Plant Factory Market by Growing System (Soil-based, non-soil-based, and Hybrid), Facility Type (Greenhouses, Indoor Farms, Other Facility Types), Light Type, Crop Type (Vegetables, Fruits, Flowers & Ornamentals) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Plant Factory Market Overview
The global Plant Factory Market size is projected to reach a CAGR of 8.9% from 2022-2028.
Plant factories have evolved considerably and are equipped with technologies for climate control, supplemental lighting, irrigation control, and material handling, among others. These control systems regulate internal conditions such as temperature, humidity levels, light intensity, and communication technologies for remotely monitoring the plant factory parameters.
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An efficient alternative to the rising concerns on food security and shrinking arable land since it provides growers the ability to cultivate crops even in the absence of soil are some of the factors that have supported long-term expansion for Plant Factory Market.
Plant Factory Market Regional Analysis
Europe is projected to account for the largest market during the forecast period. The European plant factory market has been experiencing tremendous growth. Its urban population is growing at a constant rate and is expected to constitute around 80% of the total population of Europe.
Plant Factory Market Competitive Landscape
Key Players
- Bowery Farming
- AppHarvest
- Plenty Unlimited Inc.
- Mirai Co. Ltd.
- Kalera
- Farminova
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Plant Factory Market Recent Developments
- In June 2021, AppHarvest completed the deal with Rabu Agri Finance to expand the high-tech indoor farm network. The company secured a USD 75 million credit facility via flagship Morehead farm mortgage following announcement; it announced hopes to have five farms operating by the end of 2022.
- In October 2020, Plenty Unlimited Inc. announced a joint development agreement with Driscoll’s (US), using its indoor vertical farming to grow Driscoll’s proprietary flavorful strawberries year-round
Reasons to Acquire in the Plant Factory Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Plant Factory Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
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According to the new market research report "Plant Factory Market by Growing System (Soil-based, Non-soil-based, and Hybrid), Facility Type (Greenhouses, Indoor Farms, Other Facility Types), Light Type, Crop Type (Vegetables, Fruits, Flowers & Ornamentals), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Plant Factory Market size is estimated to be valued at USD 121.8 billion in 2021 and projected to reach USD 172.5 billion by 2026, recording a CAGR of 7.2% during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=199919959Plant factories have evolved considerably and are equipped with technologies for climate control, supplemental lighting, irrigation control, and material handling, among others.
These control systems regulate internal conditions such as temperature, humidity levels, light intensity, and communication technologies for remotely monitoring the plant factory parameters.
Since the early 1980s, this industry began to gain importance among growers, majorly due to the unmatched yield obtained from this technology.
The recent advances in urban farming and the emergence of vertical farming technology have further fueled the growth of this market.The vegetables segment, by crop type, is projected to witness significant growth during the forecast period.Vegetables that can be grown in plant factories include tomatoes, squash, broccoli, artichoke, beans, and peas.
A few other vegetables are leafy greens, including spinach, kale, and arugula, and high-producing crops, such as lettuce and cucumber.
Vegetables have a relatively short harvest time compared to fruits, which can be further reduced through cultivation in a plant factory.
