Environmental concerns are driving the growth in Global Agritecture Market in the forecast period, 2022-2026.
According to TechSci Research report, “Agritecture Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026”, The global agritecture market has a potential to project an impressive CAGR toward forces growth in the period, 2022-2026, on the account of growing adoption of environment friendly plant production and agricultural practices. Surge in the demand for the aesthetic plants like succulent plants, ornamental plants, grunge plants, etc. is further driving the growth of the global agritecture market in the upcoming five years. Also, unprecedented growth of global population has demanded for more residential infrastructures and the possibility of incorporating agricultural practices with modern ideation in the new building construction is further supporting the growth of the global agritecture market in the next five years. Agricultural practices in used warehouse, skyscraper, or shipping containers are new age techniques of incorporating agriculture with infrastructure architecture designing which is aiding the growth of the global agritecture market in the future five years. Moreover, increasing demand for urban agriculture is also substantiating the growth of the global agritecture market in the forecast years, until 2026.
Furthermore, high cost of involving technologies for the prolong sustenance of these agricultural practices might hinder with the future growth of the global agritecture market in the future five years.
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The global agritecture market is segmented on the basis of integration, structure, application, competitional landscape, and regional distribution. Based on integration, the market is differentiated between indoor, and outdoor integration. Outdoor integration is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing demand for the environment friendly systems being incorporated in the various infrastructure. Moreover, idea of green buildings is further supporting the growth of the global agritecture market in the next five years. Also, lack of agricultural lands and demand for introducing agricultural practices in the corporate buildings, governmental building is further substantiating the growth of the global agritecture market in the future five years. Indoor integration is anticipated to register significant growth in the upcoming five years on the account of advancing technologies being incorporated in the vertical farming practices. Technologies like LED technology, hydroponic practice, are sustaining the market growth. Also, indoor farming practices protect crops from extreme climatic conditions with controlled environment agriculture technology, using artificial environment control systems, artificial lighting, and fertigation, thus aiding the growth of the sub-segment as well as the growth of the global agritecture market in the forecast period, until 2026.
Based on application, market is further fragmented into residential and commercial applications. Commercial applications of agritecture are anticipated to dominate the market and hold largest revenue shares of the market due to increasing demand for utilizing corporate infrastructure for added agricultural practices. Furthermore, depleting environmental conditions and concerns toward increasing carbon dioxide levels and depleting oxygen levels are influencing the growth of the sub-segment and growth of the global agritecture market in the future five years.
Some of the market players, dominating the global market are :
- Agritecture Consulting LLC
- AeroFarms LLC
- Obyashi Corporation
- Freight Farms, Inc.
- Grow Pod Solutions
- LettUs Grow Ltd.
- FarmBox Foods
These market players along with new market entrants, are focused on extensive research and bringing innovative and advanced products. Technologically advanced manufacturing of the agritecture systems would aid in decreasing the cost of the production and aid the players in managing their investments. Moreover, initiatives from the government and private fundings would support the global agritecture market growth indirectly.
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“North America region is anticipated to dominate the global market analysis on the grounds of most of the researches based on agriculture practices and incorporation of agriculture designing with innovative infrastructure thinking, being conducted in the larger economies like the United States, and Canada. Also, the rapidly increasing market players in the region are supporting the growth of the global agritecture market in the upcoming five years. Additionally, increasing advancement of technologies like hydroponics, LED lighting, etc. that are further supporting the growth of the global agritecture market in the next five years. Moreover, lack of agriculture land due to increased industrialization is further substantiating the growth of the global agritecture market in the future five years. Asia Pacific region is also anticipated to register significant growth in the consecutive five years in future on the account of sudden increase in the population accounting for higher demand for residence and decreasing crop lands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Lack of Agriculture Lands Drive Market Growth
With rapidly increasing globalization and industrialization, agricultural lands are often sacrificed in the name of industrial growth. The lack of agricultural lands is also depleting the quality of the atmosphere thus innovative ideation for agriculture is demanded. This demand is anticipated to drive the growth of the global agritecture market in the upcoming five years. The corporate infrastructure, office buildings, airports, railway stations, metro stations, are evolving and strategizing to plant crops like ornamental plants, succulent plants, grunge plants, etc. Also, popularity of urban farming is increasing and supporting the growth of the global agritecture market in the next five years. Residential sector incorporates concept of urban farming very closely. The benefit of growing food closer to home or in your home garden is interesting people. Moreover, access to local produce improves health and well-beings. It cuts pollution and transportation congestion and provides education and economic development opportunities related to agriculture to the population. These added advantages are further substantiating the growth of the global agritecture market in the future five years.
Advancing Technologies Advance Agritecture Market
To ensure plant growth and healthy environment for the plants and crops, various advancements are developed such that traditional farming when not possible inside and outside corporate infrastructure, can benefit from their technological advancements. Light emitting diode technology is one of such advanced technologies that are incorporated into the AgroTech structure that cuts the cost of practices like vertical farming along with making it an efficient method of agritecture. Artificial lighting for the indoor farming benefits the growth of the plants inside the infrastructure.
Sky vegetables, urban oasis, utilizing wind energy to power vertical farming setup, are some of the sectors where advanced technologies are used to sustain vertical farming and agritecture systems in respect to it. Institutional (school/hospital) gardens, rooftop greenhouses, open-air rooftop farms, community gardens, backyard gardens, edible walls, are some of the major examples of agritecture that are increasing and popularity is further substantiating the growth of the global agritecture market in the forecast years.
Aesthetic Looks & Awareness Influence Market Growth
Agritecture is also rapidly adapted for its advantage of aesthetic looks and greener environment for the infrastructure. Railways, airports, metro stations are actively installing vertical farming and other methods to grow plants inside and outside of the premises thus driving the growth of the global agritecture market. The best example is the Singapore's Jewel Changi Airport Garden, that has very aesthetic looking garden and grows plants on gross floor area of 135,700 square meters. The design of this garden along with the program satisfies the purpose of bringing in the locals as well as transit passengers for a unique experience and the project aspires to put itself forth as a new model for airport designs.
“Agritecture Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Therapy Type (Hormone Therapies, Monoclonal Antibodies, Signal Transduction Inhibitors, Gene Expression Modulators, Apoptosis Inhibitors, Others), By Disease Indication (Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Melanoma, Lymphoma, Others), By End User (Hospitals & Clinics, Cancer & Radiation Therapy Centers, Academic & Research Institutions), By Region”, has evaluated the future growth potential of global agritecture and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global agritecture market.
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