New York, United States , Aug. 19, 2024 (GLOBE NEWSWIRE) -- The Global Indoor Farming Technology Market Size is to Grow from USD 20.41 Billion in 2023 to USD 53.41 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.1% during the projected period.
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Indoor farming involves growing plants in controlled, indoor settings to protect them from outside conditions. This method often uses hydroponics, where plants grow in nutrient-rich water instead of soil, and artificial lighting to mimic sunlight. Common indoor crops include fruits, herbs, and vegetables, which thrive in these managed environments. Indoor farms can range from large commercial facilities to smaller setups in confined spaces like basements. Some indoor farms, especially greenhouses, combine natural sunlight with artificial light to improve growing conditions. One major benefit of indoor farming is that it avoids the use of pesticides and fungicides, resulting in cleaner and safer produce. By regulating factors such as light, temperature, and humidity, indoor farming provides consistent crop quality and yield regardless of external weather. This approach not only enhances food security but also supports sustainable agriculture by minimizing chemical use and conserving water. It's increasingly viewed as a practical solution to meet the growing demand for fresh produce, particularly in urban areas with limited space. Indoor farming involves growing various types of crops and plants in controlled indoor environments. This method is used on a large scale to boost local food supplies and offer consumers fresh, nutritious produce. By carefully managing nutrients, indoor farming produces highly nutritious food. It supports a wide range of crops, including leafy greens, herbs, vegetables, fruits, microgreens, and flowers. Indoor vertical farming, in particular, focuses on growing organic food without pesticides or herbicides. The growing consumer preference for pesticide-free food and the need to cut down on the environmental impact of traditional farming are key drivers behind the rise in indoor vertical farming. However, Indoor farming might not appeal to all farmers because it can only grow a limited variety of crops.
Browse key industry insights spread across 250 pages with 110 Market data tables and figures & charts from the report on the "Global Indoor Farming Technology Market Size, Share, and COVID-19 Impact Analysis, By Facility Type (Greenhouses and Indoor Vertical Farms), By Crop Type (Fruits and Vegetables, Herbs and Microgreens, Flowers and Ornamentals, and Medicinal Crops), By Product Type (Hardware System and Software), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The greenhouse farming segment dominates the market with the highest market share of the indoor farming technology market during the projected period.
Based on the facility type, the indoor farming technology market is divided into greenhouses and indoor vertical farms. Among these, the greenhouse farming segment dominates the market with the highest market share of the Indoor farming technology market during the projected period. The expansion of the greenhouse segment is largely fueled by the increasing number of greenhouses being set up around the world and their effectiveness in growing a broad range of plants and crops. Greenhouses create a controlled environment that enhances growing conditions, enabling the cultivation of various crops regardless of the weather outside.
The fruits and vegetables segment is growing fastest in the Indoor farming technology market during the projected period.
Based on the crop type, the Indoor farming technology market is categorized into fruits and vegetables, herbs and microgreens, flowers and ornamentals, and medicinal crops. Among these, the fruits and vegetables segment is growing fastest in the indoor farming technology market during the projected period. The growing trend of consuming fresh, pesticide-free produce as part of a healthy diet. Consumers are becoming more health-conscious and aware of the benefits of eating fresh, organic fruits and vegetables, which is driving up demand for these products. In response, many growers have begun to cultivate a variety of fruits, including lemons, oranges, figs, grapefruits, cherries, and strawberries, to meet demand. This shift toward healthier eating habits has resulted in a greater emphasis on sustainable and pesticide-free farming practices, which not only meet consumer demands but also promote environmental sustainability.
The hardware segment is growing fastest in the indoor farming technology market during the projected period.
Based on the product type, the indoor farming technology market is categorized into hardware systems and software. Among these, the hardware segment is growing fastest in the indoor farming technology market during the projected period. Indoor farming operations increasingly rely on hardware systems such as sensors, controllers, lighting, and irrigation. This trend is accelerated by the growing use of intelligent hardware components integrated with sensors and computer vision, which improves the efficiency and effectiveness of indoor farming. These advanced technologies aid in the monitoring and control of various environmental factors, ensuring that plants grow in the best conditions possible. As a result, the global indoor farming technology market is expected to grow significantly, owing to these innovations and their benefits in terms of crop yield and quality.
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Asia Pacific is expected to hold the largest share of the indoor farming technology market over the forecast period.
Asia Pacific is expected to hold the largest share of the indoor farming technology market over the forecast period. The agricultural sector in the Asia Pacific region is shifting from traditional practices to more technological and innovative methods, owing primarily to increased investment by overseas business lines aimed at meeting crop growers' demands for export-grade crops. This transformation is driving the adoption of advanced crop management techniques, thereby increasing crop premiums. These changes not only improve efficiency but also increase the region's global competitiveness by ensuring higher-quality produce.
North America is predicted to grow at the fastest pace in the indoor farming technology market during the projected period. North America, particularly the United States and Canada, is a leading market for indoor farming technology, owing to the rapid growth of greenhouses and vertical farms. This transition to advanced farming methods, aided by government initiatives, has been welcomed by cultivators throughout the region. Hydroponic gardening techniques are gaining popularity in cities, providing grocery stores with a consistent supply of fresh vegetables and propelling the adoption of indoor farming technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the indoor farming technology market are Scotts Company LLC, Signify Holding, EVERLIGHT ELECTRONICS CO., LTD, NETAFIM, Heliospectra AB, Argus Control Systems Limited, iFarm, Lumigrow, Inc, Weisstechnik, Priva, LOGIQS.B.V., Hydrodynamics International, AmHydro, Richel Group, Vertical Farm Systems, General Hydroponics, Others.
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Recent Developments
- In January 2023, Priva collaborated with Aranet to meet the growing demand for more, and new greenhouse sensors to generate data are the primary driving force behind the partnership. This collaboration will bridge the gap between wireless sensor platforms and other data sources in greenhouses.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the indoor farming technology market based on the below-mentioned segments:
Global Indoor Farming Technology Market, By Facility Type
- Greenhouses
- Indoor Vertical Farms
Global Indoor Farming Technology Market, By Crop Type
- Fruits and Vegetables
- Herbs and Microgreens
- Flowers and Ornamentals
- Medicinal Crops
Global Indoor Farming Technology Market, By Product Type
- Hardware System
- Software
Global Indoor Farming Technology Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Indoor Farming Technology Market Size, Share, and COVID-19 Impact Analysis, By Facility Type (Greenhouses and Indoor Vertical Farms), By Crop Type (Fruits and Vegetables, Herbs and Microgreens, Flowers and Ornamentals, and Medicinal Crops), By Product Type (Hardware System and Software), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
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