According to the latest analysis by Emergen Research, the global Indoor Farming Technology market is forecast to reach USD 62.67 Billion in terms of revenue from USD 31.59 Billion, delivering a CAGR of 9.5% through 2027. The market growth is driven by increasing demand for high-quality and fresh organic food products and scarcity of arable land.
Indoor farming technology is gaining massive popularity as it helps in managing the nutrients and pH which results in greater crop yield. Low costs and ease of operations has resulted in the increasing adoption of indoor farming technology.
With the rising incidence of chronic diseases, consumers are more inclined towards high-quality organic food which is healthier and nutritious. Rapid urbanization and increasing purchasing power of the consumers in the emerging economies is projected to boost indoor farming technology market growth through 2027. Moreover, rise in favourable initiatives to develop independent farming techniques that pose less impact on the environment will further foster industry size in the upcoming years.
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Key Highlights from Report
- Based on component type, the hardware sub-segment accounted for nearly 59.4% of the global industry share in 2019. The segmental growth can be attributed to the increased focus on protecting crops from severe climatic conditions while maintain optimum growth conditions.
- Based on facility type, the indoor vertical farms sub-segment is projected to exhibit a notable CAGR of 10.1% during the analysis period. The increased adoption of indoor vertical farms can be attributed to the surging demand for high-quality organic crops from for health-conscious consumers
- On the basis of growth mechanisms, the hydroponics sub-segment accounted for the largest market indoor farming technology market share in 2019 and is expected to make major revenue contributions through 2027. The robust growth can be attributed to the growing awareness regarding the adverse effects of pesticides and associated growth in the adoption of hydroponics method.
- Based on crop type, the fruits & vegetable sub-segment held a major chunk of the global indoor farming technology market share in 2019 and is expected to gain major traction through 2027 on account of increasing adoption of indoor farming practices for the cultivation of fruits & vegetables across the globe.
- In the regional landscape, the APAC region is forecast to be the fastest-growing market for the global indoor farming technology over the projected timeframe on account of scarcity of arable lands in densely populated countries across the region.
- Key players operating in the global indoor farming technology market include Philips Lighting, Everlight Electronics, Netafim, Argus Control Systems, Illumitex, Inc., Logiqs B.V., BrightFarms, American Hydroponics, and Freight Farms, Signify, among others.
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
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/indoor-farming-technology-market