LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global plant growth chamber market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the growing adoption of energy-efficient plant growth chambers as one of the key emerging trends in the global plant growth chamber market. The plant growth chambers are heavy machinery that are used for artificial growth of plants. The use of such artificial plant growing machines is increasing at a rapid pace. However, the rise in the usage of this machinery is resulting in increased energy consumption due to heavy instruments equipped in these chambers, thus resulting in increased operational cost. To overcome this problem, manufacturers are introducing energy-efficient plant growth chambers. The adoption of such energy-efficient plant growth chambers is growing rapidly, especially among commercial users.
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In this report, Technavio analysts highlight the rising global population and demand for food as a key factor contributing to the growth of the global plant growth chamber market:
Rising global population and demand for food
The world population has increased four times over the last 100 years. In 1915, the world population was almost 1.8 billion, and it has increased to 7.3 billion in 2017. It is expected to cross 9.7 billion by 2050. In developing countries such as India and China, the disposable income is also increasing along with the growing population. This has further raised the per capita consumption of agricultural products. The rising disposable income is leading to a change in the dietary pattern among the world population. This has increased the demand for protein- and dairy-rich food. Globally, governments are coming up with new policies to meet this growing demand and meet the food security level, resulting in increased crop production.
According to a senior analyst at Technavio for agricultural equipment, “The demand for food grains across the globe has increased gradually along with growing consumption. In developing countries, the increase in income of the middle-class population has raised the consumption. The middle-class income constitutes the major portion of the population across the globe. Hence, the rise in consumption among the middle-class income group would lead to a significant increase in food consumption across the globe.”
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Global plant growth chamber market segmentation
This market research report segments the global plant growth chamber market into the following products (reach-in and walk-in), applications (seedling cultivation, biological engineering, and study and research) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the seeding cultivation segment held the largest market share in 2017, accounting for nearly 39% of the market. The plant growth chambers used for seedling cultivation are majorly small-sized or reach-in plant growth chambers. These plant chambers are used for making genetically modified seeds for cultivation.
The Americas was the leading region for the global plant growth chamber market in 2017, accounting for a market share of nearly 50%. By 2022, APAC is expected to register the highest growth rate of nearly 3%.
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