The global Indoor Farming Technology market will be worth USD 62.67 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be the rising demand for health-conscious consumers for high-quality and fresh organic foods. The rising incidence of chronic diseases among consumers has shifted their preferences towards high-quality organic food as they are more nutritious, healthier, and safer. Rapid urbanization in the emerging economies and the increasing purchasing power of the consumers is driving the growth of the indoor farming technology market. Growing initiatives to develop an independent farming technique having less impact on climate is anticipated to fuel the development of the indoor farming system.
Next, on the basis of different segments that manufacturers specialize in, the study scans and evaluates the price of different products, sales, value, customer preference and spending capacity for the forecast period, 2020 - 2027. Profiles of the top performers from across the world are also included in the study with the aim to bring to light the winning strategies that has helped them occupy a strong foothold in the Indoor Farming Technology market. All of these information and more are explained through resources such as charts, tables and info graphics.
Key Highlights From The Report
In March 2020, an expansion of collaboration between Signify and Planet Farms, an operator of vertical farms based in Italy, Europe. The collaboration is expected to boost the quality and yield of the crops with the help of the Philips GreenPower LED production.
The Hardware segment held the largest market share of 59.4% in 2019. The increasing need to protect the crops from severe climatic conditions and maintain optimum growth conditions is expected to drive the hardware solutions\' growth.
Indoor vertical farms are forecasted to grow with the fastest CAGR of 10.1% over the forecast period. The increasing demand for health-conscious consumers for high-quality organic crops has increased the adoption of indoor vertical farms.
The Hydroponics segment held the largest market share of Indoor Farming Technology in 2019. Growing awareness regarding the adverse effects of pesticides among consumers has increased the adoption of the hydroponics method.
The Fruits & Vegetable segment accounted for the largest market share in 2019. The increasing utilization of indoor farming for the cultivation of fruits & vegetables is expected to drive the segment\'s growth.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the scarcity of arable lands in the densely populated countries of the region.
Key participants include Everlight Electronics, Philips Lighting, Netafim, Illumitex, Inc., Argus Control Systems, Logiqs B.V., Freight Farms, Signify, BrightFarms, and American Hydroponics, among others.
Emergen Research has segmented the global Indoor Farming Technology on the basis of Component, Facility Type, Growth Mechanisms, Crop Type, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Software & Services (web-based, cloud-based)
Hardware (Lighting Systems, Irrigation Systems, Sensors, Climate Control Systems)
Facility Type Outlook (Revenue, USD Billion; 2017-2027)
