Indoor Farming Technology Market by |Growing System|), Facility Type, Component, Crop Type| Region - Global Forecast to 2022

The indoor farming technology market is projected to reach USD 40.25 billion by 2022 from USD 25.40 billion in 2017, at a CAGR of 9.65%. The market is driven by the rise in demand for fresh foods with high nutritive value, need for higher yields using limited space and water, and lesser impact of external weather conditions. On the other hand, high initial investment is one of the factors restraining the growth of the indoor farming technology market.

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The global market for indoor farming technology is dominated by large players such as Philips Lighting (Netherlands), Netafim (Israel), Argus Controls Systems (Canada), EVERLIGHT Electronics (Taiwan), and Lumi Grow (US). Some of the emerging players in the indoor farming technology market include Logiqs (Netherlands), Illumitex, Inc. (US), Vertical Farm Systems (Australia), Hydrodynamics International (US), General Hydroponics (US), Richel Group (France), and agrilution (Germany).

Target Audience

• Manufacturers of indoor farming equipment
• Associations and industry bodies
• Government and research organizations
• Key indoor farming component manufacturers key companies
• Manufacturers, traders, distributors, and suppliers of hydroponics, aeroponics, and aquaponics
• Technology providers for indoor farming

Based on component, the hardware segment is projected to grow at a higher rate during the forecast period. The three major components in the hardware segment include climate control systems, lighting, and irrigation systems. A climate control system is perhaps the single most important technology in an indoor farming facility, as it allows farmers to create the ideal environment for year-round production. Hence, the hardware segment is projected to record a relatively higher CAGR of 9.88% from 2017 to 2022.

Scope of the Report:

Based on Growing System, the market has been segmented as follows:

• Hydroponics
• Aeroponics
• Aquaponics
• Soil-based
• Hybrid

Based on Facility Type, the market has been segmented as follows:

• Glass or poly greenhouses
• Indoor vertical farms
• Container farms
• Indoor Deep Water Culture (DWC) systems

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Based on Component, the market has been segmented as follows:

• Hardware
• Software & services

Based on Crop Type, the market has been segmented as follows:

• Fruits & vegetables
• Herbs & microgreens
• Flowers & ornamentals
• Others (cannabis and cannabis)

The glass or poly greenhouses segment accounted for the largest share of the indoor farming technology market in 2017. Greenhouses are generally used to cultivate tomatoes, potatoes, and cucumbers. The large share of this segment can be attributed to the high adoption of this technique in countries such as the US and China. This technique consumes less energy and requires lesser number of labor hours, which makes it more affordable than indoor vertical farms.

Europe was the largest indoor farming technology market in 2017. This dominance can be attributed to the high adoption of precision farming and protected agriculture in this region. In addition, as a response to the growth in demand for food, rapid urbanization, and increase in need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution in this region.

The breakdown of the primaries based on company type, designation, and region, conducted during the research study, is as follows:

 By Company Type: Tier 1 –20%, Tier 2 –35%, and Tier 3 – 45%
 By Designation: C-Level – 35%,D-level –25%, and Others* – 40%
 By Region: North America–20%, Europe – 25%, Asia Pacific – 35%, and RoW –20%

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The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall indoor farming technology market and its sub segments.

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