Global Indoor Farming Market:
As per GMI Research’s latest analysis, the global Indoor Farming market reveals that the market is slated to register a higher CAGR over the forecast period. The increasing adoption of the indoor farming method across various countries, continuous technological advancements, and the introduction of IoT in the indoor farming method.
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Global Indoor Farming Market’s leading Manufacturers:
- Everlight Electronics Co., Ltd.
- Signify Holding
- Argus Control Systems Limited
- Logics B.V.
- Vertical Farm Systems
- General Hydroponics
- Hydrodynamics International
Global Indoor Farming Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis) Key Drivers
The indoor farming market is projected to grow at a significant rate over the upcoming years due to the accelerating adoption of indoor farming as it provides numerous remarkable benefits when compared with the traditional methods of farming. The indoor farming method helps in improving efficiency and allows farming in a limited space. Moreover, continuous technological advancements and research & development activities in indoor farming, including the introduction of IoT, are improving the optimization in food production, thus surging the market growth.
The rising population growth rate followed by rapid urbanization has been increasing the demand for food products. Furthermore, the rising number of initiatives launched by the government bodies to offer subsidies and support programs for the adoption of indoor farming to decrease the use of water and improve production efficiency is another factor that is having a positive impact on the market growth. For example, the USDA and the Department of Energy held a stakeholder workshop to increase the adoption of vertical agriculture and to identify the needs, challenges, and opportunities for vertical farming. On the other hand, the high requirement of initial investments and lack of skilled personnel are the two major factors that are hampering the growth of the indoor farming market size.
As per the indoor farming market report, the outbreak of the COVID-19 pandemic has impacted the global indoor farming market, particularly in 2020. The growing number of farmers who are declining to go to field areas as there is the unavailability of facemasks to maintain social distancing is one of the major factors that is surging the adoption of indoor farming practices. Moreover, the farmers are increasingly opting for vertical indoor farming to deal with issues such as organic crop, close to the area of consumption, less contact of the crop with the external environment, and less usage of natural resources.