populated cities. Additionally, the controlled environment significantly reduces the need for pesticides and herbicides, resulting in cleaner and safer produce.

Technological advancements have been a major driving force behind the development and success of plant factories. The use of LED lighting, for instance, has revolutionized indoor farming by providing the specific light wavelengths needed for photosynthesis while minimizing energy consumption. Hydroponic systems, which grow plants without soil by using nutrient-rich water solutions, allow for precise control over nutrient delivery and reduce water usage by up to 90% compared to traditional farming. Furthermore, the integration of automation and artificial intelligence (AI) in plant factories has streamlined operations, from planting and harvesting to monitoring plant health and optimizing growing conditions. These technologies not only increase efficiency and productivity but also enable scalability, allowing plant factories to meet the growing demand for fresh produce in urban areas.

The growth in the plant factories market is driven by several factors. Firstly, the increasing global population and urbanization are leading to higher demand for locally grown, fresh produce, which plant factories can provide efficiently. Secondly, concerns over food security and supply chain disruptions, highlighted by events such as the COVID-19 pandemic, have spurred interest in more resilient and sustainable food production methods. Thirdly, the rising awareness and preference for sustainable and pesticide-free food are encouraging consumers to support and purchase from plant factories. Additionally, technological advancements, such as improvements in LED lighting efficiency, automation, and AI-driven agricultural practices, are making plant factories more economically viable and attractive to investors. The trend towards smart cities and the integration of urban agriculture into city planning are also promoting the adoption of plant factories. Finally, government initiatives and subsidies aimed at promoting sustainable agriculture and reducing carbon footprints are providing additional support and incentives for the growth of the plant factories market.

Select Competitors (Total 36 Featured) -

• Avisomo
• Beijing Kingpeng International Hi-Tech Corporation.
• Bowery Farming Inc
• EMK Group A.S.
• Farminova Plant Factory
• GROWISE Co. Neulpurenchae
• HORIBA, Ltd
• KUBOTA Corporation
• MIRAI Co., Ltd.
• Mitsubishi Chemical Group Corporation
• Oishii Farm
• Plant Factory
• Plant Factory Group Pty Ltd
• Plenty Unlimited Inc.
• Taikisha Ltd.
• Urban Agrotech b.v.
• Urban Crop Solutions

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