Indoor farming is an alternative growing method where crops are grown in a controlled environment. It is employed to produce several vegetables and fruits, microgreens and herbs, and ornamentals on vertically inclined surfaces or under greenhouses and container farms. In the case of indoor farming, vegetables and other fruits are grown on a single level, such as in a field or a greenhouse.
Indoor farming technology involves the integration of numerous technologies such as big data analytics, robotics, artificial intelligence (AI), and the internet of things (IoT) so that crops can be produced perfectly without any agronomic constraint. Aquaponics, aeroponics, and hydroponics are alternate farming techniques under indoor farming in which plants are grown in a non-traditional way.
Global Indoor Farming Technology Market Overview
The global indoor farming technology market is expected to reach $12,767.3 million by 2026, with a CAGR of 14.80% during the forecast period 2021-2026. The growth in the global indoor farming technology market is expected to be driven by increasing demand for food products, fresh and organic produce, and the requirement for an alternative growing method for sustainable agriculture.
Impact of COVID-19 on Indoor Farming Technology
The supply chain of most of the industries across the globe got impacted due to the COVID-19 pandemic, including the indoor farming industry. Even though produces are grown in a controlled environment in indoor farming, due to supply chain disruption, farms could not deliver the products to the market in the first stage of COVID-19. However, vaccines are available in almost all countries, and lockdown restriction has been evoked. Distribution channels are getting normalized; hence indoor farming companies are able to market their products, also gaining profits, and the market is growing.
Global Indoor Farming Technology Market by Technology
The indoor farming technology market by technology category is dominated by the hardware system segment. These hardware systems are known as the complete substitute of the natural conditions for traditional farming. The hardware systems play a key role in regulating these factors manually. Hence, sensors, controllers, climate control devices, lighting systems, irrigation systems, and other devices play a major role in this case.
Global Indoor Farming Technology Market by Region
North America generated the highest revenue of $1,877.1 million in 2020, which is attributed to the technological advancements in this region. It is also one of the biggest agricultural hubs in the world. The region is expected to witness high growth of CAGR 15.80% during the forecast period.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include Aerofarms, Agrilyst, American Hydroponics, Argus Control System Ltd., Autogrow Systems Ltd., Freight Farms, GE Lighting, General Hydroponics Inc., Illumitex, Signify N.V., Smart Cannabis Corp., among others.
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which holds 50-60% of the market) and mid-segment players (comprise of 30-40% share), and small and emerging companies (holds the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the indoor farming technology industry.
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Key Questions Answered in the Report
- What is the estimated global indoor farming technology market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
- What are the key trends, market drivers, and opportunities in the market pertaining to indoor farming technology?
- What are the major restraints inhibiting the growth of the global indoor farming technology market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the indoor farming technology market based on an analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of the key indoor farming technology companies in the agriculture market based on the analysis of their market coverage and market potential?
- How much revenue is each segment expected to record during the forecast period, along with the growth percentage?
- Which type of players and stakeholders are operating in the market ecosystem of indoor farming technology, and what is their significance in the global market?
- How does the regulatory landscape differ in different regions for indoor farming technology?