Growth opportunities and latent adjacency in Indoor Farming Technology Market

Latest Regulatory Trends Impacting the Indoor Farming Technology Market

(EMAILWIRE.COM, March 26, 2020 ) The report "Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals), and Region - Global Forecast to 2022", The indoor farming technology market was valued at 25.40 Billion in 2017, and is projected to reach USD 40.25 Billion by 2022, at a CAGR of 9.65%. Indoor farming uses different growing systems and structures, from urban and small-scale farming to highly controlled and semi-automated systems; this results in the production of more than three-fold yield as compared to traditional farming, within the same area of land. One of the major factors driving the growth of the indoor farming technology market is the lesser impact of changing weather conditions.

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.

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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.

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.

The indoor farming technology market, by crop type, has been segmented into fruits & vegetables, herbs & microgreens, flowers & ornamentals, and others (cannabis and mushrooms). Currently, the indoor farming technology is largely used for the cultivation of fruits & vegetables such as leafy vegetables, tomatoes, cucumbers, potatoes, and eggplants.

The Asia Pacific region is projected to be the fastest-growing market for indoor farming technology over the next five years. This can be attributed to the increase in the number of indoor farms in countries such as China and Japan, and the climate variations in this region.

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High initial investments and limitations on types of crops that can be grown have been the major restraints for the market growth.

The global market for indoor farming technology is dominated by large-scale players such as Philips Lighting (Netherlands), Netafim (Israel), Argus Controls Systems (Canada), EVERLIGHT Electronics (Taiwan), 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 that also hold a significant share of the indoor farming technology market.