Wilmington, Delaware, United States, March 31, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Significant demand for grow lights in indoor hydroponic gardening is expected to propel the market. Rise in usage of advanced hydroponics by professional growers is projected to offer lucrative opportunities to companies in the grow tents market. Surge in adoption of LED grow lights to cultivate a wide variety of crops, vegetables, and fruits is likely to accelerate market development. The global grow tents market stood at US$ 670.5 Mn in 2022, and is projected to expand at a CAGR of 7.7% from 2023 to 2031.
Surge in popularity of advanced grow systems, such as LED grow lights that are connected to the IoT, is likely to bolster global grow tents market growth. IoT-connected grow tents offer several benefits to end-users including improved control over the grow equipment in real-time. Smart grow tents enable end-users to easily ensure an ideal environment for harvesting of wide range of exotic and off-seasonal vegetables. End-users can use smart functionalities to control humidity, CO2 levels, and temperature in order to create an optimal environment for plant cultivation indoors.
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Key Findings of Study
- Surge in Demand for Advanced Hydroponics Systems: Rise in demand for hydroponic systems in indoor farming is expected to propel the grow tents market. Recent market trends indicate high adoption of advanced hydroponic systems such as multi-chamber grow tents in the past few years. The multi-chamber segment is anticipated to account for major share of the global market in the next few years. Key advantages of a multi-chamber grow tent are optimal usage of space and ability to control different grow environments in the same tent. Surge in trend of utilizing indoor grow tent for vegetables is likely to fuel market growth.
- Rise in Adoption of Indoor Hydroponic Gardening to Grow Organic Produce & Vegetables: Continuous R&D in hydroponic LED grow lights is expected to offer lucrative opportunities for companies in the grow tents market. For instance, several companies are focusing on the development of horticulture LED grow lights. Advancement in vertical farming technology is expected to bolster the global grow tents market in the near future. Grow light bulbs offer multiple benefits for professional growers using indoor hydroponic gardens. Surge in utilization of these to grow organic produce and vegetables is likely to augment the global grow tents industry size.
Key Drivers
- Rise in awareness about organic farming is anticipated to drive demand for hydroponics and indoor gardening systems. This is expected to bolster usage of grow tents.
- High adoption of indoor hydroponic systems to grow exotic vegetables and fruits and flowers all year round is likely to propel the grow tents industry. High demand for advanced hydroponic tent kits that are suitable for different plants and environment is expected to augment the grow tents market. Usage of hydroponic LED grow lights for plants is likely to increase in the next few years.
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Regional Growth Dynamics
The grow tents market in North America is anticipated to witness significant growth from 2023 to 2031. Surge in usage of cannabis grow tents, propelled by legalization of cannabis for medical and recreational usage, is likely to offer lucrative opportunities for companies in the market. The region is projected to account for leading market share from 2023 to 2031.
Europe is a lucrative market for grow tents. Rise in adoption of advanced hydroponic systems to grow a different plants & crops and increase in in awareness about indoor farming to grow exotic vegetables and fruits are expected to augment market growth. Surge in usage of energy-efficient hydroponic systems among growers is expected to drive the market in the region in the next few years.
Competition Landscape
Recent analysis of the grow tents market offers an in-depth assessment of the competitive dynamics, product profiling of key companies, sales footprint of top players, and recent R&D activities. Leading players are focusing on developing smart grow tents that integrate with Internet-of-Things (IoT) in order to attract end-users.
Key players operating in the grow tents market are BUDBOX LIMITED, Florida Garden Supplies, Gorilla Grow Tents, Green Spirit, Secret Jardin, VIVOSUN, and Sun Hut.
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Grow Tents Market Segmentation
Type
- Single Chamber
- Multi-chambers
Size
- Small
- Medium
- Large
Shape
- Square
- Diamond
- Rectangle
Pricing
- High
- Medium
- Low
End-use
- Residential
- Commercial
Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets & Supermarkets
- Specialty Stores
- Others (Departmental Stores, Flagship)
Regions Covered
- North America
- Europe
- South America
- Middle East and Africa
- Asia Pacific
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Source: Globenewswire