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%
LONDON, May 9, 2018 /PRNewswire/ -- The indoor farming technology market is projected to grow at a CAGR of 9.65%
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%. 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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Hardware segment is projected to boost the growth of the indoor farming technology market through 2022
Based on component, the hardware segment is projected to grow at a higher rate during the forecast period.The three major components in the hardware segment include climate control systems, lighting, and irrigation systems.
A climate control system is perhaps the single most important technology in an indoor farming facility, as it allows farmers to create the ideal environment for year-round production. Hence, the hardware segment is projected to record a relatively higher CAGR of 9.88% from 2017 to 2022.
The glass or poly greenhouse segment was the largest market in 2017
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.
Europe was the largest market in 2017
Europe was the largest indoor farming technology market in 2017.This dominance can be attributed to the high adoption of precision farming and protected agriculture in this region.
In addition, as a response to the growth in demand for food, rapid urbanization, and increase in need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution in this region.
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%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue > USD 1 billion; Tier 2: Revenue USD 500 million–< USD 1 billion; Tier 3: Revenue < USD 500 million
The global market for indoor farming technology is dominated by large players such as Philips Lighting (Netherlands), Netafim (Israel), Argus Controls Systems (Canada), EVERLIGHT Electronics (Taiwan), and LumiGrow (US). Some of the emerging players in the indoor farming technology market include Logiqs (Netherlands), Illumitex, Inc. (US), Vertical Farm Systems (Australia), Hydrodynamics International (US), General Hydroponics (US), Richel Group (France), and agrilution (Germany).
Research Coverage
This report analyzes the indoor farming technology market across different types and regions.It aims at estimating the market size, in terms of value and volume, and future growth potential of this market across different segments—growing system, facility type, component, crop type, and region.
The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying This Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall indoor farming technology market and its subsegments.This report will help stakeholders to better understand the competitor landscape, gain more insights to better position their businesses, and make suitable go-to-market strategies.
It will also help the stakeholders to understand the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
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