About Indoor Farming Technology
Indoor Farming has significantly grown in the recent years, allowing a large amount of fresh and green vegetable produced in city environments, with minimum space and in less water utilization than conventional farming techniques. Indoor Farming refers to method of growing crops or plants, usually on a large scale, indoor. A wide variety of fruits, vegetables and herbs are grown. It is may be practiced in both on a small scale and large scale.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 8.46% |
Competition among existing players is due to the Indoor Farming Technology market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Indoor Farming Technology Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage.The Players having a strong hold in the market are Philips Lighting, Netafim, Argus Controls Systems, EVERLIGHT Electronics. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Indoor Farming Technology market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Philips Lighting (Netherlands), Argus Controls Systems (Canada), LumiGrow (United States), Netafim (Israel), General Hydroponics (United States), Logiqs (Netherlands), Illumitex (United States), EVERLIGHT Electronics (Taiwan), Richel Group (France), Vertical Farm Systems (Australia), Hydrodynamics International (United States) and agrilution (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Freshbox Farms (United States), Aerofarms (United States) and Bowery Farming (United States).
Segmentation Overview
AMA Research has segmented the market of Global Indoor Farming Technology market by and Region.
On the basis of geography, the market of Indoor Farming Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Facility Type, the sub-segment i.e. Glass or Poly Greenhouses will boost the Indoor Farming Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Crop Type, the sub-segment i.e. Fruits & Vegetables will boost the Indoor Farming Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Growing System, the sub-segment i.e. Hydroponics will boost the Indoor Farming Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Indoor Farming Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development of Innovative and Cost Effective Technologies
Market Growth Drivers:
Rise in Requirement for higher Yield with limited Water and Space, Surging Demand for Fresh Food with High Nutritious Value and Minute Impact of Fluctuating Climatic Condition
Challenges:
Lack of Skilled Workforce and Availability of Funding
Restraints:
Lack of Technology Standardization
Opportunities:
Production of Biopharmaceutical Product and Development of Innovative and Cost-Effective Technologies
Market Leaders and their expansionary development strategies
In September 2023, Agrinam Acquisition Corporation announced that it has entered into a binding letter of intent ("LOI") for a proposed business combination transaction with Freight Farms, Inc. ("Freight Farms"), a rapidly growing innovative agtech company and a leader in the global revolution for sustainable, hyper-local and ultra-fresh food production.
In November 2021, NASA Research Launched a New Generation of Indoor Farming. The first vertical farm in the U.S. provided a foundation for expanding the controlled environment agriculture industry.
Key Target Audience
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 and Technology providers for indoor farming
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.