The report “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″, size is estimated to account for a value of USD 14.5 billion in 2020 and is projected to grow at a CAGR 9.4% from 2020, to reach a value of USD 24.8 billion by 2026. Factors such as the higher yield as compared to conventional agriculture practices, controlled environment farming, and improved yield and higher produce with limited land resources, are some of the key factors driving the growth of the indoor farming technology market during the forecast period.
COVID-19 Impact on the Global Indoor Farming Technology Market
Amid the spread of COVID-19 pandemic, many individuals have developed a critical point of view towards outdoor food. With health and food safety becoming the key focus, the populations around the globe have showed an inclination towards home cooking and self-made/homemade meals. This has put the food and hotel industry into jeopardy. After the devastating outbreak of coronavirus pandemic, the adoption rate of urban indoor farming systems around the world are estimated to rise sharply. The agriculture industry faced challenges during the initial phases of the spread of the pandemic. There were huge labour shortages on the farm, some farmers missed their window of opportunity for harvesting for seasonal crops, the falling prices of agricultural products and the disruption of logistics. Many countries also realized their over dependence on imports of food materials and hence began emphasizing on internal and domestic productions.
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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.
By growing system, the aeroponics segment is estimated to observe the fastest growth in indoor farming technology market.
Aeroponics is the system of growing plants in a misty environment, in the absence of conventional mediums such as soil. The plant roots are inserted in containers filled with plant nutrients, instead of soil. These containers are ideal for oxygenation and moisture and help the plant absorb nutrients effectively, thereby aiding faster development and cultivation. The seeds are planted on a wired mesh, while the plant containers are mounted on top of one another, making it light and handy, and can thus be easily moved.
Aeroponics is considered to be the future of indoor farming technology. This technology facilitates faster plant growth, enabling the cultivation of more plants or seeds in lesser time than normal conditions. This system can be controlled externally through computers or timers for the release of moist air at regular intervals and does not require the frequent use of pesticides, weeding, and other maintenance processes as compared to conventional farming.
Europe is projected to dominate the majority market share, in the global indoor farming technology market, in terms of value, in 2020
Europe dominated the indoor farming technology market and is growing at a steady CAGR during the forecast period. Recently, the interest in indoor farming has been growing across all major European cities. In response to the growing demand for food, rapid urbanization, and increasing need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution. Indoor farming could play an important role in contributing to urban food security and enabling year-round production in Europe. The European Environment Agency (EEA) is building indoor farms to overcome challenges such as climate changes, continuous population growth, and producing food in a more environment-friendly manner.
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According to national government statistics, the adoption of hydroponics has been witnessed to be the highest across all European countries. The Netherlands has the world’s highest adoption rate for hydroponic systems of over 80%, majorly for its flowers and vegetable production. In contrast, Spain, France, Greece, and Poland have around 20% adoption for hydroponic systems. Across all European countries, tomatoes and peppers are the major cultivated crops, while berry and melon are majorly cultivated using traditional soil-based greenhouses. Flower production has been high across European countries, majorly the Netherlands and Poland, where flowers have a higher economic value.
This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the indoor farming technology market. It includes the profiles of leading companies, such as Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Illumitex (US), Hydrodynamics International (US), American Hydroponics (US), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Agrilution (Germany), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Hydroponics System International (Spain), Advanced Nutrients (US), Emerald Harvest (US), VitaLink (UK), and Grobo (US).
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