Indoor Farming Technology Market

Global Indoor Farming Technology Market Size (2024 to 2029)

The global indoor farming technology market size is expected to be valued at USD 33.48 billion and reach USD 53.07 billion by 2029, growing at a CAGR of 9.65 % from 2024 to 2029.

The market is driven by the ascent sought after for new nourishments with high nutritive worth, the requirement for better returns utilizing restricted space and water, and the lesser effect of outside climate conditions. Then again, the high introductory venture is one of the variables limiting the development of the indoor farming technology market.

The worldwide food economy is, in effect, continuously constrained by the progressive change in food utilization designs. Indoor farming is an ideal option in contrast to traditional farming, which has been embraced since the mid-1900s; however, it is at non-business and small scopes. The act of developing harvests in greenhouses, which have been overwhelmingly low-tech, has been present for quite a while.

Impact of COVID-19 on Indoor Farming Technology Market:

As we see developing degrees of concern, proposals for social distancing, diminished travel, maintaining a strategic distance from groups, terminations, and other defensive practices to slow the spread of COVID-19, shoppers will settle on extreme decisions about food, consumption from home, and in general spending. Dairy is noticeably included in out-of-home eating, and there might be a few interruptions in food administration deals. This will probably affect markets and costs. There have additionally been bottlenecks at ports in different nations as boats stand by to be offloaded with U.S. dairy and other homestead items. The Chicago Mercantile Exchange has closed down the floor exchange of all items until further notification.

Global Indoor Farming Technology Market Drivers and Restraints:

Less accessible arable land, developing interest in new and nutritious food, expanding appropriation of ensured development, and less effect of outside climate conditions are some of the essential variables that boost the market for indoor farming technology. Because of the expanding populace and urbanization, the land accessible for farming is constantly diminishing. Arable land per individual is contracting.

It has dropped from 0.38 ha in 1970 to 0.23 ha in 2000, with an anticipated decay to 0.15 ha per individual by 2050. In this manner, right now, there is a requirement for better returns utilizing restricted space and water, which is advancing the act of indoor farming and boosting the interest in indoor farming technology. The high cost of starting a venture can be a restriction to the development of the all-inclusive Indoor Farming Technology Market.

REPORT COVERAGE:

This research report on the global indoor farming technology market is segmented and sub-segmented into the following categories.

Global Indoor Farming Technology Market – By Growing System:

• Hydroponics
• Aeroponics
• Aquaponics
• Soil-based
• Hybrid

Global Indoor Farming Technology Market – By Components:

• Hardware
• Software
• Solutions

Global Indoor Farming Technology Market – By Facility Type:

• Glass or Poly Greenhouses
• Container Farms
• Indoor Vertical Farms
• Indoor Deep Water Culture (DWC) Frameworks

Global Indoor Farming Technology Market – By Crop Type:

• Fruits & vegetables
• Herbs & Microgreens
• Flowers & Ornamentals

Hydroponics, aeroponics, aquaponics, soil-based, and hybrid are the growing system portion of the market. A component portion of the worldwide indoor farming technology market is fragmented into hardware, software, and services. Glass or poly greenhouses, container farms, indoor vertical farms, and indoor deep-water culture (DWC) frameworks are fragments based on facility type. Moreover, in view of crop type, the market is fragmented into fruits and vegetables, herbs and microgreens, flowers and ornamentals, and other crop types.

In view of components, the hardware portion is anticipated to develop at a higher rate during the figure time frame. The three significant segments in the hardware portion incorporate climate control frameworks, lighting, and irrigation system frameworks. A climate control framework is maybe the absolute most significant technology in an indoor farming facility, as it permits ranchers to make the perfect condition for all-year production. Henceforth, the section is anticipated to record a moderately higher CAGR of 9.88% from 2022 - 2027

By facility, the glass or poly greenhouses fragment represented the biggest portion of the indoor farming technology market in 2019. Greenhouses are commonly used to develop tomatoes, potatoes, and cucumbers. A huge portion of this section can be credited to the high appropriation of this procedure in nations such as the US and China. This procedure expends less vitality and requires a lesser number of work hours, which makes it more moderate than indoor vertical farms.

Global Indoor Farming Technology Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Europe was the biggest indoor farming technology market in 2020. This strength can be credited to the high appropriation of exact farming and secured agribusiness in this area. Also, as a reaction to the development popular for food, fast urbanization, and an expansion in the requirement for new beneficial soils, indoor farming is relied upon to be the main farming technology and a monetarily reasonable arrangement in this area.

North America represented the biggest portion of the global indoor farming industry in 2018. With the assistance of high-effectiveness LED lights and improved indoor administration rehearses, the US cultivators have had the option to embrace huge scope indoor farming and are relied upon to decrease vitality lighting costs by half, henceforth diminishing the carbon impression of controlled condition agribusiness. According to the United States Department of Agriculture (USDA), the normal yield of customary lettuce farming multiplied twofold when developed through vertical farming. As indicated by the United Nations Food and Agriculture Organization, drylands in Mexico possess around 101.5 million hectares of land, consequently pushing the requirement for indoor farming technology. Canada has likewise observed a positive development pattern, contributing fundamentally to the world fares of hydroponically developed tomatoes. The development of hydroponics and aeroponics frameworks in the district is further driving the general indoor farming market, significantly because of the expanding center around embracing creative and effective technologies to improve yields.

KEY MARKET PLAYERS:

AeroFarms, BrightFarms Inc., Bowery Inc., FreshBox Farms, Metropolis Farms Inc., Philips Lighting, Netafim, Argus Controls Systems, LumiGrow. Some of the market players dominate the global indoor farming technology market.

RECENT DEVELOPMENTS IN THE MARKET:

• In 2017, AeroFarms, the aeroponics giant situated in the US, included IKEA Group and Momofuku Group for speculations worth USD 40 million for its worldwide development.
• In January 2018, Philips Lighting displayed its GreenPower LED top lighting at IPM Essen, Germany. This new form offers higher light adequacy, a longer lifetime of 35,000 consuming hours, and high vitality productivity contrasted with the previous top lighting module.
• In July 2017, Softbank (Japan) put USD 200 million in Plenty (US), a Silicon Valley fire-up for vertical homestead technology.
• In August 2014, FarmedHere LLC (US) banded together with Illumitex, Inc. (US), a main lighting arrangement supplier, to develop crops utilizing less vitality and lighting frameworks given by Illumitex, Inc.