The global hemp environmental control system market is expected to grow from USD 3.95 billion in 2021 to USD 14.58 billion by 2030, at a CAGR of 15.62% during the forecast period 2022-2030, as per the report published by The Brainy Insights.
Governments worldwide are promoting hemp farming given the rising awareness about climate change, and environmental degradation. In addition, hemp has a variety of industrial applications. Hemp is utilized in manufacturing food and drink, automobiles, furniture, building materials, textiles, paper, and personal care products. It is used in construction in acrylics, solvents, coatings, printing inks, oil paints, and fiberglass substitutes. The textile industry uses it similarly for garments, shoes, jeans, and purses. The market for hemp environmental control systems will be driven by the expanding use of hemp across several sectors. Hemp is a sustainable product with the extra benefit of absorbing carbon dioxide. Several governments, notably those in the United States of America and India, have adopted legislation to support hemp cultivation and farming in their respective nations. Many other countries will inevitably choose the same course to stop the climate problem, presenting profitable prospects to market participants and other market stakeholders. The high costs of installing a hemp environmental control system will hamper the market's growth. Furthermore, the lack of awareness about hemp environmental control systems will challenge the market's growth. Technological advancements and product innovations will aid the market players in overcoming the restraints and challenges of the market.
To enhance their market position in the global hemp environmental control system market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The growing world population does not have equal access to food. Some parts of the continents are disproportionately affected by the increasing food security crisis brought on by the incessant wars, climate change, and ineffective international organizations. Hemp can significantly reduce the burden on food security as it can grow anywhere, with less water, pesticides, and herbicides. It has robust growth. Hemp has high nutritional content. It contains minerals, vitamins A, B, D, E, and fatty acids. Hemp seeds can sustain the daily protein requirement of an average adult. Also, the world's massive population is driving consumer demand in the market for various goods ranging from industrial consumer goods to pharmaceuticals. Hemp is used in textiles, paints, oils, solvents, and printing inks owing to its versatile properties. The growing industrial, automotive, consumer goods, and pharmaceutical will contribute to the growth of the hemp environmental control system market.
The control system segment is divided into intelligent control systems and non-intelligent control systems. In 2021, the intelligent control system segment dominated the market with the largest market share of 57% and market revenue of 2.25 billion.
The end-use segment is divided into hemp plantation and hemp research centers. In 2021, the hemp plantation segment accounted for the largest share of the market, with 64% and a market revenue of 2.52 billion.
Regional Segment Analysis of the Hemp Environmental Control System Market
Among all regions, the Asia Pacific region emerged as the largest market for the global hemp environmental control system market, with a market share of around 39% and 1.54 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The hemp environmental control system market in Asia has been expanding rapidly. South Korea, India, Japan, New Zealand, and Australia are some of the most significant players in the hemp environmental control system market in the Asia Pacific. The liberal government policies regulating the cultivation, processing, distribution, and consumption of hemp have positively influenced the market's growth. For example, the Indian government officially classified hemp seed and hemp seed-based goods as "food" on November 15, 2021. The subsequent notifications mention the rules and regulations about the sale of goods made from "non-viable seeds of the Cannabis Sativa/other indigenous cannabis species" and permit such sales. Also, the cultivation must adhere to all applicable state and federal laws. The use of hemp across industries to manufacture sustainable goods/products has increased the demand for hemp, providing an impetus to the hemp environmental control system market. Production innovations and technological advancements have led to better, more efficient, and more sophisticated environmental control systems, which increase quality hemp yield and stakeholder revenues. The growing number of hemp farmers/cultivators has attracted significant market players to the regions, hence contributing to the increasing dominance of Asia Pacific in the global market.
Key players operating in the global hemp environmental control system market are:
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global hemp environmental control system market based on the below-mentioned segments:
Global Hemp Environmental Control System Market by Control System:
Global Hemp Environmental Control System Market by End Use:
About the report:
The global hemp environmental control system market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.