What is Plant Factory Market?
Plant factory refers to a closed system where artificial farm production is carried out by farmers under regulated conditions. Generally, plant factories are used for organic vegetable production which needs light, moisture, carbon dioxide, and artificial control of temperature. Increasing demand for organic food and higher yield production compared to traditional farming methods and advancement in agricultural science coupled with government initiatives and increasing investment flow expected to drive the plant factory market
The market study is being classified, by Application (Homes, Restaurants, Apartments and Greenhouses) and major geographies with country level break-up. According to AMA, the Global Plant Factory market is expected to see growth rate of 8.92%
Philips Lighting (Netherlands), Tsugaru Mirai Agricultural Cooperative Association (Japan), Keystone technology (Japan), Urban Crop Solutions (Belgium), Ryoki Kogyo Co., Ltd. (Japan), Vertical Farm Systems (Australia), Argus Controls Systems (Canada), LumiGrow (United States), Aerofarms (United States), NYK Trading Corporation (Japan), Illumitex (United States), Valoya (United States), Richel Group (France), Logiqs (Netherlands), Advanced Lighting Technologies (United States) and Hydrofarm Inc. (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Epistar (Taiwan), JD.Com (China), Taiwan Floriculture Exports Association (Taiwan), Sun System (Japan) and Shenzhen Sunprou Opto-Technology Co. Ltd (China).
Plant farming market has high growth prospects owing to increasing demand for a variety of food products. The number of players is present in the market hence fragmented nature of the market. Market leaders are focusing on biopharmaceutical products with cost-effective techniques and growing agricultural science expected to grow the plant factory market. Research Analyst at AMA predicts that United States,Japan Vendors will contribute to the maximum growth of Global Plant Factory market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Plant Factory market by Type, Application and Region.
On the basis of geography, the market of Plant Factory has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Provides Vegetable Production 24 Hours a Day throughout the Year
- Offers an Environment Shelter for the Corps
- Higher Yield Production
Market Trend
- Emphasizing On Solar Energy Based Plant Factory
- Development in Cost-Effective Solutions for High-Value Crops
Restraints
- High Initial Investment Associated With Plant Factory
- Lack of a Skilled Workforce to Adopt New Farming Techniques
Opportunities
- Emphasizing On Continuous Food Production to Meet Supply And Demand Requirements
- Development in New Farming Technologies for Quality Crop Production
Challenges
- Production of Variety of Crops through Plant Factory
- Reduce the Use of Pesticides in Farming Techniques
7th December 2018, JD.com a Chinese e-commerce company has opened a plant factory implementing hydroponic technology in cooperation with Mitsubishi Chemical, Japanese manufacturing, and marketing company to supply fresh food for both online and offline customers.
Key Target Audience
Manufacturers of Plant Factory Equipment, Key Plant Factory Component Manufacturers Key Companies, Technology Providers for Plant Factory, Associations, Organizations, and Alliances Related To Plant Factory, Government Regulatory and Research Organizations, Business Entities and Consulting Companies, Investment Research Firms / Associations, Government Organizations and Others