Dublin, Aug. 27, 2019 (GLOBE NEWSWIRE) -- The "Global Indoor Farming Technology Market: Focus on Technology (Hardware, Software, Integrated System), Facility (Greenhouse, Indoor Vertical Farm), Growing Methods (Hydroponics, Aeroponics), & Produce (Medicinal Crop) - Analysis & Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The Indoor Farming Technology Industry Analysis projects the market to grow at a significant CAGR of 15.23% during the forecast period from 2019 to 2024.
Meeting the growing food demand of the increasing global population has become a matter of concern at present. Arable land data in 2030 is expected to decrease to 1800 m from 2,200 m in 2005. Moreover, extremities in global climate is highly impacting the overall agricultural output. Therefore, to meet the global food demand, utilizing technologies to operate indoor farms is increasingly being adopted by the growers currently.
The indoor farming technology market growth is majorly driven by factors such as the rise in the demand for food globally and increasing push from the government for the adoption of alternative agricultural practices. However, factors such as considerable investments to set-up an indoor farm and consequent profitability hamper the overall market growth. Moreover, the development of cost-efficient growing technologies for indoor farms are anticipated to create numerous opportunities for market growth.
Expert Quote
With the increasing pressure on the global food production and adoption of modern farming practices and technologies, the adoption of indoor farming practices is expected to increase, which, in turn, would enhance the growth of the technology market for indoor farms. Additionally, software and services is anticipated to be the potential segment, expected to register the highest CAGR from 2019 to 2024. The demand for these applications in the indoor farming market is increasing due to the upcoming trends in farming practices and technologies.
Scope of the Market Intelligence
The global indoor farming technology market research provides a detailed perspective regarding the applications of the technology, its value and estimation, among others. The purpose of this market analysis is to examine the indoor farming technology industry outlook in terms of factors driving the market, trends, developments, and emerging trends, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contributions of the key players operating in the market. The indoor farming technology report is a compilation of different segments including market breakdown by technology type, facility type, growing method type, produce type, and region.
Market Segmentation
The indoor farming technology market segmentation (on the basis of technology type) is further segmented into hardware systems, software and services, and integrated systems. Hardware systems segment dominated the global indoor farming technology market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2024).
The indoor farming technology market segmentation on the basis of facility type is segmented into greenhouses, indoor vertical farms, and container farms. The greenhouse segment dominated the global indoor farming technology market in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The indoor farming technology market segmentation on the basis of growing methods is segmented into hydroponics, aeroponics, aquaponics, soil-based, and hybrid. The hydroponics segment dominated the global indoor farming technology market in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The indoor farming technology market segmentation on the basis of produce type is segmented into vegetables, fruits, microgreens and herbs, medicinal crops, and others. The vegetable segment dominated the global indoor farming technology market in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The indoor farming technology market segmentation by region is segregated under four major regions, such as North America, Europe, APAC and Rest-of-the-World. Data for each of these regions is provided by facility type and by country.
Key Companies
The key market players in the global indoor farming technology market include Signify, OSRAM GmbH, Certhon, Argus Control Systems, Agrilyst, Current by GE, and Freight Farms, among others.
Key Questions Answered
- How is the indoor farming technology market performing in terms of revenue generation and what is the expectation of growth by 2024?
- Which of the major technology types among hardware, software and services, and integrated systems in indoor farming technology dominate the market?
- How are the drivers, such as increasing concern for food security, climate change, scarcity of water and arable land, expected to impact the indoor farming technology industry?
- How are certain factors such as high initial investments and carbon footprint expected to restrain the growth of the market?
- How much revenue is expected to be generated by:
- different types of technologies provided in the indoor farming industry?
- different facilities of indoor farms, namely greenhouses, indoor vertical farms, and container farms?
- different methods of growing used in indoor farming such as hydroponics, aeroponics, aquaponics, soil-based, and hybrid?
- different produce types that are grown indoors, such as vegetables, fruits, microgreens and herbs, medicinal crops, and others?
- different regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)?
- Who are the major players in the indoor farming technology market? What are the key market strategies being adopted by these companies?
Key Topics Covered
Executive Summary
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Need for Global Food Security
1.1.2 Increase in Overall Crop Yield
1.1.3 Decline in Arable Land
1.1.4 Increasing Concerns Regarding Climate Change
1.2 Market Restraints
1.2.1 High Initial Investment and Operational Costs
1.2.2 Impact of Indoor Farming on Environmental and Energy
1.3 Market Opportunities
1.3.1 Producing Pharmaceutical Plants through Indoor Farming
1.3.2 Opportunities in Asia-Pacific, Middle-East, and Africa
2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 Partnerships, Collaborations & Joint Ventures
2.1.2 New Product Launches and Developments
2.1.3 Business Expansions and Contracts
2.1.4 Mergers and Acquisitions
2.1.5 Others (Awards and Recognitions)
2.2 Competitive Analysis
3 Industry Analysis
3.1 Industry Attractiveness
3.2 Investment and Funding Landscape
3.3 Emerging Trends in the Indoor Farming Technology Market
3.3.1 Expansion of Indoor Farming to Commercial Establishments
3.3.2 Growing Role of Artificial Intelligence in Indoor Farming
4 Global Indoor Farming Technology Market (by Technology Type)
4.1 Assumptions and Limitations for Analysis and Forecast of the Global Indoor Farming Technology Market
4.2 Market Overview
4.3 Hardware Systems
4.3.1 Lighting Systems
4.3.2 Climate Control Systems
4.3.3 Sensors, Controllers, and Monitoring Systems
4.3.4 Irrigation Systems
4.4 Software and Services
4.5 Integrated Systems
5 Global Indoor Farming Technology Market (by Facility Type)
5.1 Market Overview
5.2 Greenhouses
5.3 Indoor Vertical Farm
5.4 Container Farm
6 Global Indoor Farming Technology Market (by Growing Methods)
6.1 Market Overview
6.2 Hydroponics
6.3 Aeroponics
6.4 Aquaponics
6.5 Soil-Based
6.6 Hybrid
7 Global Indoor Farming Technology Market (by Produce Type)
7.1 Market Overview
7.2 Vegetables
7.3 Microgreens and Herbs
7.4 Fruits
7.5 Flowers and Ornamentals
7.6 Medicinal Crops
7.7 Others
8 Global Indoor Farming Technology Market, (by Region)
9 Company Profiles
- Aerofarms
- Agrilyst
- American Hydroponics
- Argus Control Systems Ltd.
- Autogrow Systems Ltd.
- CannaPro
- Certhon
- Current by General Electric
- Everlight Electronics Co. Ltd.
- Freight Farms
- GE Lighting
- General Hydroponics Inc.
- Illumitex
- Logiqs B.V.
- Lumigrow
- Lumileds
- Netafim
- OSRAM GmbH
- Priva Holding B.V.
- Richel Group
- Smart Cannabis Corp.
- Signify N.V.
- Tevatronic Ltd.
- Vertical Farm System Pty Ltd.
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