The indoor farming technology market is projected to reach USD 40.25 billion by 2022 from USD 25.40 billion in 2017, at a CAGR of 9.65%.
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The market is driven by the rise in demand for fresh foods with high nutritive value, need for higher yields using limited space and water, and lesser impact of external weather conditions.
On the other hand, high initial investment is one of the factors restraining the growth of the indoor farming technology market.
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The stakeholders for the report are as follows:
- Manufacturers of indoor farming equipment
- Associations and industry bodies
- Government and research organizations
- Key indoor farming component manufacturers key companies
- Manufacturers, traders, distributors,
- Suppliers of hydroponics, aeroponics, and aquaponics
- Technology providers for indoor farming
The indoor farming technology market, by facility type, has been segmented into glass or poly greenhouses, indoor vertical farms, container farms, and indoor deep water culture (DWC) systems. The glass or poly greenhouses segment dominated the market as the area under greenhouse cultivation is larger compared to indoor vertical farms in countries such as the US, China, and the Netherlands.
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The Asia Pacific region is projected to be the fastest-growing market for indoor farming technology over the next five years. This can be attributed to the increase in the number of indoor farms in countries such as China and Japan, and the climate variations in this region.
High initial investments and limitations on types of crops that can be grown have been the major restraints for the market growth.
Objectives of the report
- Determining and projecting the size of the indoor farming technology market with respect to its growing systems, facility types, components, crop types, and regional markets, over a five-year period ranging from 2017 to 2022
- Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments across regions
- Analyzing the demand-side factors on the basis of the following:
- Impact of macroeconomic and microeconomic factors on the market
- Shifts in demand patterns across different subsegments and regions
The indoor farming technology market, based on growing system, has been segmented into hydroponics, aeroponics, aquaponics, soil-based, and hybrid. Exposure to climatic changes, soil contamination, limited space in urban areas, and most importantly, low availability of water have resulted in a shortage of food production.
The application of hydroponics growth mechanism helps to mitigate most of these risks and provides ample fresh produce.
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The glass or poly greenhouses segment accounted for the largest share of the indoor farming technology market in 2017. Greenhouses are generally used to cultivate tomatoes, potatoes, and cucumbers.
The large share of this segment can be attributed to the high adoption of this technique in countries such as the US and China. This technique consumes less energy and requires lesser number of labor hours, which makes it more affordable than indoor vertical farms.
The breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study, is as follows:
- By Company Type: Tier 1 –20%, Tier 2 –35%, and Tier 3 – 45%
- By Designation: C-Level – 35%,D-level –25%, and Others* – 40%
- By Region: North America–20%, Europe – 25%, Asia Pacific – 35%, and RoW –20%
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