Indoor Farming Technology Market worth $24.8 Billion by 2026, at a CAGR 9.4%

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The indoor farming technology market is estimated at USD 14.5 billion in 2020; it is projected to grow at a CAGR of 9.4% to reach USD 24.8 billion by 2026.

The report Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals), and Region – Global Forecast to 2026″, size is estimated to account for a value of USD 14.5 billion in 2020 and is projected to grow at a CAGR 9.4% from 2020, to reach a value of USD 24.8 billion by 2026. Factors such as the higher yield as compared to conventional agriculture practices, controlled environment farming, improved yield, and higher produce with limited land resources, are some of the key factors driving the growth of the indoor farming technology market during the forecast period.

Indoor Farming Technology Market

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Driver: Need for higher yields using limited space and water.

One of the main advantages of indoor farming is its higher yield compared to conventional farming methods. Enclosed facilities used in indoor farming create optimum growing conditions for farmers to grow a crop from seed to the harvesting stages in lesser time and obtain higher yields in each cycle with limited land area. According to USDA data, in 2016, the average yield of tomatoes grown in greenhouse hydroponics was 10.59 pounds per square foot, and that of traditionally grown tomatoes was 1.85 pounds per square foot. Therefore, indoor farms can increase the overall crop yield by stacking additional layers and increasing the growing area.

Indoor farming addresses the concern of limited space, as certain plants can be grown in smaller areas. For instance, in vertical farming, every facility developed reduces the need for utilizing land by a hundred-fold. The level of water wastage is less when compared to conventional farming. Indoor farms recirculate and reuse the water; an average of 95% less water is required to grow the same crops as compared to outdoor farming. When plants or crops are grown in vertical greenhouses, the transpiration process occurs, which makes it feasible for farmers to reuse the water for irrigation purposes. The chances of water wastage become minimal, and therefore, this method is helpful in resource conservation.

By growing system, the aeroponics segment is estimated to observe the fastest growth in indoor farming technology market.

Aeroponics is the system of growing plants in a misty environment, in the absence of conventional mediums such as soil. The plant roots are inserted in containers filled with plant nutrients, instead of soil. These containers are ideal for oxygenation and moisture and help the plant absorb nutrients effectively, thereby aiding faster development and cultivation. The seeds are planted on a wired mesh, while the plant containers are mounted on top of one another, making it light and handy, and can thus be easily moved.

Aeroponics is considered to be the future of indoor farming technology. This technology facilitates faster plant growth, enabling the cultivation of more plants or seeds in lesser time than normal conditions. This system can be controlled externally through computers or timers for the release of moist air at regular intervals and does not require the frequent use of pesticides, weeding, and other maintenance processes as compared to conventional farming.

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Europe is projected to dominate the majority market share, in the global indoor farming technology market, in terms of value, in 2020

Europe dominated the indoor farming technology market and is growing at a steady CAGR during the forecast period. Recently, the interest in indoor farming has been growing across all major European cities. In response to the growing demand for food, rapid urbanization, and increasing need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution. Indoor farming could play an important role in contributing to urban food security and enabling year-round production in Europe. The European Environment Agency (EEA) is building indoor farms to overcome challenges such as climate changes, continuous population growth, and producing food in a more environment-friendly manner.

This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the indoor farming technology market. It includes the profiles of leading companies, such as Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Illumitex (US), Hydrodynamics International (US), American Hydroponics (US), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Agrilution (Germany), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Hydroponics System International (Spain), Advanced Nutrients (US), Emerald Harvest (US), VitaLink (UK), and Grobo (US).

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