Indoor Farming Technology Market Displays Higher Growth Inclinations during 2019-2024


The Indoor Farming Technology Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 15.23% during the forecast period from 2019 to 2024.

With food security gaining increased importance, governments across the world are promoting the adoption of modern farming techniques to enhance yield from each farmed acre. One such modern technique is indoor farming Several agronomists, farmers, and companies have come up with the concept of indoor farming as one of the most efficient ways of sustainable farming practices.

Indoor farming has innumerable advantages over the conventional farming methods such as reduced water intake, less dependence on fertile soil, and ability to support all year-round crop production. Moreover, this technique enables the farmers to have a greater control over the production with more flexibility during unfavorable climatic conditions.

The need to reduce energy consumption and increasing emphasis on food security has driven the need for advanced technologies in the indoor farming sector.

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Owing to the adverse impacts of climate change, rising global temperatures, and increasing chances of drought in landlocked areas, stakeholders in the agricultural field are exploring alternatives to conventional farming methods. The burgeoning global population is also impacting the agricultural produce in regions where most of the population is working and is concentrated in urban areas.

The demand for fresh and organic produce is surging rapidly, especially amongst the upper-middle class that resides in urban areas.

According to the Food and Agriculture Organization (FAO) statistics, the trend is likely to continue over the upcoming years. The United Nations has urged the governments across all countries to ensure the availability of enough food for everyone by assigning the issue as a part of the Sustainable Development Goals, which is a mandate that the member countries adhere to.

Regions of South Africa and Asia-Pacific are home to a large number of undernourished population. These regions are anticipated to display huge growth prospects supported by a strong population growth and rising incomes in the coming years.

Technology players operating in the indoor farming sector are striving to improve the operational capabilities for cost-effective commercial establishments.

High initial investments involved in setting up an indoor farm hinder the adoption of indoor farming by various small-scale growers. High real estate costs across regions such as North America, Europe, and high-income countries of Asia-Pacific cause indoor farms to shut operations due to non-profitability.

Application of technology in this sector adds to the daily operational costs in terms of energy consumption throughout the day, all year round. High energy costs in urban areas make it difficult for growers to make their establishment profitable.

Thus, technology providers need to come up with cheaper solutions that require less energy inputs.

The major types of facilities to grow crops indoors include greenhouses, indoor vertical farms, and container farms. Greenhouses accounted for the largest share in the market as a result of pre-established greenhouses worldwide, which were set-up as low-tech facilities but are now revamping in order to increase production of crops with the help of technology.

Majorly, plastic greenhouses dominate the greenhouse facility type, followed by the upcoming landscape of glass greenhouses. 

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Some of the most prominent players in the indoor farming technology market are Signify, OSRAM, Everlight Electronics, Argus Control Systems, Agrilution, Agrilyst, Current by GE, Netafim, Richel Group, and American Hydroponics. The competitive landscape for the indoor farming technology market demonstrates an inclination toward companies adopting strategies such as partnerships, collaborations, and joint ventures as well as business expansions.

Industry leaders in this market are opting for these strategies to maintain their market position and stop new entrants from expanding their operations in the market. For instance, in August 2017, Agrilyst partnered with Motorleaf Inc.

to incorporate IoT applications into the software provided to the indoor farms. Key companies in the market have also adopted certain business expansion strategies by entering into new markets.

Signify is aiming toward widening its market presence by expanding into other regional and business segments.

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BIS Research
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BIS Research is a global technology research and advisory company which focuses on the emerging trends in technology which are likely to disrupt the dynamics of the market. We strive to provide information about such uncharted territories to our clients so as to facilitate their decision making process.
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