The indoor farming technology market, in terms of value, is estimated to account for nearly USD 14.5 billion in 2020 and projected to grow at a CAGR of 9.4%, to reach nearly USD 24.8 billion by 2026. The global indoor farming technology market is growing significantly in accordance with the rise in demand for alternative sources of agriculture that require less number of resources. Consumer are gradually getting aware about the recent innovations in the indoor farming and vertical farming that provides a higher yield of crops in controlled environment along with reducing wastage as well. This in turn has boosted the demand for indoor farming technology market and will provide new growth opportunities for the market in the upcoming years as well.
The key players that have a strong presence in the indoor farming technology market include Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Heliospectra AB (Sweden), Harwood Engineering Company, Inc (US), EXDIN Solutions (Poland), NextHPP (US), Universal Pure (US), and American Pasteurization Company (US).
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Major players in the market are mainly focusing on undertaking expansions for increasing their customer base across regions and for innovating and developing research centers to meet the growing requirements of consumers.
The core strength of the key players identified in this market is their growth strategies such as new product launches and expansions. Undertaking new product launches and expansions have enabled the market players to enhance their presence in the indoor farming technology market. Key players, such as Heliospectra AB (Sweden), undertook these strategies to improve their distribution network, gain a stronger foothold, and enhance their market share.
Ljusgårda AB (Sweden) invested in Heliospectra for availing the expertise for a sustainable growth environment with the help of an LED lighting system and controls. This is deemed as a profitable opportunity for both the companies who are looking into tapping new opportunites in the indoor farming and vertical farming market. Furthermore, Heliospectra AB also opened a new facility in Toronto, Canada in 2019. This development has helped the company to expand its business in the North American market.
Lumigrow Inc., is a manufacturer of advanced LED lighting solutions for horticultural and agricultural applications. It offers LED grow lights in various fixture designs for growers in commercial greenhouses, controlled environment agriculture, and plant research. The company also provides light management software to help growers customize their lighting systems depending on the kind of crops being grown and the nature of the climate. The key strategy followed by the company include new product development. For example, in August 2019, LumiGrow Inc. launched a new TopLight Hybrid smart fixture. The hybrids will enable users to benefit from the enriched white spectrum, which is completely wireless and can be controlled via the SmartPAR software of the company. The company has also developed a product named LumiGrow TopLight. It is a wireless controllable LED lighting system for commercial greenhouses and indoor crop production. The product helps growers increase crop yield and speed up the crop turn time.
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Signify Holding, earlier known as Philips Lighting, is one of the market leaders with recognized expertise in the development, manufacture, and marketing of innovative, energy-efficient lighting products, systems, and services. It commenced its operations as a standalone company from February 2018, following its divestiture from Royal Philips. The company has focused on expansion through acquisition strategy to boost its business. In April 2019, the company announced the acquisition of WiZ Connected (China), developers of the WiZ Wi-Fi-based connected lighting ecosystem. The acquisition would help the company to step into the Wi-Fi-based smart lighting market. The company further partnered with Prime Delica (Japan) to grow safe and improve the quality of the crops for the customers of 7-Eleven in Japan.