Global Indoor Farming Technology Market Is Expected To Reach USD 15,285.22 Million by 2024

21-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, and Hybrid), by Components (Hardware and Software & Services), by Facility Type (Glass or Poly Greenhouses, Container Farms, Indoor Vertical Farms, and Indoor Deep Water Culture (DWC) Systems), and by Crop Type (Fruits & Vegetables, Herbs & microgreens, Flowers & Ornamentals, and Other Crop Types): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global indoor farming technology market accounted for USD 6,482.94 million in 2017 and is expected to reach USD 15,285.22 million globally by 2024, growing at a CAGR of around 13.23% between 2018 and 2024.  

Indoor farming has gained significant popularity in recent years, as this technology has become more defined, allowing a large amount of fresh and green vegetable produced in city environments, with minimum space and in less water utilization than conventional farming techniques. Novel technologies are changing the scenario, allowing people to grow food and vegetable in places where it was earlier difficult in traditional farms. Commonly, indoor farming utilizes a combination of hydroponics and artificial lighting to supply plants adequate nutrients and light, which usually they get when grown outside. While growing indoors, lots of indoor farmers prefer to have additional control over the environment compared to the traditional farming. Nutrition levels, light amounts, and moisture levels can be controlled by the farmer when the crops are grown indoors.

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Browse the full "Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, and Hybrid), by Components (Hardware and Software & Services), by Facility Type (Glass or Poly Greenhouses, Container Farms, Indoor Vertical Farms, and Indoor Deep Water Culture (DWC) Systems), and by Crop Type (Fruits & Vegetables, Herbs & microgreens, Flowers & Ornamentals, and Other Crop Types): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/indoor-farming-technology-market

Global Indoor Farming Technology Market

The decline in arable land, stress on natural resources, and limited external weather conditions are some of the key factors estimated to support the indoor farming technology market growth. Additionally, increasing demand for fresh food paired with the development of innovative and cost-effective technologies is further expected to surge the demand for indoor farming technology market in the analysis period. Need for higher yields coupled with increasing investment by key technology providers is expected to boost the growth of the market massively in the coming years. Still, high initial investments may pose a challenge for the indoor farming technology market in the forecast period. Nonetheless, the emergence of Al and blockchain technology may disclose new avenues for indoor farming technology market in the near future.

Based on the growing system, the global indoor farming technology market is fragmented into hydroponics, aquaponics, aeroponics, soil-based, and hybrid. In 2017, hydroponics growing system dominated the market significantly. Hardware and software & services are the component segment of the global indoor farming technology market. Further, glass or poly greenhouses dominated the facility type segment of the indoor farming market in past years owing to the advancements in the greenhouse and supporting technologies such as multi-racking mechanized systems, recycling systems, LED lighting, and storage batteries. Based on the crop type grown, the indoor farming technology market is categorized into fruits & vegetables, herbs & microgreens, flowers & ornamentals, and other crop types.

With the largest share, Europe was the leading regional market for the indoor farming technology in 2017 followed by North America. The growth of the European indoor farming technology market can be attributed to the growing startup activities in food and agriculture innovation, the high adoption rate of agriculture technology, and crowdfunding for a variety of indoor agriculture initiatives. In the Asia Pacific, China, Singapore, and Taiwan are expected to be the most attractive countries for the indoor farming technology market owing to the increasing research & development activities in this region paired with national policy initiatives to subsidies. The African region is also likely to show massive growth owing to the increasing initiatives by technology service providers in this region.

Major participants operative in the indoor farming technology market is Netafim, Everlight Electronics, Certhon, Logiqs B.V, Philips Lighting, Argus Controls Systems, Urban Crop Solutions, and Illumitex, amongst others.

The report segments the global indoor farming technology market as follows:

Global Indoor Farming Technology Market: Growing System Segment Analysis

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

Global Indoor Farming Technology Market: Components Segment Analysis

  • Hardware
  • Software & Services

Global Indoor Farming Technology Market: Facility Type Segment Analysis

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

Global Indoor Farming Technology Market: Crop Type Segment Analysis

  • Fruits & Vegetables
  • Herbs & Microgreens
  • Flowers & Ornamentals
  • Others

Global Indoor Farming Technology Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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