Global indoor farming technology market

The rising need for higher yields using limited water and space is a key trend that is responsible for the wide adoption of indoor farming technology globally. Moreover, the production of biopharmaceutical products offers lucrative growth opportunities for the global indoor farming market over the forecast period of 2019-2026.
The global indoor farming technology market is significantly driven by growing demand for fresh foods with higher nutritive value. According to the IIFT, research conducted by Euromonitor International reveals that in 2016, global demand for fresh food increased by 3% in terms of volume. Also, Asia-Pacific and the Middle East experienced growth owing to the disposable budgets and growing population. In China, sales of fresh organics increased approximately 30% in 2016. In addition, the broader availability of organic fresh foods through online companies, store-based retailers, and direct sellers made it easier for consumers to adopt fresh organic foods. Thus, growing demand for fresh foods is likely to increase the demand for indoor farming considering the availability of low space in developed countries. As a result, the demand & adoption of indoor farming technology would increase thereby, aiding the growth of the market over the forecast period. However, high initial investments and limitations on the types of crops that can be grown are the major factors that impede the growth of the global indoor farming technology market.

On the basis of segmentation, the indoor farming technology market is segmented into the growing system, facility type, component, and crop type. The growing segment of the global indoor farming technology market is classified into aeroponics, hydroponics, aquaponics, soil-based, and hybrid of which hydroponics holds the largest market share in terms of revenue owing to the application of hydroponics growth mechanism helps to mitigate most of the risks such as limited space in urban areas and low availability of water and it provides ample fresh produce. The facility type segment includes glass or poly greenhouses, indoor vertical farms, container farms, and indoor deep-water culture (DWC) systems of which glass or poly greenhouses segment holds the leading position as the area under greenhouse cultivation is larger as compared to indoor vertical farms. Based on the component segment the market is segmented into hardware and software & services. On the basis of crop type segment, the global indoor farming market is segmented into fruits & vegetables, herbs & microgreens, flowers & ornamentals, and others.

The global indoor farming technology market is valued at approximately USD 27.9 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 9.65 % over the forecast period 2019-2026 and is estimated to reach USD 58.2 billion by 2026.

The regional analysis of the indoor farming technology market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America, and ROW. Asia-Pacific has occupied a major share in the global indoor farming technology market. The major reasons for the dominance of Asia-Pacific are the growth in the number of indoor farms in countries such as China and Japan. Whereas, Asia-Pacific is expected to emerge as the fastest-growing region in terms of market share. The growth of the Asia-Pacific region is witnessed owing to climate variations in this region.
The leading market players include Philips Lighting, Everlight Electronics, Argus Controls Systems, Netafim, Lumigrow, Logiqs, Illumitex, Vertical Farm Systems, Hydrodynamics International, and General Hydroponics

The detailed segments and sub-segment of the market are explained below:
By Growing system: Aeroponics, Hydroponics, Aquaponics, Soil-Based, Hybrid
By Facility Type: Glass or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep-Water Culture (DWC) systems
By Component: Hardware, Climate Control Systems, Lighting Systems, Communication Systems, Sensors, System Controls, Irrigation Systems, Software & Services, Equipment
By Crop Type: Fruits & Vegetables, Leafy Greens, Tomato, Strawberry, Eggplant

Herbs & Microgreens: Basil, Herbs, Tarragon, Wheatgrass, Flowers & Ornamentals, Perennials, Annuals, Ornamentals, Others

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Bizwit Research & Consulting LLP