Market Size –
The indoor farming technology market size has grown rapidly in recent years. It will grow from $33.19 billion in 2023 to $37.51 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to increased demand for sustainable agriculture, urbanization, local food movement, increasing population.
The indoor farming technology market size is expected to see rapid growth in the next few years. It will grow to $60.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to climate change, water scarcity, consumer preferences, government support and incentives, global pandemic and food security concerns. Major trends in the forecast period include increased investment, technological innovation, vertical farming, controlled environment agriculture (cea), led lighting advancements, robotics and automation, ai and data analytics, novel crops and varieties, collaboration and partnerships.
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Scope Of Indoor Farming Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The rising adoption of vertical farming in agriculture is likely to contribute to the growth of the indoor farming technology market. Some of the main advantages of vertical farming are optimized crop growth, reduced water usage, minimal dependence on external weather conditions or temperatures, decreased labor costs, and better energy conservation. According to a forum, that is used for sharing farming experiences, Europe is on a significant rise when it comes to vertical farming. Many countries compete to dominate this market, which results in the rise of many new farms. For instance, in the U.K., Jones Food Company produces around 400 tons of vegetables, such as kale, coriander, and radish, per year using vertical farming. The company has around 5,000 square meters of space for vertical farms in Europe. Therefore, the adoption of vertical farming is driving the growth of indoor farming technology.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The indoor farming technology market covered in this report is segmented –
1) By Crop Type: Fruits And Vegetables, Flowers And Ornamentals, Herbs And Microgreens
2) By Component: Hardware, Software And Services, Integrated Systems
3) By Facility Type: Glass or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep Water Culture Systems
4) By Growing System: Aeroponics, Aquaponics, Hybrid
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Regional Insights –
North America was the largest region in the indoor farming technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the indoor farming technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the indoor farming technology market report are Advanced Nutrients Holdings Inc., Agrilution GmbH, American Hydroponics LLC, BrightFarms Inc., General Hydroponics Inc., Hydrodynamics International Inc., Logiqs B. V., Netafim USA, Richel Group SA, Vertical Farm Systems Pty Ltd, AeroFarms LLC, Bowery Farming Inc., Emerald Harvest Inc., Freight Farms Inc., FreshBox Farms LLC, Grobo Inc., Metropolis Farms Inc., The Scotts Miracle-Gro Company, VitaLink Limited, Plenty Unlimited Inc., Crop One Holdings Inc., 80 Acres Farms LLC, Oasis Biotech Limited, AppHarvest Inc., Gotham Greens Holdings LLC, Green Sense Farms Holdings Inc., Lufa Farms Inc., Farm. One Inc., Infarm AG, Square Roots Inc., iFarm Project Ltd., Urban Crop Solutions NV, Local Roots Farms LLC, Kalera Inc., Valoya Oy, Heliospectra AB, Fluence by OSRAM GmbH, AEssenseGrows Inc., Nordic Harvest A/S
Table of Contents
1. Executive Summary
2. Indoor Farming Technology Market Report Structure
3. Indoor Farming Technology Market Trends And Strategies
4. Indoor Farming Technology Market – Macro Economic Scenario
5. Indoor Farming Technology Market Size And Growth
…..
27. Indoor Farming Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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