Dublin, June 27, 2023 (GLOBE NEWSWIRE) — The “Indoor Farming Technology Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global indoor farming technology market grew from $29.35 billion in 2022 to $32.95 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The indoor farming technology market is expected to grow to $53.31 billion in 2027 at a CAGR of 12.8%.
Strategic partnerships are shaping the indoor farming technology market. The companies that operate in unified endpoint management are undergoing partnerships. For instance, in the year 2020, Sananbio and Hode AgTech announced a strategic partnership for indoor farming projects in Qatar. Sananbio is a joint venture by Sanan Optoelectronics, an LED manufacturer, and also the Institute of Botany of the Chinese Academy of Sciences, an institute in plant science. Hode AgTech is committed to the development and worldwide promotion of agricultural technologies. With this partnership, they commit to building indoor farms and labs in Qatar and to giving fresh nutritionally dense food to Qatar.
In April 2021, a US-based indoor agriculture company, Aero farms had undergone a partnership with Hortifrut SA for an undisclosed amount. The Chile-based company primarily engaged in the production, distribution, import, and export of horticultural products a certified B corporation in Chile. The partnership will focus on the research and development of blueberry and cranberry production in fully controlled vertical farms and indoor environments. Hortifrut SA is a Chile-based production and marketing company for berries.
North America was the largest region in the indoor farming technology market in 2022. 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, and Africa.
The countries covered in the indoor farming technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The rising adoption of vertical farming of agriculture is likely to contribute 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, which is used for sharing farming experience, 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 5000 square meters of space for vertical farms in Europe. Therefore, the adoption of vertical farming is driving the growth for indoor farming technology.
The indoor farming technology market consists of revenues earned by entities by monitoring, analyzing, and adjusting climate conditions within greenhouses and indoor farms. The market value includes the value of related goods sold by the service provider or included within the service offering. The indoor farming technology market also includes sales of hydroponics, aeroponics, and aquaponics.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Major players in the indoor farming technology market are Advanced Nutrients, Agrilution GmbH, American Hydroponics, BrightFarms, General Hydroponics, Hydrodynamics International, Logiqs Vertical Farming, Netafim, Vertical Farm Systems, AeroFarms, Bowery Inc., Freight Farms, Metropolis Farms Inc., and Scotts Miracle Gro.
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
- South Korea
|No. of Pages||200|
|Forecast Period||2023 – 2027|
|Estimated Market Value (USD) in 2023||$32.95 billion|
|Forecasted Market Value (USD) by 2027||$53.31 billion|
|Compound Annual Growth Rate||12.8%|
Key Topics Covered:
1. Executive Summary
2. Indoor Farming Technology Market Characteristics
3. Indoor Farming Technology Market Trends And Strategies
4. Indoor Farming Technology Market – Macro Economic Scenario
5. Indoor Farming Technology Market Size And Growth
5.1. Global Indoor Farming Technology Historic Market, 2017-2022, $ Billion
5.2. Global Indoor Farming Technology Forecast Market, 2022-2027F, 2032F, $ Billion
6. Indoor Farming Technology Market Segmentation
6.1. Global Indoor Farming Technology Market, Segmentation By Crop Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Fruits And vegetables
- Flowers And Ornamentals
- Herbs And Microgreens
6.2. Global Indoor Farming Technology Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Software And Services
- Integrated Systems
6.3. Global Indoor Farming Technology Market, Segmentation By Facility Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Glass or Poly Greenhouses
- Indoor Vertical Farms
- Container Farms
- Indoor Deep Water Culture Systems
6.4. Global Indoor Farming Technology Market, Segmentation By Growing System, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Indoor Farming Technology Market Regional And Country Analysis
7.1. Global Indoor Farming Technology Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Indoor Farming Technology Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Advanced Nutrients
- Agrilution GmbH
- American Hydroponics
- General Hydroponics
- Hydrodynamics International
- Richel Group
- Vertical Farm Systems
- Bowery Inc.
- Emerald Harvest
- Freight Farms
- FreshBox Farms
- Metropolis Farms Inc.
- Scotts Miracle Gro
For more information about this report visit https://www.researchandmarkets.com/r/mx8flh
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- Global Indoor Farming Technology Market