The indoor farming technology market is estimated at USD 14.5 billion in 2020 and is projected to grow at a CAGR of 9.4%, to reach USD 24.8 billion by 2026. Indoor farming is followed to bolster local food supplies and provide nutritious, fresh produce to consumers. This method of farming controls plant-fertilizing nutrients, so the food that is grown using this technique is highly nutritious. In indoor farming, a wide variety of crops such as leafy vegetables, herbs, vegetables, fruits, microgreens, and flowers can be grown. Indoor vertical farming systems provide organic food that is not contaminated with agrochemicals. These form the major driving forces for the indoor vertical farming along with the increasing consumer demand for pesticide- and herbicide-free food.
“Hydroponics is estimated to account for the largest share in 2020 for indoor farming technology based on the growing system segment”
Based on growing system, the hydroponics is estimated to account for the largest share in the indoor farming technology market in 2020. Hydroponics technology offers many benefits, including no use of soil and low cost of water, as the water remains in the system and can be reused. The nutrition levels can entirely be controlled, resulting in lower nutrient cost with stable and high yield. Hydroponics need a continuous flow of nutrients to prevent drying out of the roots, as they lack a medium to store water and nutrients which has resulted in its growing usage as an alternative source of agriculture.
“The fruits & vegetables in the crop type segment is estimated to account for the largest share in 2020 in the indoor farming technology market due to the rising demand from the growing population that has resulted in inlcination towards alternativve sources of agriculture”
Based on crop type, the fruits & vegetables segment is estimated to account for the largest share in the indoor farming technology market in 2020. The consumption of fruits & vegetables has witnessed an overall double-digit growth in the last few decades, and this trend is expected to continue over the next few years. The ever growing population can be considered as a primary reason that has boosted the trend. The high demand for fruits & vegetables has encouraged farmers to produce higher and better yields, owing to which they adopt modern and high-end technologies. Fruits & vegetables form an important segment of the indoor farming technology market since advanced greenhouse methods and technologies are used on a large scale to grow the produce throughout the year. Using indoor vertical farms for the production of fruits & vegetables, more outdoor area is made available for the production of cereals and fodder crops.
“High growth is expected in the North America indoor farming technology market”
North America is one of the largest indoor farming technology markets due to the rapid growth in the number of greenhouses and vertical farms in the US and Canada. Cultivators have been promoting this concept of farming, which is supported by the US government. Alternative and indoor farming techniques and technologies are becoming increasingly popular in urban areas to facilitate the supply of fresh vegetables to grocery stores. Rooftop farms?such as New York-based Gotham Greens (US)?are emerging as a new trend in urban farming methods in North America.
Break-up of Primaries:
- By Company Type: Tier 1 – 43 %, Tier 2 – 41%, and Tier 3 – 16%
- By Designation: C Level – 54% and D Level – 46%
- By Region: Europe – 35%, Asia Pacific– 28%, North America – 22% and RoW* – 15%,
RoW* includes the Middle East, and Africa.
The report segments the indoor farming technology market on the basis of growing system, facility type, component, crop type, and region. In terms of insights, this report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the global indoor farming technology, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the indoor farming technology market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the indoor farming technology market is gaining popularity