According to a new market intelligence report by BIS Research the indoor farming technology market is expected to reach $12.02 billion by 2024, rising at a compounded annual growth rate of 15.23 percent from 2019 to 2024. The growth of the market is largely attributed to the adoption of technologies pertaining to indoor vertical farms, along with software and services in the indoor farming industry.
Increasing adoption of the indoor farming concept, due to several environmental challenges, iis driving the demand for advanced technologies in indoor farming. Optimum lighting, temperature, and humidity are the key controllable factors focused on by these technologies. It is expected that by 2020, more technologically advanced companies will enter the indoor farming technology industry and resources will consolidate further.
According to Harveen Bawa, analyst at BIS Research, "In 2018, the indoor farming technologies market by type of technology is dominated by hardware systems. Some of the commonly used hardware systems are lighting solutions, climate control systems and sensing and monitoring equipment. Software and services are the most upcoming technologies for indoor farming in the coming years, with growers increasingly looking forward to adopting cloud services that provide better insights and eliminate the need for labor at the same time. Although many solution providers in this segment are currently providing the same at high costs, new players aim to provide pocket-friendly solutions for growers."
Some of the most prominent players in the indoor farming technology market are OSRAM GmbH, Signify, Agrilyst, Argus Control Systems, Certhon, Richel Group, and Aerofarms. The result of the emerging strategies and developments are already surging the market in the form of partnerships, collaborations and joint ventures. Moreover, the growing market of indoor farming technology is further expected to increase the involvement of companies across different segments of the value chain.