The report "Indoor Farming Technology Marketby Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market was valued at 25.40 Billion in 2017, and is projected to reach USD 40.25 Billion by 2022, at a CAGR of 9.65%. Indoor farming uses different growing systems and structures, from urban and small-scale farming to highly controlled and semi-automated systems; this results in the production of more than three-fold yield as compared to traditional farming, within the same area of land. One of the major factors driving the growth of the Indoor Farming Technology Market is the lesser impact of changing weather conditions.
Hydroponics segment dominated the market with the largest share in 2017.
Hydroponics technology offers several benefits such as no use of soil and low cost of water, as the water remains in the system and can be reused. The nutrition levels can entirely be controlled, resulting in lower nutrient cost with stable and high yield. In addition, hydroponically grown plants generally have a higher yield than similar plants cultivated in soil because of the higher control over nutrients. Due to these benefits, the hydroponics segment occupied the largest share in 2017.
The indoor vertical farms segment is projected to grow at the highest rate during the forecast period.
Indoor vertical farms are fully enclosed and opaque rooms that make use of artificial lights and consist of vertical growing systems such as hydroponics, aeroponics, or aquaponics. Indoor vertical farming cultivates crops in vertically stacked layers such as skyscrapers, used warehouses, or shipping containers. In this technique, all environmental factors can be controlled within the enclosed structure by utilizing artificial lights, environmental control systems, irrigation, and fertigation systems. Hence, this facility type is projected to grow at the highest rate during the forecast period.
The European region is estimated to dominate the market in 2017, while the Asia Pacific region is projected to grow at the highest rate during the forecast period.
The European region accounted for the largest share owing to unfavorable weather conditions that hinder year-round crop production. In addition, players such as Philips Lighting (Netherlands), Logiqs (Netherlands), Richel Group (France), and agrilution (Germany) are driving the Indoor Farming Technology Market growth in this region.
The Asia Pacific region is projected to grow at the highest rate, as the demand for indoor farming technology has been increasing in this region, due to rise in investment of overseas business lines in agricultural operations to exclusively meet the demands of the crop growers to attain export-quality crops.
This report includes a study of the marketing and development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Philips Lighting (Netherlands), Netafim (Israel), Argus Controls Systems (Canada), EVERLIGHT Electronics (Taiwan), and LumiGrow (US).
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