Northbrook, IL 60062 -- (SBWIRE) -- 06/12/2023 -- The Indoor Farming Technology Market is expected to reach USD 32.3 billion by 2028, growing at a CAGR of 9.7% during the forecast period. The market is being driven by the increasing demand for locally sourced and fresh produce, leading to a surge in indoor farming projects.

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Glass or poly greenhouses are projected to dominate the market in terms of facility type. The expansion of greenhouses in indoor farming is driven by the growing need for locally produced and fresh produce. Greenhouses provide an efficient and controlled environment to meet this demand. Advancements in greenhouse technology, including climate control systems, irrigation techniques, and automation, have made indoor farming more productive and profitable. Additionally, the focus on environmental awareness and reducing carbon footprints has increased the appeal of energy-efficient greenhouses for indoor agricultural farming. The expansion of glass or poly greenhouses is expected to continue as the indoor farming industry grows, driven by the need for efficient, sustainable, and high-quality crop production.

In terms of components, lighting systems hold a significant market share. Lighting is essential for plant growth in non-natural lighting environments. Artificial light is the primary light source in vertical farming, and higher light intensities are required in many supplemental light scenarios. Lighting systems with better light spectrum result in increased agricultural yields, allowing for lower energy usage. The quality, quantity, and duration of light are critical factors to consider for plant illumination. The light spectrum can be tailored to the specific needs of plants, creating outdoor conditions by modifying the colors, temperatures, and intensity outputs of the grow lights.

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North America is expected to increase its market share in the indoor farming technology market. The region has witnessed significant growth due to the rise of greenhouses and vertical farms in the United States and Canada. The US government has supported this agricultural concept, leading to its promotion by cultivators. Hydroponic gardening techniques and technology are gaining popularity in urban areas, enabling grocery stores to produce fresh vegetables. The indoor agriculture and vertical farming sectors in North America experienced positive growth in recent years, with increased investments, M&A activity, and the public listing of several indoor farms. Investments in the sector have rebounded to higher levels than before, following a decline in 2020 due to the pandemic.

Key players in the indoor farming technology market include Scotts Company LLC, Signify Holding, EVERLIGHT ELECTRONICS CO., LTD, NETAFIM, Heliospectra AB, Argus Control Systems Limited, Lumigrow, Inc, weisstechnik, Priva, LOGIQS.B.V., Illumitex, AmHydro, RICHEL GROUP, Vertical Farm Systems, Hydroponic Systems International, Certhon, Bluelab, Barton Breeze, Green Sense Farms Holdings, Inc., Greener Crop Inc., Sensaphone, Freight Farms Inc, Climate Control Systems Inc, Sky Greens, and SANANBIO. These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, to expand their global market presence.

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