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Smart Indoor Garden Systems Market Trends & Global Industry Insights, 2020-2027
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The smart indoor garden systems market is expected to grow significantly by 2027, driven by urbanization and technological advancements.
The COVID 19 outbreak has affected the growth of the smart indoor garden systems industry owing to the lockdown measure in different countries and delays in manufacturing and production of components related to the smart indoor garden systems for residential, and commercial spaces.
Factors such as the rise in urbanization coupled with an increase in disposable income in developing countries such as India, China, Brazil, Indonesia, and Vietnam drive the residential and commercial construction activities, which, in turn, is expected to fuel the growth of the global market.
The global smart indoor garden systems market size was valued at $105,627.0 thousand in 2019 and is projected to reach $176,559.1 thousand by 2027, registering a CAGR of 8.4% from 2020 to 2027.
On the contrary: unfavorable climate conditions is one of the major restraints of the smart indoor garden systems market. Conversely, technological advancements in smart indoor garden systems are expected to provide lucrative opportunities in near future.
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Depending on the type: The floor garden segment garnered the largest smart indoor garden systems market share in 2019, and is estimated to register a CAGR of 8.2% during the forecast period. This is attributed to the fact that floor garden offers better space allocation, as smart indoor plant systems require about 20% less space.
On the basis of technology: The self-watering segment is anticipated to grow rapidly, during the forecast period due to a surge in urban population and rise in residential and commercial construction projects. In addition, many companies are involved in the development of self-watering smart indoor gardening systems, which notably contributes toward the growth of the global market.
By end-user: The residential segment garnered the largest share in the smart in 2019, and is expected to grow at a CAGR of 8.7% during the forecast period, owing to an increase in residential construction activities around the globe.
Region-wise: The market of smart indoor garden systems is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The article discusses the trends and growth projections for the smart indoor garden systems market from 2020 to 2027.
COVID-19 has impacted the market due to lockdowns and production delays affecting smart indoor garden systems.
Urbanization and increased disposable income in developing countries are key drivers of market growth.
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