Key Developments By Leading Players in the Indoor Farming Technology Market

Growth opportunities and latent adjacency in Indoor Farming Technology Market

(EMAILWIRE.COM, November 14, 2019 ) The indoor farming technology market is projected to reach USD 40.25 billion by 2022, at a CAGR of 9.65% from 2017. The growth of the indoor farming technology market is driven by the need for higher yield and the changing eating habits that demands for nutritious foods.

Key players in the indoor farming technology market include Philips Lighting (Netherlands), EVERLIGHT Electronics. (Taiwan), Netafim (Israel), Argus Controls Systems (Canada), and LumiGrow, (US). Logiqs (Netherlands), Illumitex (US), Vertical Farm Systems (Australia), Hydrodynamics International (US), General Hydroponics (US), Richel Group (France), and agrilution (Germany) are a few other key market players who also hold a significant share of the indoor farming technology market.

Philips Lighting is one of the market leaders with recognized expertise in the development, manufacture, and marketing of innovative, energy-efficient lighting products, systems, and services. It provides lighting products that have application in horticulture. Philips Lighting has its presence in over 180 countries across the Americas, Europe, Africa, and Asia Pacific. It functions through 70 sales offices worldwide, and has manufacturing sites in 22 countries. In February 2018, Philips Lighting entered into a partnership agreement with ST Solution (Russia), a specialist in turnkey greenhouse solutions. This partnership would help the company to expand its customer base in the Russian market.

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LumiGrow is a manufacturer of advanced LED lighting solutions for horticultural and agricultural applications. It offers LED grow lights in various fixture designs for growers in commercial greenhouses, controlled environment agriculture, and plant research. The company primarily operates in the North American market, and its solutions are eligible for energy-efficiency subsidies from utilities across North America. LumiGrow also provides its products in some of the major countries across Europe and Asia Pacific through its distribution networks. In March 2018, LumiGrow entered into a partnership agreement with Lighting Plus Wholesale (Canada), an energy auditing, lighting, and HVAC solutions provider. Through this agreement, LumiGrow would provide lighting solutions and services to the growers in Ontario, who are implementing smart horticultural lighting for precision greenhouse management.

The indoor farming technology market, based on growing system, has been segmented into hydroponics, aeroponics, aquaponics, soil-based, and hybrid. Exposure to climatic changes, soil contamination, limited space in urban areas, and most importantly, low availability of water have resulted in a shortage of food production. The application of hydroponics growth mechanism helps to mitigate most of these risks and provides ample fresh produce.

The indoor farming technology market, by facility type, has been segmented into glass or poly greenhouses, indoor vertical farms, container farms, and indoor deep water culture (DWC) systems. The glass or poly greenhouses segment dominated the market as the area under greenhouse cultivation is larger compared to indoor vertical farms in countries such as the US, China, and the Netherlands.

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The indoor farming technology market, by component, has been segmented into hardware and software & services. Climate control is crucial in indoor farming, as it creates an environment conducive to plant growth, thereby providing better quality products. To control the climate, hardware components such as climate control systems and lighting systems are essential. Other important hardware components are irrigation systems, sensors, and control systems.

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