Indoor Farming Technology Market Share, Demand, Rising Trends, Growth Strategy, Opportunities, Challenges, CAGR Status, Business Analysis and Future Outlook Till 2033: SPER Market Research
The practice of cultivating crops indoors without exposing them to the outside environment is commonly referred to as indoor farming. Vegetables, fruits, and herbs are the most widely cultivated indoor crops. Large-scale operations and compact spaces, such as basements, are both possible with indoor farms. Farming practices typically incorporate methods like hydroponics, where crops are nourished by artificial lighting. The yield from indoor farming technologies surpass traditional farming. A controlled environment inside the indoor farming complex creates an optimum growing conditions for the farmers to grow a crop from the seed till the harvesting stage arrives. In order to produce safer and healthier food, indoor farming technology refrains from employing any fungicides and all pesticides.
According to SPER Market Research, ‘Indoor Farming Technology Market Size- By Growing System, By Facility Type, By Component Type, By Crop Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Indoor Farming Technology Market is estimated to reach USD 48.08 billion by 2033 with a CAGR of 9.66%.
The growing issue of a shortage of land for farming or food production, as a result of the world’s population growing at an accelerated rate, is driving the development of indoor farming. Major advantages of indoor farming include improved crop growth, less water use, less reliance on outdoor temperatures or weather, labour cost savings, and improved energy conservation. These advantages are driving the global adoption of indoor farming practices, which is anticipated to fuel the growth of the indoor farming technology market. Modern agriculture has benefited from indoor vertical farming, which is gaining the interest of younger people. Technology for indoor farming makes it possible to maximize agricultural productivity and ecological sustainability due to shorter harvest times and better yields in less area.
Limited funding for agriculture-related businesses slows down research and development for indoor farming in public or private universities, which restricts the amount of data and information available. High set-up cost could be a restraining factor initially in indoor farming technology market. Since indoor farming equipment uses a lot of energy, farmers may find it difficult to pay for their high electricity bills. Furthermore, there is a need for higher public awareness and comprehension on the advantages of sustainable agriculture technologies and indoor farming. In addition, the sector lacks supervision and standards, which leads to variations in the safety and quality of products.
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The COVID-19 pandemic had a range of effects on the global indoor agricultural technology sector. The pandemic has hindered market expansion by causing labour shortages, supply chain interruptions, and a decline in consumer demand for non-essential commodities. However, the outbreak has highlighted the significance of resilient and sustainable food systems as well as food security, leading to increased investment in indoor farming technology. The epidemic has also prompted the development of automation and remote monitoring tools, which let farmers to oversee and manage their indoor crops from a distance. All things considered, the pandemic has brought opportunities as well as challenges to the worldwide indoor farming technology market.
Indoor Farming Technology Market Key Players:
North America is the leading holder of share in Indoor Farming Technology Market. The need for indoor farming technology has been rising in this area as a result of the expanding involvement of international business lines in agricultural operations to satisfy crop producers’ expectations to attain export-quality crops. Some of the key market players are Lumigrow, Signify Holding, Argus Control System, Everlight Electronics.
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Farming Technologies Market Future Outlook
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