The market is expected to increase at CAGR of 23.99% during the forecast period 2022-2027
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Indoor Farming Technology Market – A Global and Regional Analysis.
According to this study, the global indoor farming technology market was valued at $5.84 billion in 2022 and is projected to reach $17.12 billion by 2027.
The following factors are responsible for the increase in demand for indoor farming technology:
- Land degradation and decrease in arable land
- Need for climate-smart agriculture
- Increased government support and initiatives
The detailed study is a compilation of 148 market data tables and 36 figures spread through 238 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, “Indoor farming technology offers several benefits to farmers, consumers, and the environment. Firstly, indoor farming allows farmers to grow crops year-round, irrespective of weather conditions. Secondly, it reduces the need for harmful pesticides and herbicides, which are typically used in traditional farming practices. Indoor farming also conserves water as it relies on a closed-loop system that recycles water. Finally, indoor farming allows farmers to grow crops closer to the point of consumption, reducing the carbon footprint associated with transportation. Also, indoor farming technology is expected to become more accessible and affordable in the future. As more farmers adopt these technologies, economies of scale will drive down costs and make indoor farming more accessible to small-scale farmers.”
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Major Existing Industry Leaders in the Indoor Farming Technology Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- Argus Control Systems Limited
- California LightWorks
- Current Lighting Solutions, LLC
- Freight Farms, Inc.
- Link4 Corporation
- LOGIQS B.V.
- Lumileds Holding B.V.
- Everlight Electronics Co., Ltd
- Signify Holding
- OSRAM GmbH
Recent Developments in the Global Indoor Farming Technology Market
- In September 2022, iFarm, based in Switzerland, partnered with Yasai AG and LOGIQS B.V. and announced long-term cooperation. Yasai AG announced the signing of a strategic agreement with the equipment and tech suppliers with the launch of the first vertical farm project based in Zurich. The company involved are LOGIQS B.V. and iFarm as the technology partners responsible for constructing a pilot facility, with about 673 sq. m of growing area and a design capacity of around 20 tons of fresh herbs per year.
- In April 2022, Lumileds Holding B.V. has launched LUXEON SunPlus HPE, a high-power, deep red (660nm) LED in the U.S. market. This product is designed specifically for the horticulture lighting industry.
- In September 2021, IUNU acquired Artemis, a U.S.-based company that provides software solutions for indoor farming activities. Nowadays, Artemis works as a subsidiary of IUNU.
Want to learn more about the latest trends in indoor farming technology? Speak to our analysts
Exclusive DeepTechTM MAP on Agriculture by BIS Research:
Global Vertical Farming Market
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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