Growth in the global population, coupled with the growing need for maximizing crop yield and limited availability of arable land, is driving the demand of the Indoor Farming Technology Market
Vancouver, Nov. 15, 2023 (GLOBE NEWSWIRE) — The global Indoor Farming Technology Market will be worth USD 98.66 Billion by 2032, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing environmental concerns such as the depletion of soil quality and groundwater on applications of chemical-based solutions. Limited availability of arable land due to land degradation has resulted in the increasing adoption of the indoor farming system by the farm owners. Growing initiatives of the government regarding the adoption of indoor farming to meet the increasing demand for maximizing crop yield due to the growing global population is expected to drive the technology’s demand. The reduction in the prices of the light-emitting diode (LED) and the technological advancement in the LEDs help in the growth of the indoor farming systems.
The scarcity of arable lands has increased the adoption of shipping container-based indoor vertical farming. Ease of transportation, low water usage, and cost-effectiveness of the shipping containers have increased its adoption in the indoor farming technology market. The farm owners are setting up the shipping containers in the indoor vertical farms with drip irrigation and technologically advanced LED lights to obtain higher crop yield.
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Scope of Research
|Market size value in 2019||USD 31.59 Billion|
|CAGR (2023 – 2032)||9.5%|
|Revenue forecast in 2032||USD 98.66 Billion|
|Base year for estimation||2022|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Facility Type, Growth Mechanisms, Crop Type, region|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||Everlight Electronics, Philips Lighting, Netafim, Illumitex, Inc., Argus Control Systems, Logiqs B.V., Freight Farms, Signify, BrightFarms, and American Hydroponics|
|Customization scope||10 hrs of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The market for In Silico Drug Discovery is fairly consolidated, with few small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the market are desegregated across the value chain. The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities. Some of the prominent players in the In Silico Drug Discovery industry include:
- Certara USA, Inc.
- Albany Molecular Research Inc.
- Chemical Computing Group ULC
- Charles River
- Dassault System (Biovia)
- Collaborative Drug Discovery, Inc.
- Evotec A.G.
- ICAGEN, Inc.
- GVK Biosciences Private Limited
- Novo Informatics Pvt. Ltd.
- In January 2020, Freight Farms & Sodexho announced a partnership in order to grow food onsite at school campuses across the U.S. The partnership is expected to enable year-round on-campus food production at K-12 educational institutions and universities.
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Key Highlights From The Report
- The Glass or poly greenhouses segment held the largest market share of 46.6% in 2019. The Glass or poly greenhouses help in the higher crop yield within a climate-controlled environment compared to traditional farming techniques.
- The software & services segment is forecasted to grow with the fastest CAGR of 10.0% over the forecast period. The cloud-based software solutions are increasingly being adopted by the farm owners to determine the changing climatic conditions and their effect on the crop yield.
- The Hydroponics segment is forecasted to be the fastest-growing segment over the forecast period as the ability of Indoor farming in a climate-controlled environment means can easily be achieved with the help of the hydroponics method.
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Emergen Research has segmented the global Indoor Farming Technology Market on the basis of Component, Facility Type, Growth Mechanisms, Crop Type, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Software & Services (web-based, cloud-based)
- Hardware (Lighting Systems, Irrigation Systems, Sensors, Climate Control Systems)
- Facility Type Outlook (Revenue, USD Billion; 2019-2032)
- Indoor Deep Water Culture (DWC) systems
- Indoor vertical farms (Shipping Container, building-based)
- Glass or poly greenhouses
- Growth Mechanisms Outlook (Revenue, USD Billion; 2019-2032)
- Crop Type Outlook (Revenue, USD Billion; 2019-2032)
- Herbs & microgreens
- Fruits & Vegetables
- Flower & ornamentals
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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