According to a recent estimate by Emergen Research, the indoor farming technology market would be valued USD 62.67 billion by 2027. The increased demand for premium, fresh, organic goods among consumers who are health-conscious may be contributing to the expansion of this sector. Because high-quality organic foods are more nutrient-dense, healthier, and safer, customers’ preferences have changed as the prevalence of chronic diseases among consumers has increased. The market for indoor farming technology is expanding as a result of the emerging nations’ rapid urbanisation and customers’ rising purchasing power. The development of the indoor farming system is projected to be fueled by growing efforts to create a separate farming method with less of an influence on the environment.
Greater production is obtained by using hydroponics to control pH and nutrients. The growing use of hydroponics techniques is due to their simplicity and inexpensive installation costs.
Market insights and Analysis for Indoor Farming Technology Market:
The practise of growing food and plants within the home using various technologies is known as indoor farming. This technique combines soil-based, aeroponic, aquaponic, and hybrid technologies to grow plants with enhanced nutrient levels. On small and big scales, indoor farming technologies can be used in the household and in the commercial sector.
Rising consumer knowledge of the advantages of consuming fresh, high-quality food is predicted to be the main driver of growth. Additionally, the expanding industry is being fueled by the rising need for food due to the expanding global population, particularly in developing nations like China and India. The desire for fresh foods with more nutrients, the need for higher yields with less space and water, and less reliance on the outside weather are some of the factors propelling the expansion of the indoor farming technology market. The market for indoor agriculture benefits from the advancement of affordable and cutting-edge technology.
The market for indoor farming technology is constrained, nevertheless, by high startup costs and restrictions on the types of crops that may be grown. Lack of skilled labour is one of the problems the indoor agricultural technology business is dealing with. The speed of indoor farming research and development is further slowed by financing restrictions at public institutions and colleges, which reduces the availability of information that would otherwise motivate farmers to spend.
Key Participants include:
Everlight Electronics, Philips Lighting, Netafim, Illumitex, Inc., Argus Control Systems, Logiqs B.V., Freight Farms, Signify, BrightFarms, and American Hydroponics, among others.
Some Key Highlights from the Report:
- An expansion of the partnership between Signify and Planet Farms, a provider of vertical farms situated in Italy, Europe, is scheduled for March 2020. The partnership is anticipated to improve crop quality and yield with the use of Philips GreenPower LED manufacturing.
- In 2019, the Hardware sector had the highest market share at 59.4%. The growing demand for hardware solutions is anticipated to be fueled by the growing need to safeguard crops from harsh weather conditions and maintain ideal growth conditions.
- The quickest CAGR of 10.1% is predicted for indoor vertical farms during the projection period. The usage of indoor vertical farms has expanded due to the rising demand for high-quality organic foods from health-conscious consumers.
- In 2019, the indoor farming technology market was dominated by the hydroponics sector. The use of hydroponics has expanded as customers become more aware of the harmful effects of pesticides.
- In 2019, the Fruits & Vegetables section held the greatest market share. The segment is anticipated to develop as a result of the growing use of indoor farming for the cultivation of fruits and vegetables.
- Due to the lack of arable land in the region’s highly populous nations, the Asia Pacific region is anticipated to experience the fastest growth during the projected period.
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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)
Crop Type Outlook (Revenue, USD Billion; 2017-2027)
- Herbs & microgreens
- Fruits & Vegetables
- Flower & ornamentals
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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