Indoor Farming Technology Market Estimated To Grow At A CAGR Of 5.2% By 2027| Philips Lighting, Everlight Electronics, Netafim, Lumigrow, Logiqs B.V., Vertical Farming, General Hydroponics
The Global Indoor Farming Technology market is estimated to grow at a CAGR of 5.2% during the forecast period from 2020-2027
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Indoor farming is a method of growing crops usually on a large scale, entirely indoors. This method of agriculture often implements growing techniques such as hydroponics and uses artificial lights to provide crops with the nutrients and light levels re-quired for growth. A wide variety of crops can be grown indoors, but fruits, vegetables, and herbs are the most popular.
Drivers & Restraints
Less available arable land, growing demand for fresh & nutritious food, increasing adoption of protected cultivation and lesser impact of external weather conditions are some of the primary factors which are boosting the market for Indoor Farming Technology.
Due to the increasing population and urbanization, the land available for farming is continu-ously decreasing. Arable land per person is shrinking. It has dropped from 0.38 ha in 1970 to 0.23 ha in 2000, with a projected decline to 0.15 ha per person by 2050. Thus currently there is a need for higher yields using limited space and water, which is promoting the prac-tice of Indoor Farming which in turn is boosting the demand for Indoor Farming technology.
The high initial investment cost can be a restraint to the growth of Indoor Farming Technol-ogy Market globally.
The Global Indoor Farming Technology Market report segments the market with the grow-ing system, by facility type, component, and crop type.
By growing system, the market can be segmented as Hydroponics, Aeroponics, Aquaponics, Hybrid, and Soil-based. Hydroponics is soil-less farming and is the leading segment in indoor farming category. Hydroponic farming is fast becoming a popular choice for many growers worldwide due to its more sustainable approach to resource usage than the conventional growing methods. Hydroponically grown crops require no herbicide or pesticide chemicals which significantly impact the environment and humans. Moreover, it uses less water and four times the amount of plants can be grown in the same space as traditional soil farming. Because of these advantages, there is a rising trend for Hydroponically growing systems, and this is estimated to continue during the forecast period.
Further, by component, the market includes Hardware and Software & Services. The Hard-ware segment is anticipated to grow at the highest rate during the forecast period. The Hardware segment comprises climate control systems, lighting, and irrigation systems. Cli-mate control system is the most critical technology in an indoor farming facility. It allows farmers to create an ideal environment for year-round production. Thus, the hardware segment is expected to boost the demand for Indoor Farming Technology in the forecast pe-riod.
The market report segments geography as North America, Europe, Asia-Pacific, South America and Rest of the World. The European region accounts for the largest market owing to the high adoption of precision farming and protected agriculture in the region. Also, as a result of growing food demand, rapid urbanization and decrease in the productive land, In-door Farming is the most economically viable solution in this region.
Asia-Pacific is estimated to be the fastest growing region for Indoor farming Technology. The market for Indoor farming technology market has significant potential in Asia countries like China. Asian countries are more supportive of indoor farming as compared to other countries worldwide; various national policy initiatives and subsidies reflect it. China, Japan, and Singapore hold the majority of the share in Asia-Pacific Indoor Farming Technology Market.
Availability of less arable land in Singapore and Japan, backed by the strong R&D initiatives are the primary reason for the growth of Indoor Farming Technology Market. Taiwan is also a fast emerging market for Indoor Farming Technology in Asia.
Some of the key players in the Global Indoor Farming Technology market includes, Philips Lighting, Everlight Electronics, Argus Controls Systems, Netafim, Lumigrow, Logiqs B.V., Il-lumitex, Vertical Farm Systems, Hydrodynamics International and General Hydroponics.
Key market segments covered
By Growing System
By Facility Type
Glass or Poly Greenhouses
Indoor Vertical Farms
Indoor Deep Water Culture (DWC) Systems
Software & Services
By Crop Type
Fruits & Vegetables
Herbs & Microgreens
Flowers & Ornamentals
Rest of the World
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Why purchase the report?
Visualize the composition of the Indoor Farming Technology market across each in-dication, in terms of growing system, facility type, component and crop type high-lighting the key commercial assets and players.
Identify commercial opportunities in Indoor Farming Technology market by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of the Indoor Farming Technology market level 4/5 segmentation
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Product mapping in excel for the key Indoor Farming Technology market products of all major market players
Raw Material Suppliers/ Buyers
Product Suppliers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
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