Indoor Farming Technology Market Introduction and Overview
According to SPER Market Research, the Global Indoor Farming Technology Market is estimated to reach USD 48.08 billion by 2033 with a CAGR of 9.66%.
The report includes an in-depth analysis of the Global Indoor Farming Technology market, including market size and trends, product mix, distribution channels, and supplier analysis. Indoor farming is a modern agricultural approach in which crops are grown in controlled surroundings such as warehouses, greenhouses, or containers utilizing artificial lighting and climate control systems. The primary goal of indoor farming is to boost agricultural yields while reducing water consumption and the use of pesticides, herbicides, and fertilizers. This strategy also allows for year-round crop production and minimizes transportation's carbon footprint because crops can be grown closer to metropolitan centers.
- In 2019, LumiGrow Inc. unveiled a brand-new TopLight Hybrid smart fixture. The expanded white spectrum, which is completely wireless and can be managed by the company's SmartPAR software, will be available to hybrid users.
- Signify Holdings announced the acquisition of WiZ linked (China), the designers of the WiZ ecosystem of Wi-Fi-based linked lighting, in 2019. The acquisition will help the company enter the Wi-Fi-based smart lighting sector.
Market Opportunities and Challenges
The indoor farming technology market offers a promising panorama of business potential driven by a convergence of elements. As urbanization continues to rise and accessible arable land shrinks, there is an increasing demand for novel solutions for sustainable food production. Indoor farming solves this issue by utilizing controlled conditions, such as vertical farms, hydroponics, and aeroponics systems, to raise crops year-round with much decreased water usage and pesticide dependency. Furthermore, rising customer desire for locally produced, fresh, and pesticide-free vegetables boosts the market potential for indoor farming.
The worldwide indoor farming market is also faced with a number of challenges which hinder its general acceptance and success. The expensive expense of building up and maintaining indoor farming facilities is one important obstacle, which can limit their accessibility to small-scale farmers and developing countries. Indoor farming technology consumes a substantial amount of energy, resulting in high electricity costs that can be a significant strain for farmers. Furthermore, the industry lacks standards and control, resulting in differences in product quality and safety. Additionally, there is a need for increased public awareness and education about the benefits of indoor farming and sustainable agriculture practices.
Market Competitive Landscape
The competitive landscape of the indoor farming technology market includes information by competitor. Company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, manufacturing locations and facilities, capacity for production, company strengths and weaknesses, product launch, product length and breadth, application dominance are all included. Some of the market key players include Signify Holding, Everlight Electronics, Argus Control System, Lumigrow, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Growing System, By Facility Type, By Component Type, By Crop Type
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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| Companies Covered | Signify Holding, Everlight Electronics, Argus Control System, Lumigrow, Others.
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COVID-19 Impact on Global Indoor Farming Technology Market
The worldwide indoor farming technology market has been impacted by the COVID-19 epidemic in a variety of ways. On the one hand, the pandemic has caused supply chain disruptions, labour shortages, and decreased consumer demand for non-essential goods, all of which have hampered market growth. The epidemic, on the other hand, has underlined the importance of food security and the necessity for robust and sustainable food systems, resulting in greater investment in indoor farming technologies. The pandemic has also spurred the introduction of automation and remote monitoring technologies, allowing farmers to remotely monitor and control their indoor crops. Overall, the pandemic has presented the global indoor farming technology industry with both problems and possibilities.
Key Target Audience
- Farmers
- Food Processing Companis
- Governments and Policymakers
- Investors and venture capitalist
- Research and developments institutions
- Suppliers and distributors
Our in-depth analysis of the Indoor Farming Technology Market includes the following segments:
| By Growing System: | HydroponicsAeroponicsAquaponicsSoil-basedHybrid Others |
| By Facility Type: | Glass or Poly GreenhouseIndoor Vertical FarmContainer FarmIndoor DWC System |
| By Component: | HardwareSoftware |
| By Crop Type: | Fruits & VegetablesHerbs & MicrogenFlowers & OrnamentalsOthers |
Key Topics Covered in the Report
- Global Indoor Farming Technology Market Size (FY’2023-FY’2033)
- Overview of Global Indoor Farming Technology Market
- Segmentation of Global Indoor Farming Technology Market By Growing System Method (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid, Others)
- Segmentation of Global Indoor Farming Technology Market By Facility Type (Glass or Poly Greenhouse, Indoor Vertical Farm, Container Farm, Indoor DWC System)
- Segmentation of Global Indoor Farming Technology Market By Component (Hardware, Software)
- Segmentation of Global Indoor Farming Technology Market By Crop Type (Fruits & Vegetables, Herbs & Microgen, Flowers & Ornamentals, Others)
- Statistical Snap of Global Indoor Farming Technology Market
- Expansion Analysis of Global Indoor Farming Technology Market
- Problems and Obstacles in Global Indoor Farming Technology Market
- Competitive Landscape in the Global Indoor Farming Technology Market
- Impact of COVID-19 and Demonetization on Global Indoor Farming Technology Market
- Details on Current Investment in Global Indoor Farming Technology Market
- Competitive Analysis of Global Indoor Farming Technology Market
- Prominent Players in the Global Indoor Farming Technology Market
- SWOT Analysis of Global Indoor Farming Technology Market
- Global Indoor Farming Technology Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Indoor Farming Technology Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Indoor Farming Technology Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Indoor Farming Technology Market
7. Global Indoor Farming Technology Market, By Growing System (USD Million)
7.1. Global Indoor Farming Technology Market Value Share and Forecast, By Growing System, 2023-2033
7.2. Hydroponics
7.3. Aeroponics
7.4. Aquaponics
7.5. Soil-based
7.6. Hybrid
7.7. Others
8. Global Indoor Farming Technology Market, By Facility Type (USD Million)
8.1. Global Indoor Farming Technology Market Value Share and Forecast, By Facility Type, 2023-2033
8.2. Glass or Poly Greenhouse
8.3. Indoor Vertical Farm
8.4. Container Farm
8.5. Indoor DWC System
9. Global Indoor Farming Technology Market, By Component (USD Million)
9.1. Global Indoor Farming Technology Market Value Share and Forecast, By Component, 2023-2033
9.2. Hardware
9.3. Software
10. Global Indoor Farming Technology Market, By Crop Type (USD Million)
10.1. Global Indoor Farming Technology Market Value Share and Forecast, By Region, 2023-2033
10.2. Fruits & Vegetables
10.3. Herbs & Microgen
10.4. Flowers & Ornamentals
10.5. Others
11. Global Indoor Farming Technology Market Forecast, 2019-2033 (USD Million)
11.1. Global Indoor Farming Technology Market Size and Market Share
12. Global Indoor Farming Technology Market, By Growing System, 2019-2023 (USD Million)
12.1. Global Indoor Farming Technology Market Size and Market Share By Growing System (2019-2026)
12.2. Global Indoor Farming Technology Market Size and Market Share By Growing System (2027-2033)
13. Global Indoor Farming Technology Market, By Facility Type, 2019-2023 (USD Million)
13.1. Global Indoor Farming Technology Market Size and Market Share By Facility Type (2019-2026)
13.2. Global Indoor Farming Technology Market Size and Market Share By Facility Type (2027-2033)
14. Global Indoor Farming Technology Market, By Component, 2019-2023 (USD Million)
14.1. Global Indoor Farming Technology Market Size and Market Share By Component (2019-2026)
14.2. Global Indoor Farming Technology Market Size and Market Share By Component (2027-2033)
15. Global Indoor Farming Technology Market, By Crop Type, 2019-2023 (USD Million)
15.1. Global Indoor Farming Technology Market Size and Market Share By Crop Type (2019-2026)
15.2. Global Indoor Farming Technology Market Size and Market Share By Crop Type (2027-2033)
16. Global Indoor Farming Technology Market, By Region, 2019-2023 (USD Million)
16.1. Global Indoor Farming Technology Market Size and Market Share By Region (2019-2026)
16.2. Global Indoor Farming Technology Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. Signify Holding
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Everlight Electronics
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent development
17.3. Argus Control System
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Lumigrow
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope