The global environment controller market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing consumption of grains and other food products by the ever-increasing global population. The demand for food grains is increasing tremendously, and to increase the production of crops, optimum environmental conditions are required in every season. Environment controllers help achieve the required atmospheric conditions, which is the primary factor estimated to drive the market growth. The growing trend of cultivation in controlled environment is anticipated to boost the market growth. Moreover, the government initiatives to raise the food security on a global level are foreseen to boost the market growth. According to a report by the World Bank, in 2018 agriculture contributed to only 4% of the global GDP. Nearly 690 million people, which is 8.9% of the global population lived with food scarcity in 2020, up by nearly 60 million since 2015. World Bank aims to promote agriculture to feed over 9.7 billion people by 2050. Increasing focus on organic farming, indoor cultivation, greenhouse agriculture, and other advanced farming techniques to boost the production rate, is estimated to advance the market growth.
The market is segmented by end-user industry into agriculture, defense, and others, out of which, the agriculture segment is anticipated to hold the largest share in the global environment controller market over the forecast period on account of increasing usage of environment controllers in advanced agricultural practices. Moreover, rising focus of the government on improving agriculture supply, is estimated to promote the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global environment controller market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high population in the region, along with massive dependence on agriculture for livelihood. The increasing practice of organic agriculture, adoption of technology in agricultural activities, and growing investment in the sector, are some of the factors estimated to boost the market growth in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the various government initiatives to promote greenhouse agriculture on a commercial scale. Moreover, the presence of major market players is also expected to promote the regional market growth.
The global environment controller market is further classified on the basis of region as follows:
Our in-depth analysis of the global environment controller market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing trend of farming in controlled environment, greenhouse agriculture, and adoption of advanced technology in agriculture sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
The high manufacturing cost is estimated to hamper the market growth.
The market in the Asia Pacific is estimated to provide more business opportunities owing to the growing population and high dependence on agriculture for livelihood.
The major players in the market are Pure Hydroponics, HTG Supply, Climate Control Systems Inc., Growace, Argus Control Systems Ltd., Rough Brothers, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user industry, and others.
The thermal controller segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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