Indoor Farming Technology Market is Expected to Grow at a CAGR of 15.23% during the Forecast period from 2019 to 2024.
The Indoor Farming Technology Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 15.23% during the forecast period from 2019 to 2024. Meeting the growing food demand of the increasing global population has become a matter of concern at present. Arable land data in 2030 is expected to decrease to 1800 m² from 2,200 m² in 2005. Moreover, extremities in global climate is highly impacting the overall agricultural output. Therefore, to meet the global food demand, utilizing technologies to operate indoor farms is increasingly being adopted by the growers currently.
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The indoor farming technology market growth is majorly driven by factors such as rise in the demand for food globally and increasing push from government for the adoption of alternative agricultural practices. However, factors such as considerable investments to set-up an indoor farm and consequent profitability hamper the overall market growth.
Moreover, the development of cost-efficient growing technologies for indoor farms are anticipated to create numerous opportunities for the market growth.
Key Questions Answered in this Report:
- How is the indoor farming technology market performing in terms of revenue generation and what is the expectation of growth by 2024?
- Which of the major technology types among hardware, software and services, and integrated systems in indoor farming technology dominate the market?
- How are the drivers, such as increasing concern for food security, climate change, scarcity of water and arable land, expected to impact the indoor farming technology industry?
- How are certain factors such as high initial investments and carbon footprint expected to restrain the growth of the market?
- How much revenue is expected to be generated by:
a. different types of technologies provided in the indoor farming industry?
b. different facilities of indoor farms, namely greenhouses, indoor vertical farms, and container farms?
c. different methods of growing used in indoor farming such as hydroponics, aeroponics, aquaponics, soil-based, and hybrid?
d. different produce types that are grow indoors, such as vegetables, fruits, microgreens and herbs, medicinal crops, and others?
e. different regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)
- Who are the major players in the indoor farming technology market? What are the key market strategies being adopted by these companies?
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