Significant use of indoor farming technology in various applications. The market caters to the cultivation of a wide range of crops, including leafy greens, herbs, microgreens, fruits, and vegetables. Indoor farming technology finds extensive usage in commercial farms, vertical farms, urban agriculture, research facilities, and educational institutes. The controlled environments provided by indoor farming systems allow for year-round crop production, regardless of external factors. The market's growth is driven by the rising demand for locally sourced, sustainable, and pesticide-free produce, as well as the need for efficient land and water utilization in urban settings.
According to Data Bridge Market Research, the Indoor Farming Technology Market was valued at USD 1.92 billion in 2021 and is expected to reach USD 6.21 billion by 2029, registering a CAGR of 15.80% during the forecast period of 2022-2029.
“Global awareness regarding multiple factors facilitate market growth”
Global efforts to minimize carbon impact are driving the adoption of greener and safer crop cultivation and food production methods, leading to increased awareness among people, particularly in developing economies, about indoor farming techniques and technologies. Indoor farming offers several advantages, including higher yield results compared to conventional farming methods. This increased productivity, coupled with the ability to grow crops year-round in controlled environments, is boosting the growth of the indoor farming market. As people recognize the environmental benefits and higher efficiency of indoor farming, the market is expected to expand further, catering to the growing demand for sustainable and efficient food production.
What restraints the growth of North America indoor farming technology market?
“High initial investments”
High initial investments serve as a significant restraint for the indoor farming technology market. Establishing indoor farming facilities requires substantial capital investment for infrastructure, equipment, technology, and operational costs. The need for specialized lighting systems, climate control systems, hydroponic setups, and monitoring software adds to the financial burden. Additionally, ongoing expenses for energy consumption, maintenance, and skilled labor contribute to the high cost of operating indoor farms. These factors can deter potential investors and limit the entry of new players, posing a challenge to the growth and widespread adoption of indoor farming technology..
Segmentation: Indoor Farming Technology Market
The Indoor Farming Technology Market is segmented on the basis of product type, usage, route of administration, application, end user and distribution channel.
- On the basis of product type, the Indoor Farming Technology Market is segmented into devices, accessories and consumables.
- Based on usage, the Indoor Farming Technology Market is segmented into disposable and reusable.
- On the basis of route of administration, the Indoor Farming Technology Market is segmented into intravenous, subcutaneous, and epidural.
- Based on application, the Indoor Farming Technology Market is segmented into pain management, diabetes, oncology, neonatology, gastroenterology, general anesthesia, emergency medicine, and others.
- On the basis of end-user, the Indoor Farming Technology Market is segmented into hospitals, home care settings, ambulatory surgical centers, specialty clinics, and others.
- Based on distribution channels, the Indoor Farming Technology Market is segmented into direct tender and retail sales.
Regional Insights: U.S. is expected to dominate the North America Indoor Farming Technology Market
The U.S. dominates the indoor farming technology market in North America as the country leads in manufacturing and service provision for this sector. With a strong emphasis on research and development, the U.S. continues to enhance its proficiency in indoor farming technology. This focus on innovation and advancements expands the growth potential for the U.S. in the North American indoor farming technology market, solidifying its position as a key player in the industry.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-indoor-farming-technology-market
Recent Developments in Indoor Farming Technology Market
- In August 2019, LumiGrow Inc. unveiled the TopLight Hybrid smart fixture, which offers an expanded white spectrum and wireless control through the SmartPAR software. This innovative lighting solution enhances the flexibility and efficiency of indoor farming by allowing users to regulate lighting conditions for optimal plant growth.
- Hydroponics System International introduced a new raised system in April 2019 to support facilities that required elevated gutters. This system accommodates the needs of indoor farming setups where ground-level gutters are not feasible, providing a practical solution for managing hydroponic cultivation in various environments.
- In April 2019, Signify Holdings announced the acquisition of WiZ Connected, a Chinese company known for their Wi-Fi-based connected lighting ecosystem. This strategic move enables Signify to enter the Wi-Fi-based smart lighting sector, expanding their portfolio of smart lighting solutions and enhancing their presence in the connected lighting market.
The Prominent Key Players Operating in the Indoor Farming Technology Market Include:
- Sananbio (U.S.)
- Hawthorne Gardening Co. (U.S.)
- Freight Farms, Inc. (U.S.)
- OSRAM SYLVANIA Inc. (U.S.)
- SUNCORE TILES (Canada)
- Priva (Netherlands)
- Surna. (U.S.)
- ZipGrow. (Canada)
- LOGIQS B.V. (Netherlands)
- GE CURRENT (U.S.)
- Signify Holding. (Netherlands)
- Argus Control Systems Limited (Canada)
- LumiGrow. (U.S.)
- Certhon (Netherlands)
- iFarm (Finland)
- Braingrid Corporation. (Canada)
- Eden Green Technology. (U.S.)
- NETAFIM (Israel)
- Urban Crop Solutions (Belgium)
Above are the key players covered in the report, to know about more and exhaustive list of Indoor Farming Technology Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Indoor Farming Technology Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
