DUBLIN–(BUSINESS WIRE)–The “Global Indoor Farming Technology Market: Focus on Technology (Hardware, Software, Integrated System), Facility (Greenhouse, Indoor Vertical Farm), Growing Methods (Hydroponics, Aeroponics), & Produce (Medicinal Crop) – Analysis & Forecast, 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The indoor farming technology market is expected to reach $12.02 billion by 2024, rising at a CAGR of 15.23% from 2019 to 2024
The growth of the market is largely attributed due to the adoption of technologies pertaining to indoor vertical farms along with software and services in the indoor farming industry.
The global food economy is being progressively compelled by the gradual change in food consumption patterns. Indoor farming is a perfect alternative to conventional farming, which has been adopted since the early 1900s, but at non-commercial and small scales. The practice of growing crops in greenhouses, which have been predominantly low-tech, has been in existence since a long time.
With the innovations in urban planning and sustainability, indoor farming has gained importance as a local method of production in cities. Think tanks in the U.S. and Japan have increased awareness for indoor farming across the globe. This increase in indoor farming has been associated with developments in technology for every operation carried out in an indoor farm. As of 2018, the most established technology is the hardware components, such as lighting, climate control systems, sensors, and monitors, which enable cultivation of crops indoors.
With the increasing need to make an indoor farm profitable, developments in the application of software and related services, along with the trend of automation to eliminate human interference, has taken shape in the industry. Most of the developed nations have become the early adopters of the most advanced technologies. These countries include the U.S., Canada, the U.K., the Netherlands, and Japan, where both technology providers and growers are more concentrated as compared to other countries.
However, emerging nations, especially countries such as China, India, the U.A.E., Mexico, and Singapore, are observing a massive growth in the adoption of technologies incorporated in indoor farms, owing to the rising demand for produce from such facilities. This robust growth in developing regions has been largely propelled by increasing urban population and growing disposable incomes, which in turn have stimulated the growth in the consumption of fresh, healthy, and nutritious food.
Key Topics Covered:
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Need for Global Food Security
1.1.2 Increase in Overall Crop Yield
1.1.3 Decline in Arable Land
1.1.4 Increasing Concerns Regarding Climate Change
1.2 Market Restraints
1.2.1 High Initial Investment and Operational Costs
1.2.2 Impact of Indoor Farming on Environmental and Energy
1.3 Market Opportunities
1.3.1 Producing Pharmaceutical Plants through Indoor Farming
1.3.2 Opportunities in Asia-Pacific, Middle-East, and Africa
2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 Partnerships, Collaborations & Joint Ventures
2.1.2 New Product Launches and Developments
2.1.3 Business Expansions and Contracts
2.1.4 Mergers and Acquisitions
2.1.5 Others (Awards and Recognitions)
2.2 Competitive Analysis
3 Industry Analysis
3.1 Industry Attractiveness
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Bargaining Power of Suppliers
3.1.4 Threat from Substitutes
3.1.5 Intensity of Competitive Rivalry
3.2 Investment and Funding Landscape
3.3 Emerging Trends in the Indoor Farming Technology Market
3.3.1 Expansion of Indoor Farming to Commercial Establishments
3.3.2 Growing Role of Artificial Intelligence in Indoor Farming
4 Global Indoor Farming Technology Market (by Technology Type)
4.1 Assumptions and Limitations for Analysis and Forecast of the Global Indoor Farming Technology Market
4.2 Market Overview
4.3 Hardware Systems
4.3.1 Lighting Systems
4.3.2 Climate Control Systems
4.3.3 Sensors, Controllers, and Monitoring Systems
4.3.4 Irrigation Systems
4.4 Software and Services
4.5 Integrated Systems
5 Global Indoor Farming Technology Market (by Facility Type)
5.1 Market Overview
5.3 Indoor Vertical Farm
5.4 Container Farm
6 Global Indoor Farming Technology Market (by Growing Methods)
6.1 Market Overview
7 Global Indoor Farming Technology Market (by Produce Type)
7.1 Market Overview
7.3 Microgreens and Herbs
7.5 Flowers and Ornamentals
7.6 Medicinal Crops
8 Global Indoor Farming Technology Market, (by Region)
9 Company Profiles
- American Hydroponics
- Argus Control Systems Ltd.
- Autogrow Systems Ltd.
- Current by General Electric
- Everlight Electronics Co., Ltd.
- Freight Farms
- GE Lighting
- General Hydroponics Inc.
- Logiqs B.V.
- OSRAM GmbH
- Priva Holding B.V.
- Richel Group
- Smart Cannabis Corp.
- Signify N.V.
- Tevatronic Ltd.
- Vertical Farm System Pty Ltd.
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