Growth in the Trend of Year-Round Crop Production to Drive the Indoor Farming Technology Market

Northbrook, IL, USA, 2019-Nov-13 — /EPR Network/ —

Indoor farming technology creates an artificial environment inside an enclosed facility using technologies that help plants grow and become more nutritious in a short span of time when compared to traditional farming. The indoor farming technology market is projected to reach USD 40.25 billion by 2022, at a CAGR of 9.65% from 2017.

On the basis of the growing system, the aeroponics segment is projected to grow at the highest rate from 2017 to 2022. Aeroponics is considered to be the future of indoor farming technology. This technology facilitates faster plant growth, enabling cultivation of more plants or seeds in lesser time than normal conditions. This system can be controlled externally though computers or timers for the release of moist air at regular intervals and does not require frequent use of pesticides, weeding, and other maintenance processes as compared to conventional farming.

By facility type, the indoor vertical farms segment is projected to grow at a higher rate from 2017 to 2022. Indoor vertical farms consist of growing systems such as hydroponics, aeroponics, and aquaponics. The growth of the segment is driven by the rising need for fresh produce that is grown without pesticide application in a limited space.

Based on the component, the hardware segment is projected to grow at a higher rate when compared to the software & services segment. The hardware segment includes climate control, lighting systems, communication systems, sensors, system controls, and irrigation systems. These are essential components for indoor farming to maintain temperature and create an artificial environment for plant growth.

On the basis of crop type, the herbs & microgreens segment is projected to grow at the highest rate from 2017 to 2022. When grown indoors, herbs provide various benefits such as fragrant foliage, with varying foliage shapes and colors. Microgreens are tiny vegetables that are used both as visual and flavor ingredients in various dishes. This is attributed to the high potential of the use of indoor farming technology for biopharmaceutical production.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

The Asia Pacific is projected to be the fastest-growing region in the indoor farming technology market from 2017 to 2022. The farming industry in the Asia Pacific region has been shifting toward modern technological and innovative methods from a conventional agricultural practice system. These shifts lead to the modernization of crop management techniques with the use of indoor farming technologies to gain better premium value for the crops.

Many technologies that are being used in indoor farming do not have a long commercially-proven record, and studies are still being carried out to ascertain the impact of these technologies on the shelf life of plants.

Additionally, new technologies need to be developed to decrease the carbon footprint in indoor farming. Growers are more interested in investing in technologies that would lower their costs invested in labor, as they are required on large-scale farms for monitoring, maintaining, supplying the nutrients, and harvesting. Hence, in the future, there is an opportunity to develop fully automated urban farms based on vertical farming and controlled-environment agriculture.

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 various contributors involved in the value chain of the indoor farming technology market include raw material suppliers, R&D institutes, agricultural surfactant manufacturing companies as Philips Lighting (Netherlands), Netafim (Israel), Argus Controls Systems (Canada), EVERLIGHT Electronics (Taiwan), and LumiGrow (US), and government bodies & regulatory associations such as the US Department of Agriculture (USDA) and the US Environmental Protection Agency (EPA).

For more details on this research, Request Sample of this Report

Target Audience

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, and suppliers of hydroponics, aeroponics, and aquaponics
• Technology providers for indoor farming

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com