Northbrook, IL 60062 -- (SBWire) -- 10/19/2022 --The indoor farming technology market, in terms of value, is estimated to account for nearly USD 14.5 billion in 2020 and projected to grow at a CAGR of 9.4%, to reach nearly USD 24.8 billion by 2026. The global indoor farming technology market is growing significantly in accordance with the rise in demand for alternative sources of agriculture that require less number of resources. Consumer are gradually getting aware about the recent innovations in the indoor farming and vertical farming that provides a higher yield of crops in controlled environment along with reducing wastage as well. This in turn has boosted the demand for indoor farming technology market and will provide new growth opportunities for the market in the upcoming years as well.
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The key players that have a strong presence in the indoor farming technology market include Signify Holding (Netherlands), Everlight Electronics (China), Argus Control Systems (Canada), LumiGrow (US), Netafim (Israel), Logiqs (Netherlands), Richel Group (France), Vertical Farm Systems (Australia), General Hydroponics (US), Heliospectra AB (Sweden), Harwood Engineering Company, Inc (US), EXDIN Solutions (Poland), NextHPP (US), Universal Pure (US), and American Pasteurization Company (US).
Europe dominated the indoor farming technology market and is growing at a steady CAGR during the forecast period. Recently, the interest in indoor farming has been growing across all major European cities. In response to the growing demand for food, rapid urbanization, and increasing need for new productive soils, indoor farming is expected to be a leading farming technology and a financially viable solution. Indoor farming could play an important role in contributing to urban food security and enabling year-round production in Europe. The European Environment Agency (EEA) is building indoor farms to overcome challenges such as climate changes, continuous population growth, and producing food in a more environment-friendly manner.
According to national government statistics, the adoption of hydroponics has been witnessed to be the highest across all European countries. The Netherlands has the world's highest adoption rate for hydroponic systems of over 80%, majorly for its flowers and vegetable production. In contrast, Spain, France, Greece, and Poland have around 20% adoption for hydroponic systems. Across all European countries, tomatoes and peppers are the major cultivated crops, while berry and melon are majorly cultivated using traditional soil-based greenhouses. Flower production has been high across European countries, majorly the Netherlands and Poland, where flowers have a higher economic value.
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Hydroponics technology offers many benefits, including no use of soil and low cost of water, as the water remains in the system and can be reused. The nutrition levels can entirely be controlled, resulting in lower nutrient cost with stable and high yield. Hydroponics need a continuous flow of nutrients to prevent drying out of the roots, as they lack a medium to store water and nutrients.
Glass or poly greenhouses comprise an enclosed structure that is transparent and made of glass or a polycarbonate material. Greenhouses that are made of glass are more aesthetically appealing, have better clarity & light transmission, and can withstand heavy winds. On the other hand, polycarbonate greenhouses have good thermal efficiency, which helps keep the climate inside the greenhouse warm during the night. It also provides better protection from frost and is less expensive compared to glass. These greenhouses are generally used to cultivate tomatoes, potatoes, and cucumbers.
Indoor Farming Technology Market Is Expected to Grow $24.8 Billion by 2026
Factors such as the higher yield as compared to conventional agriculture practices, controlled environment farming, and improved yield and higher produce with limited land resources, are some of the key factors driving the growth of the indoor farming technology market during the forecast period.