Global Indoor Farming Technology Market is Projected to Reach $12.02 Bn by 2024

Monday 22 July 2019, Amsterdam

The global food economy is being progressively compelled by the gradual change in the food consumption patterns. Indoor farming is a perfect alternative to conventional farming, which has been adopted since 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.

According to the latest report, titled 'Global Indoor Farming Technology Market – Analysis and Forecast (2019-2024)’, 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.

Few Companies Mentioned in the Report:

• Aerofarms
• Agrilyst
• American Hydroponics
• Argus Control Systems Ltd.
• Autogrow Systems Ltd.
• CannaPro
• Certhon
• Current by General Electric
• Everlight Electronics Co., Ltd.
• Freight Farms
• GE Lighting
• General Hydroponics Inc.
• Illumitex
• Logiqs B.V.
• Lumigrow
• Lumileds
• Netafim
• OSRAM GmbH
• Priva Holding B.V.
• Richel Group
• Smart Cannabis Corp.
• Signify N.V.
• Tevatronic Ltd.
• Vertical Farm System Pty Ltd.

Key Questions Addressed in the Report:

• How is indoor farming a solution to the increasing global food demand and depleting natural resources?
• What are the factors encouraging the uptake of indoor farming technologies? How opportunistic is the software and services market in the indoor farming sector?
• How is high investment cost affecting the adoption of indoor farming technologies by growers? What solutions can be undertaken by the companies to overcome the cost factor?
• How competitive is the industry in terms of market developments by key players such as business expansions, collaborations, acquisitions, agreements, and new product developments?
• What is the positioning of the leading players in the lighting systems market on the basis of their revenue contribution?
• What has been the investment and funding landscape in the global indoor farming technology market in the last three years? What is the market attractiveness for emerging start-ups?
• Which is the most common facility type to deploy indoor farming technologies? What is the expected growth potential for different facility types during the forecast period?
• Who are the leading players offering technologies for different facilities in the indoor farming sector?
• What is the expected future scenario and revenue generated by different types of indoor farming solutions including hardware systems, software, and services?
• How important are different hardware solutions such as lighting systems, control systems, and sensing systems in the indoor farms?
• Which are the most profitable crops and the emerging crop types that are expected to be compatible with indoor farming technologies?
• Which is the most dominant region in terms of technology adoption, revenue generation, and presence of companies?
• What are the major facility types for which indoor farming technologies are being used in different regions?