The indoor farming technology market is projected to reach USD 40.25 billion by 2022, at a CAGR of 9.65% from 2017. The growth of the indoor farming technology market is driven by the need for higher yield and the changing eating habits that demands for nutritious foods.
Key players in the indoor farming technology market include Philips Lighting (Netherlands), EVERLIGHT Electronics. (Taiwan), Netafim (Israel), Argus Controls Systems (Canada), and LumiGrow, (US). Logiqs (Netherlands), Illumitex (US), Vertical Farm Systems (Australia), Hydrodynamics International (US), General Hydroponics (US), Richel Group (France), and agrilution (Germany) are a few other key market players who also hold a significant share of the indoor farming technology market.
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 provides lighting products that have application in horticulture. Philips Lighting has its presence in over 180 countries across the Americas, Europe, Africa, and Asia Pacific.
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It functions through 70 sales offices worldwide, and has manufacturing sites in 22 countries. In February 2018, Philips Lighting entered into a partnership agreement with ST Solution (Russia), a specialist in turnkey greenhouse solutions. This partnership would help the company to expand its customer base in the Russian market.
LumiGrow 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 primarily operates in the North American market, and its solutions are eligible for energy-efficiency subsidies from utilities across North America. LumiGrow also provides its products in some of the major countries across Europe and Asia Pacific through its distribution networks. In March 2018, LumiGrow entered into a partnership agreement with Lighting Plus Wholesale (Canada), an energy auditing, lighting, and HVAC solutions provider. Through this agreement, LumiGrow would provide lighting solutions and services to the growers in Ontario, who are implementing smart horticultural lighting for precision greenhouse management.
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