LONDON, Nov. 29, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Smart Indoor Gardening System Global Market Report 2023, the global smart indoor gardening system market is poised for substantial growth, with projections indicating an increase from $2.02 billion in 2022 to $2.16 billion in 2023, reflecting a compound annual growth rate (CAGR) of 6.9%. Looking ahead, the smart indoor gardening system market is anticipated to reach $2.72 billion in 2027, maintaining a robust CAGR of 5.9%.
Driving Forces Behind Market Expansion
The surge in gardening activities is expected to be a key driver fueling the growth of the smart indoor gardening system market. As per a report by the National Gardening Association, households exhibited an increased interest in gardening, with the average expenditure rising to $616 in 2022. The participation rate in lawn and gardening activities reached its highest level in five years, with 80% of households engaging in these activities. The growing enthusiasm for gardening, both indoors and outdoors, is a primary catalyst propelling the adoption of smart indoor gardening systems.
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Technological Advancements as a Market Trend
Technological innovations are emerging as a significant trend in the smart indoor gardening system market. Major players such as LG Electronics Inc. are leveraging their technological expertise to introduce cutting-edge solutions. LG Tiiun, launched in December 2021, exemplifies this trend by offering an advanced smart indoor gardening system with features like adjustable temperature control and optimized lighting for accelerated plant growth. The integration of technologies like smart sensing and pest management enhances the user experience, making indoor gardening more accessible and efficient.
Key Players and Industry Developments
Major players in the smart indoor gardening system market include Robert Bosch GmbH, Plenty Unlimited Inc., and AeroFarms. Technological advancements are driving strategic acquisitions, as seen with Scotts Miracle-Gro Co.'s acquisition of AeroGrow International Inc. in November 2020, expanding their presence in indoor gardening supplies and home-grow kits.
Regional Dynamics and Market Segmentation
North America dominated the smart indoor gardening system market in 2022, with Asia-Pacific expected to emerge as the fastest-growing region in the forecast period. The smart indoor gardening system market is segmented by type (floor garden, wall garden), technology (self-watering, smart sensing, etc.), and end-use (residential, commercial).
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Stakeholders across the industry, from manufacturers to retailers and investors, can leverage the Smart Indoor Gardening System Global Market Report 2023 to navigate the evolving landscape. Understanding key drivers, such as the surge in gardening activities and the trend of technological advancements, empowers businesses to align strategies with market dynamics. Whether planning product innovations or seeking investment opportunities, the smart indoor gardening system market report provides comprehensive insights to guide decision-making. By staying informed about market trends and regional dynamics, stakeholders can position themselves strategically to harness the immense growth potential of the smart indoor gardening system market.
Smart Indoor Gardening System Global Market Report 2023 by The Business Research Company provides insights on the smart indoor gardening system market size, smart indoor gardening system market segments, smart indoor gardening system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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