The recent market intelligence report, published by Data Insights Partner on the indoor farming technology market makes an offering of in-depth analysis of and sub-segments in both the regional and international market. The research also emphasizes on the impact of drivers, restraints and macro indicators on the regional and global indoor farming technology market over the short as well as long period of time. The report also includes the benefits and market opportunities presented in this field. Beside this, a detailed presentation of forecast, trends, and dollar values of the global market is offered too. In accordance with the report, the indoor farming technology market is projected to expand at a CAGR of 9.2% over the period of forecast period of 2020-2028.
Market Insights, Drivers, Restraints and Opportunities:
Indoor farming technology is used to grow crops and other plants entirely inside a house or factory within a short span of time by creating an artificial environment favourable environmental for farming using several technologies. These technologies help the plants to grow in a more nutritious way than traditional farming and also it protects the crops from any natural disasters like draughts, storms, excessive rainfall etc. But the productivity of the crop depends on the quality of the technologies being used. The indoor farming technologies includes lighting systems, air purification, climate control, pump and irrigation systems etc.
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The expanding indoor farming sectors and medicine sectors is driving the growth of the indoor farming technology market. The rising concerns over healthy and better lifestyle, increasing demand for fresh and nutritious foods, rising population are also playing some key roles in the growth of the said market. Rapid urbanisation and increase in disposable income are adding fuel to the indoor farming technology market growth too. Beside this, the increasing demand for flowers and other decorative plants such as bonsai which can be produced only in indoor and under controlled environments is pushing the growth rate of the said market upward.
The indoor farming technology market has a huge potential. Though it is expanding very fast day by day, many things are preventing it from using its full potential. Some of these restraints are–
? High prices of the raw materials.
? High transportation and exportation cost.
? High cost of the end product.
? High cost of R&D activities.
? High initial cost of installing the technologies.
? Availability of substitutes at lower costs.
? Unavailability in many regions.
? Lack of awareness about the availability and benefits of the indoor farming technologies in the developing countries.
During the forecast period, Asia Pacific followed by North America and Europe are expected to be the fastest-growing indoor farming technology market. The demand for indoor farming technology in Asia Pacific region is driven by its ever-growing indoor farming sectors and the increasing foreign investments in the said market. The increase in demand for fresh foods and medicinal plants and other decorative and ornamental plants is projected to fuel the market growth for indoor farming technology in the said region in the next few years. The rapid economic growth and increasing population in the said region is expected to fuel high demand for these products. It is also believed that on the basis of growing system, the hydroponics segment will have the largest share for the rising concerns over water scarcity in farming in the forecast period. For its low prices and high efficiency, hardware indoor farming technology market is also expected to rise significantly in the said time. As greenhouse cultivation is larger and more famous compared to other indoor farms, glass or polyhouse technology based on facility type will have the most rapid growth rate in the forecast period. For its growing demand, fruits and vegetable indoor farming will be the dominating market in future.
Segmentation of Indoor Farming Technology Market:
This market intelligence report on the indoor farming technology market is segmented based on growing system, facility type, crop type, component, end usage, end users and the country/regions.
By Growing System, the indoor farming technology market is divided into–
By Facility Type, the indoor farming technology market is segmented into–
- Glass or Poly greenhouses
- Indoor Vertical Farms
- Container Farms
- Indoor Deep-Water Culture (DWC) Systems
By Crop Type, the indoor farming technology market is divided into–
- Fruits and Vegetables
- Herbs and Microgreens
- Flowers and Ornamentals
- Others (Cannabis and Mushrooms)
By Component, the indoor farming technology market is divided into–
- Software and Services
- Integrated Systems
By End Usage, the indoor farming technology market is segmented into–
By End Users, the indoor farming technology market is segregated into–
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Regional Outlook, the indoor farming technology market is divided into–
- North America (United States, Canada)
- Latin America (Brazil, Mexico, Argentina and other countries)
- Europe (United Kingdom, France, Germany, Spain, Italy, Russia, Turkey, Netherlands and other countries)
- Asia Pacific (Japan, China, India, South Korea, Singapore, Indonesia, Thailand, Malaysia, Australia, New Zealand and other countries)
- Middle East and Africa (GCC, South Africa, Israel, Arabia, Egypt and other countries)
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
- Philips Lighting
- Everlight Electronics
- Vertical Farm Systems
- Argus Controls Systems
- Hydrodynamics International
- Richel Group
- General Hydroponics
Other players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as indoor farming technology market related investment and spending and developments by major players of the market are tracked in this global report.
Market Competitive Analysis:
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Indoor farming technology market is a competitive market with the presence of various global and regional players in the market. The major players like Philips Lighting, Illumitex, LumiGrow, Everlight Electronics, Logigs, Richel Group, Netafim, General Hydroponics etc. are trying to gain the market power in their hands by producing the products in low costs and thus charging low prices and using different kind of marketing campaigns.
An in-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as market data analysis, time series and cross section statistical data analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
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Ø This study offers comprehensive yet detailed analysis of indoor farming technology market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year.
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market.
Ø This market intelligence report on indoor farming technology market also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook.
Ø Profiling of key market players in the market of indoor farming technology is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview.
Ø The data of this report would allow management authorities and marketers of indoor farming technology companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation.
Ø The research on the world market for indoor farming technology market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for the market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants.
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports.
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation.
Ø Ample number of examples and case studies has been taken into consideration before coming to a conclusion.
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