Indoor Farming Technology Market Size, Share & Growth Trends by 2026

The indoor farming technology market is estimated at USD 14.5 billion in 2020; it is projected to grow at a CAGR of 9.4% to reach USD 24.8 billion by 2026. The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Indoor farming, thus is looked upon as a potential solution for the growing concern about food security in the coming years.

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By growing system, the aeroponics segment is estimated to observe the fastest growth in indoor farming technology market.

Aeroponics is the system of growing plants in a misty environment, in the absence of conventional mediums such as soil. The plant roots are inserted in containers filled with plant nutrients, instead of soil. These containers are ideal for oxygenation and moisture and help the plant absorb nutrients effectively, thereby aiding faster development and cultivation. The seeds are planted on a wired mesh, while the plant containers are mounted on top of one another, making it light and handy, and can thus be easily moved.

Aeroponics is considered to be the future of indoor farming technology. This technology facilitates faster plant growth, enabling the cultivation of more plants or seeds in lesser time than normal conditions. This system can be controlled externally through computers or timers for the release of moist air at regular intervals and does not require the frequent use of pesticides, weeding, and other maintenance processes as compared to conventional farming.

By facility type, the indoor vertical farms segment is estimated to grow at a higher growth rate in the indoor farming technology market.

Indoor vertical farms are fully enclosed and opaque rooms that make use of artificial lights and consist of vertical growing systems such as hydroponics, aeroponics, or aquaponics. Vertical farms are modular and can be adjusted to fit any building. Crops such as lettuce, kale, spinach, strawberries, and herbs are majorly grown in indoor vertical farms.

Indoor vertical farming cultivates crops in vertically stacked layers such as skyscrapers, used warehouses, or shipping containers. In this technique, all the environmental factors can be controlled within the enclosed structure by utilizing artificial lights, environmental control systems, irrigation, and fertigation systems. Some vertical farms use techniques similar to greenhouses, wherein the natural sunlight is augmented with artificial lighting and metal reflectors.

The hardware segment is estimated to observe the fastest growth in the by component in the indoor farming technology market over the forecast period.

By component, the hardware segment is projected to hold the largest market share and also grow at the highest growth rate in the indoor farming technology market. The hardware segment is further segmented into climate control systems, lighting systems, communication systems, sensors, system controls, irrigation systems, and others, which include material handling and transportation systems. They are considered as the essential components in indoor farming technology.

By crop type, the herbs & microgreens sub-segment is projected to grow at the fastest CAGR in the indoor farming technology market until 2026.

Herbs can be grown indoors as perennial houseplants or just during the winter months to protect tender herbs such as rosemary and basil. When grown indoors, herbs provide various benefits, such as fragrant foliage, with varying foliage shapes and colors. However, all herbs do not grow well in indoor farms, as their root systems require large containers.

Microgreens are tiny vegetables that are used both as visual and flavor ingredients in various dishes. These are smaller than baby greens and are harvested later than sprouts. During harvesting, microgreens are cut just above the soil line. From seeding to harvesting, the average time required for microgreens is 10-14 days.

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The increasing adoption of hydroponics and vertical farming systems in the Asia Pacific countries, drive the regions growth rate at a higher pace.

The Asia Pacific region is projected to grow at the highest rate, as the demand for indoor farming technology has been growing in this region due to the increasing investment of overseas business lines in agricultural operations to exclusively meet the demands of the crop growers to attain export-quality crops. In addition, the farming industry in the Asia Pacific region has been shifting toward technological and innovative methods from a conventional agricultural practice system.

China is estimated to account for the largest share in the Asia Pacific indoor farming technology market due to the increasing investments from several multinational manufacturers in R&D and the adoption of greenhouse farming for the production of certain crops. The restraining factor in the Asia Pacific market is the high initial cost required to set up these systems.

Key players in this market include include major players such as Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Illumitex (US), Hydrodynamics International (US), American Hydroponics (US), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Agrilution (Germany), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Hydroponics System International (Spain), Advanced Nutrients (US), Emerald Harvest (US), VitaLink (UK), and Grobo (US).

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