Dublin, May 30, 2018 (GLOBE NEWSWIRE) -- 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:
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in the Indoor Farming Technology Market 4.2 European Indoor Farming Technology Market, By Crop Type and Country 4.3 Indoor Farming Technology Market, By Growing System & Region 4.4 Indoor Farming Technology Market, By Key Country 4.5 Indoor Farming Technology Market, By Region 5 Market Overview 5.1 Introduction 5.2 Macroeconomic Indicators 5.2.1 Rise in Global Population and Food Requirements 5.2.2 Decline in Per Capita Arable Land 5.3 Market Dynamics 5.3.1 Drivers 5.3.1.1 Rise in Demand for Fresh Foods With Higher Nutritive Value 5.3.1.2 Need for Higher Yields Using Limited Space and Water 5.3.1.3 Lesser Impact of External Weather Conditions 5.3.2 Restraints 5.3.2.1 High Initial Investments 5.3.2.2 Limitations on the Type of Crops That Can Be Grown 5.3.3 Opportunities 5.3.3.1 Development of Innovative and Cost-Effective Technologies 5.3.3.2 Production of Biopharmaceutical Products 5.3.4 Challenges 5.3.4.1 Lack of Adequate Funding 5.3.4.2 Shortage in the Availability of Skilled Work-Force 5.4 Regulatory Framework 5.5 Patent Analysis 5.5.1 List of Major Patents 6 Indoor Farming Technology Market, By Growing System 6.1 Introduction 6.2 Aeroponics 6.3 Hydroponics 6.4 Aquaponics 6.5 Soil-Based 6.6 Hybrid 7 Indoor Farming Technology Market, By Facility Type 7.1 Introduction 7.2 Glass Or Poly Greenhouses 7.3 Indoor Vertical Farms 7.4 Container Farms 7.5 Indoor Deep Water Culture (DWC) Systems 8 Indoor Farming Technology Market, By Component 8.1 Introduction 8.2 Hardware 8.2.1 Climate Control Systems 8.2.2 Lighting Systems 8.2.3 Communication Systems 8.2.4 Sensors 8.2.5 System Controls 8.2.6 Irrigation Systems 8.2.7 Others 8.3 Software & Services 9 Indoor Farming Technology Market, By Crop Type 9.1 Introduction 9.2 Fruits & Vegetables 9.2.1 Leafy Greens 9.2.1.1 Lettuce 9.2.1.2 Kale 9.2.1.3 Spinach 9.2.1.4 Others 9.2.2 Tomato 9.2.3 Strawberry 9.2.4 Eggplant 9.2.5 Others 9.3 Herbs & Microgreens 9.3.1 Basil 9.3.2 Herbs 9.3.3 Tarragon 9.3.4 Wheatgrass 9.4 Flowers & Ornamentals 9.4.1 Perennials 9.4.2 Annuals 9.4.3 Ornamentals 9.5 Other Crops 10 Indoor Farming Technology Market, By Region 10.1 Introduction 10.2 North America 10.3 Europe 10.4 Asia Pacific 10.5 South America 10.6 Rest of the World 11 Competitive Landscape 11.1 Overview 11.2 Company Rankings 11.3 Competitive Scenario 11.3.1 Agreements, Contracts, Collaborations, and Partnerships 11.3.2 New Product Launches & Developments 11.3.3 Expansions 11.3.4 Acquisitions 12 Company Profiles 12.1 Philips Lighting 12.2 Everlight Electronics 12.3 Argus Controls Systems 12.4 Netafim 12.5 Lumigrow 12.6 Logiqs 12.7 Illumitex 12.8 Vertical Farm Systems 12.9 Hydrodynamics International 12.10 General Hydroponics 12.11 Richel Group 12.12 American Hydroponics 12.13 Agrilution
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