Vancouver, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) -- 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 attributed to the growing environmental concerns such as the depletion of soil quality and groundwater on applications of chemical-based solutions. Limited availability of arable land due to land degradation has resulted in the increasing adoption of the indoor farming system by the farm owners. Growing initiatives of the government regarding the adoption of indoor farming to meet the growing demand for maximizing crop yield due to the ever-increasing global population is expected to drive the technology's demand. The reduction in the prices of the light-emitting diode (LED) and the technological advancement in the LEDs help in the growth of the indoor farming systems.
The scarcity of arable lands has increased the adoption of shipping container-based indoor vertical farming. Ease of transportation, low water usage, and cost-effectiveness of the shipping containers have increased its adoption in the indoor farming technology market. The farm owners are setting up the shipping containers in the indoor vertical farms with drip irrigation and technologically advanced LED lights to obtain higher crop yield.
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Key Highlights From The Report
- In January 2020, Freight Farms & Sodexho announced a partnership in order to grow food onsite at school campuses across the U.S. The partnership is expected to enable year-round on-campus food production at K-12 educational institutions and universities.
- The Glass or poly greenhouses segment held the largest market share of 46.6% in 2019. Compared to traditional farming techniques, the Glass or poly greenhouses help in the higher crop yield within a climate-controlled environment.
- The software & services segment is forecasted to grow with the fastest CAGR of 10.0% over the forecast period. The cloud-based software solutions are increasingly being adopted by the farm owners to determine the changing climatic conditions and their effect on the crop yield.
- The Hydroponics segment is forecasted to be the fastest-growing segment over the forecast period as the ability of Indoor farming in a climate-controlled environment means can easily be achieved with the help of the hydroponics method.
- Europe accounted for the largest market share of the Indoor Farming Technology market in 2019. The increasing adoption of indoor farming technologies such as Controlled Environment-agriculture (CEA) to protect the crops from the adverse effects of the changing climatic conditions is expected to drive the growth of the region's market.
- 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.
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Emergen Research has segmented the global Indoor Farming Technology Market 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)
- Indoor Deep Water Culture (DWC) systems
- Indoor vertical farms (Shipping Container, building-based)
- Glass or poly greenhouses
- Growth Mechanisms Outlook (Revenue, USD Billion; 2017-2027)
- Aeroponics
- Hydroponics
- Aquaponics
- Hybrid
- Soil-based
- Crop Type Outlook (Revenue, USD Billion; 2017-2027)
- Herbs & microgreens
- Fruits & Vegetables
- Flower & ornamentals
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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