New York, NY, Aug. 22, 2018 (GLOBE NEWSWIRE) -- 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.
Browse through 63 Tables & 31 Figures spread over 170 Pages and in-depth TOC on “Global Indoor Farming Technology Market Size & Share 2017: By Industry Type, Trends, Segments Analysis, and Forecast, 2024”.
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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.
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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.
In terms of revenue, Europe held the largest share of the global indoor farming technology market. The major factors driving the growth of the market in this region are the high adoption rate of indoor farming agriculture technology and crowdfunding for a variety of indoor agriculture initiatives. Spain and Italy have emerged as the most lucrative market for the indoor farming technology in the Europe region. Startup activities in terms of innovations in the food and agriculture sector are increasing in Europe which are also predicted to shape the market considerably in years to come.
North America indoor farming technology market is mainly driven by the presence of key companies in the region. In 2016 and 2017, the USDA funded several urban farms towards farms on greenhouses, rooftops, and in warehouses. In addition, the demand for indoor farming technology is further expected to grow in this region due to a rise in demand for fresh foods & vegetable with high nutritive values. Ongoing indoor farming projects in the United States are predicted to surge demand for indoor farming technology in this region. Canada is likely to acquire a significant market share in the analysis period.
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Asia Pacific is expected to witness the highest CAGR from 2018 to 2024 for indoor farming technology market. The market in the Asia Pacific comprises developing economy such as China, which has a significant potential for indoor farming technology market. Asian countries are more supportive for indoor agriculture industry compared to other countries worldwide. The support ranges from national policy initiatives to subsidies. In 2017, Japan, China, and Singapore held the majority share of the Asia Pacific indoor farming technology market. Taiwan has emerged as one of the most opportunist markets. Availability of less arable land with the government as well as industry’s strong dedication to agricultural R&D initiatives, Singapore can shape a niche in urban food solutions by creating itself as a living hub for food production technologies in the coming years.
Latin America is also a potential market for the growth of the indoor farming technology market. Brazil has great potential; there are many opportunities in the country. Presently, the country has several greenhouses that are very well developed, such as the flower greenhouses. Furthermore, the vegetable market in Brazil is also booming creating significant opportunities for the regional players. Government company, Embrapa is investing heavily in several areas and in several crops in the country; which may offer massive opportunities for indoor farming technology market in the coming years. Furthermore, Chile and Argentina are expected to be the key contributing countries for the growth of the indoor farming technology market in this region.
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
The Middle East is predicted to be fastest growing regional markets for the indoor farming technology market in years to come owing to the less availability of arable land paired with a shortage of water, climate change, and increasing demand for quality food. Companies such as Spread and AeroFarms are heavily focusing on this region as this is a most suitable region for the adoption of indoor farming technology. Dubai and Saudi Arabia are expected to be the key contributing countries in this region. The stress of environmental change and the declining arable land along with the availability of fresh water are challenging traditional agriculture as never before. Owing to these, South Africa is expected to be a key contributing country for indoor farming technology market in this region in coming years.
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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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