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.
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.
Prominent Players
· Bowery Farming
· AppHarvest
· Plenty Unlimited Inc.
· Mirai Co. Ltd.
· Kalera
· Farminova
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Europe to Dominate the Market
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 Segmentation:
On the basis of Facility Type
· Greenhouses
· Indoor farms
· Other facility types (container farms and water culture farms)
On the basis of Light Type
· Sunlight
· Full artificial light
On the basis of Growing System
· Non-soil-based
· Soil-based
· Hybrid
On the basis of Crop Type
· Fruits
· Vegetables
· Flower & ornamental
· Other crop types (plantation and forage crops)
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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