A recent report published by Infinium Global Research on indoor farming technology market provides an in-depth analysis of segments and sub-segments in the global as well as regional indoor farming technology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional indoor farming technology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global indoor farming technology market. According to the report, the global indoor farming technology market is projected to grow at a CAGR of 11.22% over the forecast period of 2019-2025.
The indoor farming technology is experiencing rapid growth owing to increasing demand for fresh foods along with high nutrition value. Additionally, the need for higher yield using limited lands is also a major factor contributing the market growth. It is estimated that the average yield of tomatoes from the traditional method in 2016 was 1.85 pounds per square foot. Indoor hydroponic growers, on the other hand, reported average yields of 10.59 pounds per square foot. Therefore, indoor farm technology can help in the overall crop yield per unit area. Besides this, growing awareness regarding the benefits of indoor farming technology among end-users coupled with a growing demand for pesticide- and herbicide-free food has triggered the growth of the market. The protection from the external weather condition and growing awareness reading the cost-effective method of farming are fueling the market growth. However, high initial investment requires for indoor farming technology could hamper the growth of the global indoor farming technology market. Furthermore, the development of innovative technologies is expected to create growth opportunities for the indoor farming technology market in the coming years.
Geographically, the global indoor farming technology market is segmented into North America, Europe, Asia-Pacific and Rest of World. North America is dominating the indoor farming technology market over the forecast period. The U.S. is the major contributor in the North America region followed by Canada and Mexico. The growth of North America region is majorly driven due to the increased focus on implementing innovative and efficient technologies to enhance the yields. On the other hand, Europe is expected to a significant share in the indoor farming technology market in 2017 owing to high adoption of precision farming in this region. Asia-Pacific is expected to be the fastest-growing region in the indoor farming technology market over the next few years. The increasing number of indoor farms in countries such as China and Japan have driven the Asia-Pacific indoor farming technology market.
The report on global indoor farming technology market covers segments such as growing system, component type, facility type, and crop type. On the basis of growing system, the sub-markets include hydroponics, aquaponics, aeroponics, soil-based, and hybrid. On the basis of component type, the sub-markets include hardware, software, and services. On the basis of facility type, the sub-markets include glass or poly greenhouses, container farms, indoor vertical farms, and indoor deep water culture system. On the basis of crop type, the sub-markets include fruits & vegetables, herbs & microgreens, flowers & ornamentals, and other crop types.
The report provides profiles of the companies in the market such as Agrilution, Richel Group, General Hydroponics, Hydro Dynamics International, Vertical Farm Systems, Illumitex, Logiqs B.V., LumiGrow, Argus Control Systems Ltd., Netafim, and Philips Lighting.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of indoor farming technology market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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