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Indoor Farming Technology Market worth $39.24 billion by 2030, growing at a CAGR of 9.49% - Exclusive Report by 360iResearch
Indoor Farming Technology Market | 360iResearch
The Global Indoor Farming Technology Market to grow from USD 20.80 billion in 2023 to USD 39.24 billion by 2030, at a CAGR of 9.49%.
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Indoor farming technology comprises systems and solutions designed to enhance crop yield and quality in a controlled indoor environment, including various technologies such as hydroponics, aeroponics, aquaponics, LED lighting, climate control systems, and automated hardware and software solutions. End-use applications cover commercial and home indoor farming setups that cultivate fruits, vegetables, herbs, and ornamental plants. The market scope encapsulates indoor farming technology systems' design, manufacturing, distribution, and service. It also covers the research and development activities to improve existing technologies, innovate new farming methods, and optimize resource use for higher yields and sustainability. The application of indoor farming technologies extends to vertical, greenhouse, container, and urban agriculture. The end-users of these technologies range from large-scale commercial agricultural operators to small-scale urban farmers and hobbyists looking to produce food sustainably within the confines of urban environments. The demand for indoor farming technology is influenced by several factors, such as rising global population and urbanization leading to limited space for traditional farming, an increase in consumer awareness about the benefits of pesticide-free and locally grown produce, the need for sustainable farming practices amid changing climate conditions, and the upgrade of Internet of Things (IoT) applications in agriculture for monitoring and automation. However, the adoption of indoor farming technology is hindered by various limitations, including high initial investment and operating costs, technical complexities and skilled labor requirements, and problems related to the disposal of waste generated from these systems. Conversely, the advancement of AI-driven analytics for maximizing crop yield and resource management, the integration of machine learning for crop disease detection and prevention, and the substantial investments by governments and private entities in sustainable food production technologies research and development offer promising opportunities for the expansion of the indoor farming technology market.
In the Americas, particularly in the United States and Canada, consumer awareness about sustainable farming practices and the environmental impact of traditional agriculture is rising. The demand for locally sourced, organic food drives innovation in indoor farming technologies. In both countries, customers are increasingly willing to pay a premium for quality and sustainability, reflected in purchasing behavior. South America's market is burgeoning as countries such as Brazil and Argentina begin to adopt indoor farming methods to counteract the challenges of traditional agriculture, such as erratic weather patterns and limited arable land. The EU has been at the forefront regarding initiatives and regulations to promote sustainable farming. Consumers' need for food safety and freshness is high, influencing companies to adopt indoor farming technologies. Subsidies and funding from the European Commission for research in optimized greenhouse cultivation techniques are notable. The Middle East faces extreme water scarcity and arid climates, challenging traditional agriculture farming practices. Indoor farming presents a solution with significant reductions in water usage. In Africa, the adoption of indoor farming is in the nascent stages, but it can potentially address food security issues. China's indoor farming technology market is rapidly growing due to increased urbanization and the need for pollution-free produce. The government's investment in agricultural technology for food safety and sustainable farming is noticeable. Japan has been utilizing indoor farming technologies effectively due to limited arable land, with companies in the region leading the way in high-tech indoor vertical farms. India, while still an emerging country in indoor farming, presents a significant growth opportunity due to its large population and the need for productivity improvements in agriculture.
Market Segmentation & Coverage:
This research report categorizes the Indoor Farming Technology Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Hardware, Services, and Software. The Hardware is further studied across Climate Control Systems, Communication Systems, Irrigation Systems, Lighting Systems, Sensors, and System Controls. The Hardware commanded largest market share of 64.04% in 2023, followed by Services.
Based on Growing Media, market is studied across Aeroponics, Aquaponics, Hydroponics, and Soil-Based. The Hydroponics commanded largest market share of 49.13% in 2023, followed by Soil-Based.
Based on Facility Type, market is studied across Container Farms, Glass/Poly Greenhouses, Indoor Deep Water Culture Systems, and Indoor Vertical Farms. The Indoor Vertical Farms commanded largest market share of 38.82% in 2023, followed by Glass/Poly Greenhouses.
Based on Crop, market is studied across Flowers & Ornamentals, Fruits & Vegetables, and Herbs & Microgreens. The Flowers & Ornamentals is further studied across Annuals, Ornamentals, and Perennials. The Fruits & Vegetables is further studied across Eggplant, Leafy Greens, Strawberry, and Tomato. The Herbs & Microgreens is further studied across Basil, Herbs, Tarragon, and Wheatgrass. The Herbs & Microgreens commanded largest market share of 43.66% in 2023, followed by Fruits & Vegetables.
Based on End-User, market is studied across Commercial and Residential. The Commercial commanded largest market share of 75.09% in 2023, followed by Residential.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across Arizona, California, Florida, Indiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, and Virginia. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 41.65% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Indoor Farming Technology Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Indoor Farming Technology Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Indoor Farming Technology Market, highlighting leading vendors and their innovative profiles. These include 80 Acres Farms, AeroFarms, LLC, Agritecture, LLC, Babylon Micro-Farms, Bluelab Corporation Limited, Bowery Farming Inc., BrightFarms, Inc., CubicFarm Systems Corp., Fotenix Limited, Freight Farms, Inc., Gardin, GP Solutions, Inc., Hydrofarm Holdings Group, Inc., HydroGarden Ltd., infarm - Indoor Urban Farming GmbH, Intelligent Growth Solutions Limited, Just Vertical Incorporated, Kalera Inc., LettUs Grow Ltd., Logiqs B.V., Metropolis Farms Canada, Mirai Group, OCS Overhead Conveyor System Ltd., Plenty Unlimited Inc., Richel Group, Signify N.V., Sky Greens, Spread Co., Ltd., The Scotts Miracle-Gro Company, TruLeaf, Urban Crop Solutions BV, and Voeks Inc..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Indoor Farming Technology Market, by Component
7. Indoor Farming Technology Market, by Growing Media
8. Indoor Farming Technology Market, by Facility Type
9. Indoor Farming Technology Market, by Crop
10. Indoor Farming Technology Market, by End-User
11. Americas Indoor Farming Technology Market
12. Asia-Pacific Indoor Farming Technology Market
13. Europe, Middle East & Africa Indoor Farming Technology Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Indoor Farming Technology Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Indoor Farming Technology Market?
3. What is the competitive strategic window for opportunities in the Indoor Farming Technology Market?
4. What are the technology trends and regulatory frameworks in the Indoor Farming Technology Market?
5. What is the market share of the leading vendors in the Indoor Farming Technology Market?
6. What modes and strategic moves are considered suitable for entering the Indoor Farming Technology Market?
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