Environment Controller Market Size

Environment Controller Market size was over USD 7.09 billion in 2023 and is anticipated to reach USD 15.88 billion by 2036, witnessing around 6.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of environment controller is estimated at USD 7.45 billion. 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.