Indoor Farming Market Giants Spending is going to Boom | AeroFarms, Sky Greens, BrightFarms Inc., Green Sense Farms LLC

A recent study conducted by the strategic consulting and market research firm ,Report Ocean, revealed that the global indoor farming market was worth USD 15.7 billion in the year 2021. The market is projected to grow at a CAGR of 10.20%, earning revenue of around USD 30.8 billion by the end of 2022. The global indoor farming market is flourishing at a high rate owing to the rising demand for fresh food items and increasing health consciousness among consumers. Furthermore, the rising global population and constraints on land and resources due to agriculture may further emerge as a major driving factor for the growth of the market. However, the high initial investment involved in the global indoor farming market may act as a huge restraining factor for the market growth.

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Integration of Advanced Technologies in Indoor Farming Practices is Driving the Market Growth

The integration of advanced technologies is one of the major components of indoor farming to function. Indoor farming deploys multiple technologies including the Internet of Things (IoT), artificial intelligence, big data analytics, robotics, etc., to create a specific environment that the plant or crop needs to grow. These technologies are also used to monitor, test, review and improve predictive analysis through the collection of data by IoT sensors and provide necessary changes to boost production and quality of the output.

Global Indoor Farming Market - By Component

Based on components, the global indoor farming market is segmented into hardware and software & services. The hardware segment holds the largest market share. This segment is further classified into irrigation systems, climate control systems, sensors, lighting systems, communication systems, system controls, and others. These components play a crucial factor in providing the accurate environment for the plants to grow according to their needs, which is driving its overall market growth.

Global Indoor Farming Market - By Crop Type

Based on crop type, the global indoor farming market is segmented into fruits & vegetables, herbs & microgreens, flowers & ornamentals, and others. The fruits & vegetable segment accounts for the largest market share. The companies are significantly focusing on producing fruits and vegetables, among which tomato leafy greens, chili peppers, etc., are emerging as the most popular choice to generate maximum profit. The flowers and ornamentals segment also covers a substantial market share.

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Global Indoor Farming Market - Regional Insights

Geographically, the global indoor farming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global indoor farming market owing to the high penetration and investment towards high-end technologies such as Controlled Environment Agriculture, sensors, use of LEDs for lightening, etc. Furthermore, favorable government initiatives such as subsidies to the indoor farming components and infrastructures also play a crucial role in propelling the growth of the market in the European regions.

The leading market players of the global indoor farming market are AeroFarms, Sky Greens, BrightFarms Inc., Green Sense Farms LLC, BrightFarms Inc., Village Farms International Inc., Bowery Inc., Garden Fresh Farms, FreshBox Farms, Metropolis Farms Inc., Everlight Electronics, Argus Control Systems, Grobo, Signify Holding, VitaLink, Hydrodynamics International, Emerald Harvest, Advanced Nutrients, General Hydroponics, Hydroponics System International, Heliospectra AB, Vertical Farm Systems, Richel Group, and other prominent players.

Market Segment:
By Growing System (Aeroponics, Hydroponics, Aquaponics, Soil-Based, Hybrid)
By Facility Type (Glass Or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep-Water Culture (DWC) Systems)
By Component (Hardware, Software & Services)
By Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals, Others)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

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The global indoor farming market is fragmented with the presence of several regional companies and startups. The market is still emerging due to which it is welcoming towards new entrants. The companies are significantly focusing on market expansion by investing in the establishment of greenhouses and other infrastructure. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Dont miss the business opportunity of the global indoor farming market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global indoor farming market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global indoor farming market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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This release was published on openPR.