Indoor Farming Technology Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Indoor farming technology uses innovations to create an artificial environment inside a closed facility, speeding up plant growth and nutrient uptake compared to conventional farming. It entails using controlled growing and nutrition systems, LED illumination, and layering indoor plant growth. This type of agriculture has the benefits of using less land to raise more food and avoiding chemicals.

Sizing and Forecast
The indoor farming technology market size has grown rapidly in recent years. It will grow from $33.19 billion in 2023 to $37.51 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to increased demand for sustainable agriculture, urbanization, local food movement, increasing population.

The indoor farming technology market size is expected to see rapid growth in the next few years. It will grow to $60.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to climate change, water scarcity, consumer preferences, government support and incentives, global pandemic and food security concerns. Major trends in the forecast period include increased investment, technological innovation, vertical farming, controlled environment agriculture (cea), led lighting advancements, robotics and automation, ai and data analytics, novel crops and varieties, collaboration and partnerships.

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Segmentation & Regional Insights
The indoor farming technology market covered in this report is segmented –

1) By Crop Type: Fruits And Vegetables, Flowers And Ornamentals, Herbs And Microgreens
2) By Component: Hardware, Software And Services, Integrated Systems
3) By Facility Type: Glass or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep Water Culture Systems
4) By Growing System: Aeroponics, Aquaponics, Hybrid

North America was the largest region in the indoor farming technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the indoor farming technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising adoption of vertical farming in agriculture is likely to contribute to the growth of the indoor farming technology market. Some of the main advantages of vertical farming are optimized crop growth, reduced water usage, minimal dependence on external weather conditions or temperatures, decreased labor costs, and better energy conservation. According to a forum, that is used for sharing farming experiences, Europe is on a significant rise when it comes to vertical farming. Many countries compete to dominate this market, which results in the rise of many new farms. For instance, in the U.K., Jones Food Company produces around 400 tons of vegetables, such as kale, coriander, and radish, per year using vertical farming. The company has around 5,000 square meters of space for vertical farms in Europe. Therefore, the adoption of vertical farming is driving the growth of indoor farming technology.

Key Industry Players
Major companies operating in the indoor farming technology market report are Advanced Nutrients Holdings Inc., Agrilution GmbH, American Hydroponics LLC, BrightFarms Inc., General Hydroponics Inc., Hydrodynamics International Inc., Logiqs B. V., Netafim USA, Richel Group SA, Vertical Farm Systems Pty Ltd, AeroFarms LLC, Bowery Farming Inc., Emerald Harvest Inc., Freight Farms Inc., FreshBox Farms LLC, Grobo Inc., Metropolis Farms Inc., The Scotts Miracle-Gro Company, VitaLink Limited, Plenty Unlimited Inc., Crop One Holdings Inc., 80 Acres Farms LLC, Oasis Biotech Limited, AppHarvest Inc., Gotham Greens Holdings LLC, Green Sense Farms Holdings Inc., Lufa Farms Inc., Farm. One Inc., Infarm AG, Square Roots Inc., iFarm Project Ltd., Urban Crop Solutions NV, Local Roots Farms LLC, Kalera Inc., Valoya Oy, Heliospectra AB, Fluence by OSRAM GmbH, AEssenseGrows Inc., Nordic Harvest A/S

The indoor farming technology market report table of contents includes:

1. Executive Summary

2. Indoor Farming Technology Market Characteristics

3. Indoor Farming Technology Market Trends And Strategies

4. Indoor Farming Technology Market – Macro Economic Scenario

5. Global Indoor Farming Technology Market Size and Growth

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31. Global Indoor Farming Technology Market Competitive Benchmarking

32. Global Indoor Farming Technology Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Indoor Farming Technology Market

34. Indoor Farming Technology Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Advanced Nutrients Holdings Inc.

American Hydroponics LLC

BrightFarms Inc

 General Hydroponics Inc

Hydrodynamics International Inc

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