The global Indoor Farming Technology market will be worth USD 62.67 Billion by 2027. The growth of this market can be the rising demand for health-conscious consumers for high-quality and fresh organic foods. The rising incidence of chronic diseases among consumers has shifted their preferences towards high-quality organic food as they are more nutritious, healthier, and safer. Rapid urbanization in the emerging economies and the increasing purchasing power of the consumers is driving the growth of the indoor farming technology market. Growing initiatives to develop an independent farming technique having less impact on climate is anticipated to fuel the development of the indoor farming system.
Ability to manage the pH and nutrients with the help of hydroponics results in greater yield. Ease of operations and low installation cost has resulted in the increasing adoption of the hydroponics methods.
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The report offers a panoramic view of the Indoor Farming Technology market, regulatory framework, and macro- and micro-economic factors that influence the growth of the industry. The report strives to offer authentic information about the Indoor Farming Technology market size, share, product portfolio, revenue estimations, and growth rate. The report has been formulated through extensive primary and secondary research along with verified and reliable data obtained from industry experts and professionals. The study offers a clear understanding of the current market scenario owing to the COVID-19 pandemic and offers a comprehensive analysis of the current and future impact of the pandemic on the overall market landscape.
Key players in the market include Everlight Electronics, Philips Lighting, Netafim, Illumitex, Inc., Argus Control Systems, Logiqs B.V., Freight Farms, Signify, BrightFarms, and American Hydroponics, among others.
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Emergen Research has segmented the global Indoor Farming Technology on the basis of Component, Facility Type, Growth Mechanisms, Crop Type, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Software Services (web-based, cloud-based)
Hardware (Lighting Systems, Irrigation Systems, Sensors, Climate Control Systems)
Facility Type Outlook (Revenue, USD Billion; 2017-2027)
Indoor Deep Water Culture (DWC) systems
Indoor vertical farms (Shipping Container, building-based)
Glass or poly greenhouses
Growth Mechanisms Outlook (Revenue, USD Billion; 2017-2027)
Aeroponics
Hydroponics
Aquaponics
Hybrid
Soil-based
Crop Type Outlook (Revenue, USD Billion; 2017-2027)
Herbs microgreens
Fruits Vegetables
Flower ornamentals
Others
Key Findings from the Report:
In March 2020, an expansion of collaboration between Signify and Planet Farms, an operator of vertical farms based in Italy, Europe. The collaboration is expected to boost the quality and yield of the crops with the help of the Philips GreenPower LED production.
The Hardware segment held the largest market share of 59.4% in 2019. The increasing need to protect the crops from severe climatic conditions and maintain optimum growth conditions is expected to drive the hardware solutions' growth.
Indoor vertical farms are forecasted to grow with the fastest CAGR of 10.1% over the forecast period. The increasing demand for health-conscious consumers for high-quality organic crops has increased the adoption of indoor vertical farms.
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The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Outlook of Indoor Farming Technology Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
Key Benefits of Buying the Global Indoor Farming Technology Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Indoor Farming Technology Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Indoor Farming Technology Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Indoor Farming Technology Market
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