The North America Indoor Farming Market would witness market growth of 12.3% CAGR during the forecast period (2022-2028).
Indoor agriculture is a type of modern agriculture that involves growing crops in a controlled environment. The market for indoor farming is growing, due to the growing population and the resulting demand for more secure and reliable food sources. Agriculture in the traditional sense is restricted to locations with sufficient water and land. Because it is decoupled from such requirements and may be positioned closer to end consumers, the demand for indoor farming is growing as the amount of vacant fertile land and water to sustain conventional agriculture is shrinking.
Governments encourage the construction of indoor farms, as well as other initiatives, to address this issue, which would fuel the market’s growth. Organic foods are assumed to be healthier, safer, more nutritious, and more environmentally friendly. Consumers’ food purchasing behavior is a critical factor that drives the demand for organic food, and producers, legislators, and suppliers must adopt successful marketing tactics.
Farmers in the United States have been able to implement large-scale indoor farming with the use of high-efficiency LED lighting and improved indoor management procedures. Such approaches are estimated to save approximately 50% on energy lighting expenses, lowering the carbon footprint of controlled environment agriculture. The average production of regular lettuce farming increases when cultivated through vertical farming, according to the US Department of Agriculture. The greenhouse crop production sector currently dominates the indoor farming sector in the United States.
The emergence of urban population dwellings in cities like New York, Chicago, and Milwaukee has accelerated the environment for indoor farming with activities like restructuring derailed vacant storage facilities, derelict buildings, and high rises, which has resulted in an increase in the production of fresh grown foods overall. The market for hydroponic operations is being driven by the rising demand for greenhouse tomatoes across the country.
The US market dominated the North America Indoor Farming Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $18,892.6 million by 2028. The Canada market is poised to grow at a CAGR of 14.9% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 13.8% during (2022 - 2028).
Based on Component, the market is segmented into Hardware (Lighting systems, Irrigation systems, Sensors, and Climate control systems) and Software (Web-Based and Cloud-Based). Based on Facility Type, the market is segmented into Greenhouses, Vertical Farms, and Others. Based on Crop Type, the market is segmented into Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Leafy Greens, Herbs, Cucumber, Flowers & Ornamentals, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Orbia Advance Corporation, Certhon, General Hydroponics, Hydrodynamics International, Argus Control Systems Limited, Priva BV, LumiGrow, Inc., Richel Group, and Vertical Farm Systems Pty Ltd.
Scope of the Study
Market Segments covered in the Report:
o Lighting systems
o Irrigation systems
o Climate control systems
By Facility Type
• Vertical Farms
By Crop Type
• Bell & Chili Peppers
• Leafy Greens
• Flowers & Ornamentals
• Rest of North America
• Orbia Advance Corporation
• General Hydroponics
• Hydrodynamics International
• Argus Control Systems Limited
• Priva BV
• LumiGrow, Inc.
• Richel Group
• Vertical Farm Systems Pty Ltd
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