DUBLIN--(BUSINESS WIRE)--The "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 2022" report has been added to ResearchAndMarkets.com's offering.
The indoor farming technology market is projected to reach USD 40.25 billion by 2022 from USD 25.40 billion in 2017, at a CAGR of 9.65%.
The market is driven by the rise in demand for fresh foods with high nutritive value, need for higher yields using limited space and water, and lesser impact of external weather conditions. On the other hand, high initial investment is one of the factors restraining the growth of the indoor farming technology market.
Based on component, the hardware segment is projected to grow at a higher rate during the forecast period. The three major components in the hardware segment include climate control systems, lighting, and irrigation systems. A climate control system is perhaps the single most important technology in an indoor farming facility, as it allows farmers to create the ideal environment for year-round production. Hence, the hardware segment is projected to record a relatively higher CAGR of 9.88% from 2017 to 2022.
The glass or poly greenhouses segment accounted for the largest share of the indoor farming technology market in 2017. Greenhouses are generally used to cultivate tomatoes, potatoes, and cucumbers. The large share of this segment can be attributed to the high adoption of this technique in countries such as the US and China. This technique consumes less energy and requires lesser number of labor hours, which makes it more affordable than indoor vertical farms.
Europe was the largest indoor farming technology market in 2017. This dominance can be attributed to the high adoption of precision farming and protected agriculture in this region. In addition, as a response to the growth in demand for food, rapid urbanization, and increase in need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution in this region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Indoor Farming Technology Market, By Growing System
7 Indoor Farming Technology Market, By Facility Type
8 Indoor Farming Technology Market, By Component
9 Indoor Farming Technology Market, By Crop Type
10 Indoor Farming Technology Market, By Region
11 Competitive Landscape
12 Company Profiles
- Philips Lighting
- Everlight Electronics
- Argus Controls Systems
- Vertical Farm Systems
- Hydrodynamics International
- General Hydroponics
- Richel Group
- American Hydroponics
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