The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Indoor Farming Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.
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Indoor Farming Industry Analytical Overview (2023-2028): Drivers, Opportunities, Challenges, and Trends,
According to the latest report, Indoor Farming Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2023-28. The World Bank Group reports that the average amount of arable land per person decreased from 0.197 hectares in 2013 to 0.192 hectares in 2016. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, geography, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2023 to 2028.
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What is Included in Indoor Farming Market Segmentation?
The report has segmented the market into the following categories:
By Type
– Hydroponics Farming
– Aeroponics Farming
– Aquaponics Farming
– Vertical Farming
By Facility
– Greenhouses
– Container Farms
– Indoor Vertical Farms
– Indoor Deep Water Culture
Among all, The Indoor Vertical Farm segment of the market recorded a sizeable revenue share in the historical period. This growth can be attributed to several factors, including the increasing global population and the shortage of fertile land to grow food. As urbanization continues to spread rapidly and industrialization increases, more and more agricultural land is becoming infertile due to various toxic substances in the environment.
By Component
– Hardware
– – Climate Control Systems
– – Lighting Systems
– – Sensors
– – Irrigation Systems
– Software
– – Web-Based
– – Cloud-Based
By Crop
– Fruits and Vegetables
– – Tomato
– – Lettuce
– – Bell & Chili Peppers
– – Strawberry
– – Cucumber
– – Others (Leafy Greens, Kale)
– – Herbs and Microgreen
– Herbs
– – Tarragon
– – Wheatgrass
– – Others (Basil, Bay)
– Flowers and Ornamentals
– – Annuals
– – Perennials
– – Ornamentals
– – Others (Orchids, Succulents)
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Key Factor Driver Indoor Farming Industry Growth by 2028
Decreased Cultivable Area Globally, Prompting The Repurposing of Existing Agricultural Land. – Unfavorable weather conditions like droughts, soil erosion, floods, and intensive pesticide usage, which are the prominent causes of the decreased cultivable area, have led to reduced yield over time. Growing crops indoors is the best way to address this severe concern affecting soil fertility globally. In addition, it creates new arable land, subsequently increasing the output and productivity of existing agricultural land. With innovative methods like Hydroponics Farming, Aeroponics Farming, Aquaponics Farming, and Vertical Farming, indoor methods are anticipated to gain traction and drive the market during the forecast period.
Who are the Key Players Operating in the Indoor Farming Industry?
The top companies of the Indoor Farming market ruling the industry are:
- Aessense Corporation
- Argus Control Systems Limited
- Bowery Farming Inc
- BrightFarms
- Certhon
- Crop One Holdings, Inc.
- General Hydroponics
- Green Sense Farms Holdings, Inc.
- Metropolis Farms Inc
- Netafim
- Priva
- Richel Group
- Signify Holdings
- Village Farms International Inc
- Windset Farms
- Others
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FAQs (Frequently Ask Questions)
- What are the industry’s overall statistics or estimates including CARG and USD Value of the forecasting years?
- What are the trends influencing the current scenario of the Indoor Farming Market?
- What are the key factors that would propel and hinder the industry?
- Which geographical area dominates the Indoor Farming industry?
- Which is the Leading segment in the market?
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