Indoor Farming Technology Market worth $32.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 8, 2023 /PRNewswire/ -- 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% from 2023 to 2028 according to a report published by MarketsandMarkets™. 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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=40175861

Browse in-depth TOC on "Indoor Farming Technology Market"
173 – Tables
49 – Figures
221 – Pages

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.

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=40175861

North America is expected to increase its market share in the market during the forecast period.

North America is expected to increase its market share in the market for indoor farming technology and is projected to grow at the 2nd highest CAGR from 2023 to 2028. Because of the increasing rise of greenhouses and vertical farms in the United States and Canada, North America is one of the greatest indoor farming technology marketplaces. This agricultural concept, which is supported by the US government, has been promoted by cultivators. Hydroponic gardening techniques and technology are becoming increasingly popular in cities to help grocery stores produce fresh veggies. The years 2021 and 2022 were great for indoor agriculture and vertical farming. Private funding resulted in over USD 1.6 billion in investments in the United States, M&A activity increased, and several indoor farms went public. Following a decline in investments due to the epidemic in 2020, investments have now rebounded to higher levels than before.

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.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=40175861

Browse Adjacent Reports @ Agriculture Industry Market Research Reports & Consulting

Related Reports:

Hydroponics Market by Type (Aggregate systems and Liquid systems), Equipment, Input (Nutrients and Grow media), Crop Type (Vegetables, Fruits, Flowers), Farming Method (Indoor and Outdoor), Crop Area, and Region - Global Forecast to 2027

Plant Factory Market by Growing System (Non-soil-based, Soil-based, Hybrid), Crop Type (Fruits, Vegetables, Flowers & Ornamentals, Other Crop Types), Facility Type (Greenhouses, Indoor Farms), Light Type and Region - Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/indoor-farming-technology-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/indoor-farming-technology.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets