The indoor farming technology market was experiencing significant growth due to various factors such as increasing population, urbanization, climate change, and the need for sustainable agriculture practices. The indoor farming technology market size is projected to reach USD 32.3 billion by 2028 from USD 20.3 billion by 2023, at a CAGR of 9.7% during the forecast period in terms of value.
Key components and technologies within the indoor farming sector include:
LED Grow Lights: Energy-efficient LED lights are essential for providing the specific spectrum of light required for plant growth.
Hydroponics and Aquaponics Systems: Soilless cultivation methods like hydroponics (using nutrient-rich water) and aquaponics (integrating fish farming with plant cultivation) are gaining popularity for their efficiency in resource utilization.
Vertical Farming Systems: Utilizing vertical space to grow crops in stacked layers, vertical farming aims to maximize production in limited urban areas.
Climate Control Systems: Maintaining optimal temperature, humidity, and CO2 levels is crucial for indoor farming. Automated climate control systems help create ideal growing conditions.
Sensors and IoT Integration: The use of sensors and Internet of Things (IoT) devices helps monitor and control various environmental factors, enabling precision agriculture.
Automated Farming Equipment: Robots and automated systems are employed for tasks such as planting, harvesting, and packaging to improve efficiency and reduce labor costs.
Biological and Sustainable Pest Control: Emphasizing environmentally friendly pest management solutions to minimize the use of chemical pesticides.
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Industry Drivers: Rising demand for fresh foods with higher nutritive value
Growing both large and small-scale crops or plants indoors is referred to as indoor farming. Large-scale indoor farming is done to provide fresh, nutrient-dense goods to consumers and to augment local food sources. Because this farming system regulates plant-fertilizing nutrients, the food made with this technology is exceptionally nutritious. Many different types of crops, such as leafy vegetables, herbs, vegetables, fruits, microgreens, and flowers, can be grown indoors. Organic food produced indoors using vertical farming techniques is devoid of agrochemical contamination.
North America is expected to increase its market share in the market during the forecast period.
North America is expected to increase its market share in the market for indoor farming technology and is projected to grow at the 2nd highest CAGR from 2023 to 2028. Because of the increasing rise of greenhouses and vertical farms in the United States and Canada, North America is one of the greatest indoor farming technology marketplaces. This agricultural concept, which is supported by the US government, has been promoted by cultivators. Hydroponic gardening techniques and technology are becoming increasingly popular in cities to help grocery stores produce fresh veggies. The years 2021 and 2022 were great for indoor agriculture and vertical farming. Private funding resulted in over USD 1.6 billion in investments in the United States, M&A activity increased, and several indoor farms went public. Following a decline in investments due to the epidemic in 2020, investments have now rebounded to higher levels than before.
Top players analyzed
The key players in this include Scotts Company LLC (US), Signify Holding (Netherlands), EVERLIGHT ELECTRONICS CO., LTD (Taiwan), NETAFIM (Israel), Heliospectra AB (Sweden), Argus Control Systems Limited (Canada), Lumigrow, Inc (Canada), weisstechnik (US), Priva (Netherlands), LOGIQS.B.V. (Netherlands). These players in this market are focusing on increasing their presence through agreements and collaborations.
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