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Smart Indoor Garden Market Size to Reach USD 243.3 Million in 2030 | Rising Health Concerns Regarding use of Chemicals in Conventional Crop Farming is a Key Factor Driving Industry Demand, says Emergen Research
Smart indoor gardens come with an automated watering system, which ensures the roots of plants are supplied with water when required. Smart watering system is integrated with technologies such as Internet of Thing (IoT) and solenoid valve, which helps to control flow of the water based on moisture present in the soil. In addition, smart soil, which is used in smart indoor gardens, enables balancing of ideal conditions for plants to thrive due to optimal moisture.
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A smart indoor garden is more expensive to set up and maintain as compared to a traditional garden. Integration of IoT and green technologies is expensive to acquire and build. However, cost of setting up of smart indoor gardens varies according to size and type of system and technologies used.
The global smart indoor garden market size is expected to reach USD 243.3 Million in 2030 and register a revenue CAGR of 8.2% over the forecast period, according to the latest report by Emergen Research. Rising popularity of indoor gardens, increasing number of smart city projects in countries across the globe, and increase in investment by key market players are factors driving global smart indoor garden market revenue growth.
The COVID-19 pandemic had adversely affected countries across the globe. Lockdowns, restrictions, supply chain disruption, halt in imports and exports, and various other factors have had a negative impact on manufacturing and production of smart indoor garden systems in the first and second quarter of 2020. The disruptions are likely to hamper growth to some extent going ahead owing to emergence of variants and mutations, and resulting restrictions on workforce and distancing norms.
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Advancements in smart indoor garden technologies such as green technologies, smart soil tester, smart home watering system, and hydroponics garden is boosting growth of the smart indoor garden market. Hydroponics is a method for growing plants indoors without the use of soil. Instead of getting nutrients from the soil, a nutrient solution meets the plant's needs through the roots. Hydroponic garden is ideal for deployment in urban homes owing to need for limited space low and can be beneficial to persons with busy schedules.
Market in North America accounted for significantly large revenue share in 2020 and is expected to register a steady growth rate over the forecast period owing to advancements in indoor vertical cultivation and farming techniques and solutions and availability of well-established interior decoration and designing industry and trend towards more organic means of beautifying indoor spaces. The market in Asia Pacific is expected to register fastest revenue growth rate over the forecast period. The region is witnessing rapid adoption of smart indoor garden owing to increasing smart city projects and rapid urbanization in countries such as India and China .
In March 2021 , AeroFarms, which is a leader in vertical smart indoor farming announced merger with Spring Valley Acquisition Corp., which is a special purpose acquisition company. With this merger, AeroFarms will improve its systems to understand plants at various levels and will be able to resolve agriculture-related supply chain issues.
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