Growth Trends and Dynamics in the Indoor Farming Technology Market

According to a recent research report titled "Indoor Farming Technology Market" by MarketsandMarkets, the indoor farming technology market is poised to reach USD 32.3 billion by 2028, marking a significant increase from USD 20.3 billion in 2023, with a projected CAGR of 9.7% during the forecast period. This growth is primarily attributed to the escalating demand for locally sourced, fresh produce, catalyzing a surge in indoor farming initiatives worldwide.

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Facility Trends:

The report indicates that glass or poly greenhouses are expected to dominate the indoor farming market in the forecasted period. This dominance is propelled by several factors including the growing emphasis on locally produced fresh produce, advancements in greenhouse technology enhancing productivity, and the imperative to reduce carbon footprints, driving the adoption of energy-efficient options.

Component Insights:

Lighting systems emerge as a significant component in the indoor farming market, holding a substantial market share. This prominence is attributed to the indispensable role of lighting in facilitating plant growth in controlled indoor environments. The quality, quantity, and duration of light are crucial factors affecting agricultural yields, with tailored lighting spectra optimizing plant growth and minimizing energy consumption.

Regional Dynamics:

North America is poised to witness a notable increase in its market share within the indoor farming technology market during the forecast period. The region is experiencing a surge in greenhouse and vertical farming initiatives, particularly in the United States and Canada. Supported by government initiatives and private investments, hydroponic gardening techniques are gaining traction, especially in urban areas, contributing to the region's market growth.

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Key Market Players:

The market comprises several prominent players such as Scotts Company LLC, Signify Holding, EVERLIGHT ELECTRONICS CO., LTD, among others. These players are leveraging various growth strategies including partnerships, agreements, and collaborations to strengthen their global market presence and capitalize on emerging opportunities in the indoor farming technology sector.

In summary, the indoor farming technology market is witnessing significant growth driven by increasing demand for fresh, locally sourced produce, technological advancements, and favorable government policies. With a diverse range of growing systems, components, and crop types, the market presents lucrative opportunities for stakeholders across the globe.

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This release was published on openPR.