Technavio market research analysts forecast the global indoor farming technologies market to grow at a CAGR of nearly 20% during the period 2018-2022, according to their latest report.
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Technavio has published a new market research report on the global indoor farming technologies market from 2018-2022. (Graphic: Business Wire)
The increasing need for food security is one of the major trends being witnessed in the market. The need for food security has increased significantly due to the increasing population around the world. Food security depends on access, availability, utilization, and stability. In major cities, the land is not easily available. Thus, indoor farming is one of the best options considered for such areas. People are shifting from rural to urban areas, thereby increasing the need for food in urban areas. This has been driving the need for food security. In the past, many cases of hunger, famine, and food crisis have come up across the world. These issues have arisen because of several factors such as lack of arable land and food security.
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In this report, Technavio analysts highlight the need to improve the yield of crops and reduce crop wastage as a key factor contributing to the growth of the global indoor farming technologies market:
Need to improve the yield of crops and reduce crop wastage
In indoor farming, both small and large-scale crops are produced commercially using indoor farming technologies. Indoor farming is common in large cities where plots of land are not easily available. In large cities, indoor farming aids in boosting local food supplies and provide fresh produce to communities. The necessity to improve the yield of crops in these large cities is driving the growth of the global indoor farming technologies market. Indoor farms can produce more crops in a small area using various indoor farming technologies when compared with outdoor (soil-based farms) productions.
Farmers are dependent on various natural resources while producing plants using traditional methods. This has limited the total yield of crops. Apart from this, farmers have total control over the environment as various technologies used in indoor farming make farming easy. Nutrition and moisture levels, as well as the amount of light needed, can be maintained by farmers using various indoor farming technologies. Indoor farming technologies use artificial lighting to provide plants with the nutrients and light that they would only receive when grown outdoors.
According to a senior analyst at Technavio foragricultural equipment, "LED lighting provides the perfect amount of heat needed for plants to grow. Furthermore, customized LED lighting assists the plants to grow up to two and half times faster than the traditional farming method, thereby increasing the overall yield. Furthermore, there is no crop wastage while packing or transporting using material handling systems as the technology uses conveyor systems for automated packing. This reduces the overall wastage and ensures the efficient use of crops."
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Global indoor farming technologies market segmentation
This market research report segments the global indoor farming technologies market by technology (grow lights and environment and climate control systems), by application (greenhouse farming and vertical farming), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the greenhouse farming segment held the largest market share in 2017, accounting for over 67% of the market. The market share for this application is expected to decrease by nearly 4% by 2022. However, this segment will dominate the market throughout the forecast period.
The Americas was the leading region for the global indoor farming technologies market in 2017, accounting for a market share of more than 38%. This region is anticipated to post significant growth during the forecast period owing to factors such as growing focus of farmers on advanced technologies for smart farming, increasing income levels and yield rates, and farm expansions.
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