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

Northbrook, IL -- (SBWire) -- 01/07/2022 --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 pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Indoor farming, thus is looked upon as a potential solution for the growing concern about food security in the coming years.

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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.

Opportunity: Development of innovative and cost-effective technologies

Many technologies used in indoor farming do not have a long commercially proven record, and studies are still being conducted to ascertain the impact of these technologies on the shelf life of plants. Through research conducted at the Lighting Research Center (New York), the impact of LED lighting on plants was studied, and it showed positive results. However, the technology is in the introductory stage and requires improvements to become optimally beneficial and commercially viable.

New technologies need to be developed to decrease the carbon footprint in indoor farming. Growers are more interested in investing in technologies that would lower their costs invested in labor, as they are required on large-scale farms for monitoring, maintaining, supplying the nutrients, and harvesting. Hence, in the future, there is an opportunity to develop fully automated urban farms based on vertical farming and controlled environment agriculture.

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Key players are Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Heliospectra AB (Sweden), Harwood Engineering Company, Inc (US), EXDIN Solutions (Poland), NextHPP (US), Universal Pure (US), and American Pasteurization Company (US).

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