Global indoor farming technology market to reach USD 53.1 billion by 2025.
Global indoor farming technology market is valued approximately USD 25.40 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 9.65 % over the forecast period 2018-2025. Rising need for higher yields using limited water and space is key trend that are responsible for the wide adoption of indoor farming technology globally. Moreover, production of bio pharmaceutical products offers lucrative growth opportunities for the global indoor farming market over the forecast period of 2018-2025.
Global indoor farming technology market is significantly driven by growing demand for fresh foods with higher nutritive value. According to the IIFT, a research conducted by Euro monitor International reveals that in 2016, global demand for fresh food increased by 3% in terms of volume. Also, Asia-Pacific and Middle East experienced the growth owing to the disposable budgets and growing population. In China, sales of fresh organics increased approximately 30% in 2016. In addition, broader availability of organic fresh foods through online companies, store-based retailers and direct sellers made it easier for consumer to adopt fresh organic foods. Thus, growing demand for fresh foods is likely to increase the demand for indoor farming considering availability of low space in developed countries. As a result, the demand & adoption of indoor farming technology would increase thereby, aiding the growth of the market over the forecast period. However, high initial investments and limitations on the types of crops that can be grown are the major factors that impede the growth of global indoor farming technology market.
On the basis of segmentation, the indoor farming technology market is segmented into growing system, facility type, component and crop type. The growing segment of global indoor farming technology market is classified into aeroponics, hydroponics, aquaponics, soil-based and hybrid of which hydroponics holds the largest market share in terms of revenue owing to application of hydroponics growth mechanism helps to mitigate most of risks such as limited space in urban areas and low availability of water and it provides ample fresh produce. The facility type segment includes glass or poly greenhouses, indoor vertical farms, container farms and indoor deep-water culture (DWC) systems of which glass or poly greenhouses segment holds the leading position as area under greenhouse cultivation is larger as compared to indoor vertical farms. Based on component segment the market is segmented into hardware and software & services. On the basis of crop type segment, global indoor farming market is segmented into fruits & vegetables, herbs & microgreens, flowers & ornamentals and others.
The regional analysis of indoor farming technology market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. Asia-Pacific have occupied major share in the global indoor farming technology market. The major reasons for the dominance of Asia-Pacific are growth in the number of indoor farms in countries such as China and Japan. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to climate variations in this region.
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The leading market players include-
Argus Controls Systems
Vertical Farm Systems
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Growing system:
By Facility Type:
Glass or Poly Greenhouses
Indoor Vertical Farms
Indoor Deep-Water Culture (DWC) systems
o Climate Control Systems
o Lighting Systems
o Communication Systems
o System Controls
o Irrigation Systems
o Software & Services
By Crop Type:
Fruits & Vegetables
o Leafy Greens
Herbs & Microgreens
Flowers & Ornamentals
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o Middle East & Africa
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Indoor Farming Technology Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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