The global indoor farming technology market is expected to grow during the forecast period due to high technology adoption in agriculture and increasing demand for healthier crops and pesticide-free crops. Also, the production of crops can be increased by utilizing vertical farming lighting to light multiple layers of crops, attaining a higher yield with a smaller footprint. The indoor farming technology market thus has a huge presence in the North America and Europe regions.
The North America region is expected to dominate the global indoor farming technology market attributed to the high technological advancement and the presence of leading indoor farming technology solution providers in the region. The growth in the market is further driven by the increasing research and development activities and large-scale adoption of digital technologies in countries such as the US, Canada, and Mexico. The U.S. is the major player in this market. The country produces several green vegetables, including kale, lettuce, arugula, and pak choi.
Asia-Pacific is anticipated to register the highest growth rate during the forecast period 2021-2026. This is due to ongoing efforts to digitize every industry, which will further benefit the agricultural industry. Apart from that, the regional governments are enacting technology-friendly policies, which are anticipated to significantly impact the market.
The global indoor farming technology market has seen major development by key players operating in the market, such as mergers and acquisitions, business expansion activities, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been mergers and acquisitions to strengthen their position in the global indoor farming technology market. For instance, in March 2021, Netafim acquired a Dutch greenhouse company called Gakon to meet the increasing demand for local all-climate food production.
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Other strategies adopted by the key market players are a partnership, collaboration, and joint venture. The companies have put in considerable efforts to develop new strategies for increasing the availability of products needed for indoor farming. For instance, in July 2020, Netafim entered a partnership with Sentek Technologies to distribute Sentek’s line of industry-leading soil moisture sensors. In August 2021, AeroFarms and Nokia Bell Labs entered a partnership for next-generation AI-enabled plant vision technology. This is to combine their expertise to expand their joint capabilities, mainly in cutting-edge networking, autonomous systems, and integrated machine vision and machine learning technologies to identify and track plant interactions up to an advanced level.
The global indoor farming technology market research study offers a broad perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
Indoor farming is an important part of modern agriculture for producing crops in a controlled environment. There is an increasing growth for indoor farming globally propelled by the rising world population along with a consequent demand for consistent food supplies. Conventional agriculture is suitable for areas with sufficient land and water supply. Since the percentage of arable land and water supply to support conventional agriculture is diminishing, the demand for indoor farming is heightening. Indoor farms can help to grow the total crop yield per unit area by utilizing the stacked layers of potted seeds, and this is further expected to drive the market.
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