Indoor Farming Technology Market is projected to grow between 2017 and 2023

The report published by Knowledge Sourcing Intelligence titled “Indoor Farming Technology Market - Forecast From 2018 to 2023” studies the various factors affecting the demand for indoor farming technologies across the globe. The report has been segmented by type (vertical farming, aeroponics, hydroponics, aquaponics), facility type (greenhouse, vertical farm, container farm), crop type (greens, cannabis, fruits, herbs/microgreens, others), and geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.

Growing global urban population and a corresponding decline in arable land are boosting the adoption of different vertical farming technologies globally. Rising awareness about indoor farming techniques as a local approach for sustainably grown fresh produce is also contributing to the growth of indoor farming technology market. Government initiatives to eliminate food insecurity will continue to bolster the growth of indoor farming technology market throughout the forecast period. High R&D investments to develop energy-efficient technologies and solutions for indoor farming will further support the growth of indoor farming technology market during the next five years.

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Adoption of vertical farming on the rise

By type, Vertical farming segment is projected to witness a significant CAGR between 2017 and 2023 on account of rising investment by companies to convert skyscrapers into vertical farms. The decline in the availability of arable land due to expanding urban areas is also escalating the adoption of the vertical farming solution as a part of sustainable and supplemental farming solutions. However, the financial viability of such projects due to fluctuating real estate prices is restraining the market growth.

North America holds the major market share

North America accounted for the major market share in 2017 owing to early adoption of modern farming methods and techniques along with the presence of major market players involved in different indoor farming solutions. High awareness about hydroponics and aquaponics among farmers in countries like the U.S. and Canada is also bolstering the growth of North America Indoor Farming Technology market. High preference for organic farm produce will continue to propel the growth of indoor farming technology market in the region during the projected period.

This report also includes a study of strategies and product portfolios of some of the leading companies in the indoor farming technology market. It consists of company profiles of the leading companies- Urban Crop Solutions, Illumitex Corporate, Signify Holding, Netafim, Certhon, LOGIQS B.V., Argus Control Systems Ltd., ZipGrow, Modular Farms, and Truleaf.

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This release was published on openPR.