Lack of arable land for traditional agriculture and increase in the popularity of organic food propel the growth of the North America aeroponics farming market.
PORTLAND, Oregon, July 15, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "North America Aeroponics Farming Market by Component (Irrigation Component, Lightning, Sensor, Climate Control, Building Materials, and Others): Region Opportunity Analysis and Industry Forecast, 2017 - 2025". According to the report, the aeroponics farming market in North America generated $126.2 million in 2017 and is expected to garner $759.4 million by 2025, growing at a CAGR of 25.5% during the forecast period, 2018-2025.
Surge in popularity of organic food, scarcity of arable land for traditional agriculture, and shift towards disease-free environment in agriculture drive the growth of the aeroponics farming market in North America. However, the high cost of initial investment significantly restricts the market growth. Nonetheless, rise in urban population and rapid technological advancement to replace traditional farming techniques would provide lucrative opportunities to emerging market players in the near future.
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Lighting segment to dominate the North American market through 2025
By product type, the lighting segment is expected to continue its dominance and generate almost one-quarter of the continental market revenue by 2025. Lighting devices facilitate the growth of plants by substituting sunlight, making them essential components of aerospace farming. They also provide relevant photosynthetic wavelengths to maximize crop yield and minimize power consumption, fueling their demand over other technologies for vertical farming. However, the climate control segment is poised to register the highest CAGR of 28.2% during the forecast period, on account of eliminating harsh impacts of the environment on plant growth by controlling myriad aspects of the climate, generating disease-free environment for farming, and reducing overall food wastage.
Mexico to register the fastest growth in the near future
Mexico is projected to grow at the highest CAGR of 31.3% from 2018 to 2025, owing to the rapid adoption of smart technologies in the country that have resulted in a thriving urban agricultural movement. The demand for a healthier and more sustainable lifestyle is also prevalent among the citizens of the country. However, the United States occupied more than four-fifths of the continental market shares in 2017 and is expected to continue its dominance through 2025, owing to the presence of various agro-giants in the country that have invested in various technological advancements to propel aeroponics farming forward.
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Torchbearers of the industry
The key players analyzed in the report include Evergreen Farm Grow360, Bright Agrotech (Plenty), Freight Farms, and Aerofarms. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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