According to a research report “Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the indoor farming technology market 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. The market for indoor farming technology is experiencing growth due to increasing demand for locally sourced and fresh produce which has led to a surge in indoor farming projects.
By component, lighting systems hold a significant market share during the forecast period.
Lighting systems have the largest market share in the component of the indoor farming market due to several factors. Lighting is required for plant growth in non-natural lighting settings. In the absence of sunlight, the quality of the light utilized in vertical farming (spectrum) is amplified to the greatest extent possible. Because artificial light is the only light source in vertical farming, higher light intensities are required in many supplemental light scenarios. In these non-natural light situations, increasing light intensity leads to a larger thermal load that must be cooled. A better light spectrum results in increased agricultural yields, allowing for lower intensities and lower energy usage. The key factors to consider when supplying illumination for plants are the light’s quality, quantity, and duration. The actual wavelengths that the lights offer to the plants are referred to as quality. Generally, lights provide either a light spectrum like that of the sun or a spectrum tailored to the needs of plants. Outdoor circumstances can be created by modifying the grow lights’ colors, temperatures, and spectrum outputs, as well as changing the intensity output of the lamps. Specific ranges of the spectrum, luminous efficacy, and color temperature are utilized with specific plants and periods depending on the type of plant farmed, the stage of culture, and the photoperiod required.
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By facility, glass or poly greenhouses are projected to dominate the market during the forecasted period.
Several factors are driving the expansion of glass or poly greenhouses in indoor farming. The growing need for locally produced and fresh produce has increased indoor farming initiatives, and greenhouses provide an efficient and controlled setting to meet this demand. Furthermore, advances in greenhouse technology, such as enhanced climate control systems, irrigation techniques, and automation, have made indoor farming more productive and profitable. Furthermore, growing environmental awareness and a drive to decrease carbon footprints have contributed to the appeal of greenhouses, which provide energy-efficient options for indoor agricultural farming. The expansion and demand for glass or poly greenhouses are projected to continue as the indoor farming business expands and evolves, driven by the need for efficient, sustainable, and high-quality crop production.
The key players in this market 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), Illumitex (US), AmHydro (US), RICHEL GROUP (France), Vertical Farm Systems (Australia), Hydroponic Systems International (Spain), Certhon (Netherlands), Bluelab (New Zealand), Barton Breeze (India), Green Sense Farms Holdings, Inc. (US), Greener Crop Inc. (Dubai), Sensaphone (US), Freight Farms Inc (US), Climate Control Systems Inc (US), Sky Greens (Singapore), and SANANBIO (China). These players have adopted various growth strategies such as partnerships, agreements, and collaborations to increase their global market presence.
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