The global Indoor Farming Technology market will be worth USD 62.67 Billion by 2027, according to a current analysis by Emergen Research. 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.
Emergen Research has recently published a detailed report on the global Indoor Farming Technology market formulated through extensive primary and secondary research. The report offers in-depth knowledge and analysis of the Indoor Farming Technology market through verified and validated data curated to offer accurate insights. The report also offers a region wise and country wise analysis of the Indoor Farming Technology market and contains a detailed analysis of the key elements influencing the growth of the market in the region. The research study also contains historical, current, and forecast estimations for each sector, segment, sub-segment, and regions.
The report is updated with the impact of the COVID-19 pandemic on the Indoor Farming Technology market. Every industry vertical across the globe has been affected by the pandemic, and the report assesses if the impact of the pandemic on the Indoor Farming Technology market has been positive or negative. It also sheds light on the effect of the financial difficulties and supply disruption caused by the pandemic in the overall growth of the market. Furthermore, the report covers a current and future impact assessment of the pandemic on the overall growth of the Indoor Farming Technology market.
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The report on the Global Indoor Farming Technology Market is an investigative study on the key features of the business landscape along with an analysis of the growth opportunities, challenges, threats, drivers and restraints, and limitations of the market. The report also offers insights into the segments, sub-segments, and regions exhibiting promising growth.
Some Key Highlights 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.
- The Hydroponics segment held the largest market share of Indoor Farming Technology in 2019. Growing awareness regarding the adverse effects of pesticides among consumers has increased the adoption of the hydroponics method.
- The Fruits & Vegetable segment accounted for the largest market share in 2019. The increasing utilization of indoor farming for the cultivation of fruits & vegetables is expected to drive the segment’s growth.
The report further sheds light on the competitive landscape of the Indoor Farming Technology market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
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The prominent players profiled in the report are:
Everlight Electronics, Philips Lighting, Netafim, Illumitex, Inc., Argus Control Systems, Logiqs B.V., Freight Farms, Signify, BrightFarms, and American Hydroponics, among others.
Furthermore, the report covers a comprehensive overview of the key regions and market segmentation into types and applications. The regional analysis of the global Indoor Farming Technology market considers key geographical regions of the world to study different aspects of the market. The market is segmented into key regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The report covers the analysis of the factors anticipated to drive the Global Indoor Farming Technology Market growth over the forecast period of 2020-2027. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report considers 2019 as the base year and 2016-2018 as the historical years. It puts examines drivers and restraints of the Indoor Farming Technology market and analyzes their impact on the industry throughout the forecast period.
Emergen Research has segmented the global Indoor Farming Technology on the basis of Component, Facility Type, Growth Mechanisms, Crop Type:
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
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