According to MarketsandMarkets, the indoor farming technology market is projected to reach USD 32.3 billion by 2028 from USD 20.3 billion by 2023, at a CAGR of 9.7% during the forecast period in terms of value. The demand for indoor farming technology products is primarily driven by the rising demand for fresh foods with higher nutritive value with the limited use of land and water.
The key players in this market include Scotts Company LLC (US), Signify Holding (Netherlands), EVERLIGHT ELECTRONICS CO., LTD (Taiwan), NETAFIM (Israel), Heliospectra AB (Sweden), Argus Control Systems Limited (Canada), Lumigrow, Inc (Canada), weisstechnik (US), Priva (Netherlands), LOGIQS.B.V. (Netherlands), Illumitex (US), AmHydro (US), RICHEL GROUP (France), Vertical Farm Systems (Australia), Hydroponic Systems International (Spain), Certhon (Netherlands), Bluelab (New Zealand), Barton Breeze (India), Green Sense Farms Holdings, Inc. (US), Greener Crop Inc. (Dubai), Sensaphone (US), Freight Farms Inc (US), Climate Control Systems Inc (US), Sky Greens (Singapore), and SANANBIO (China). These players have adopted various growth strategies such as partnerships, agreements, and collaborations to increase their global market presence.
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Scotts Company LLC (US) is a leading maker of branded items for lawns, gardens, pest and weed control, and hydroponics. General Hydroponics, Botanicare, Ermicrop Organics, Aerogarden, Aerolux, Mother's Earth, Growers Edge, GroPro, Sun System, Gavita, Can-Filters, and Hurricane are the various brands the company offers to the market. These businesses provide effective hydroponic plant, vegetable, and flower-growing solutions. Horticulture, organic farming, lights & hydroponics, systems, trays, fans, filters, humidifiers & dehumidifiers, timers, instruments, water pumps, imaging supplies, and hand tools are all included in this category. Lighting fixtures, fertilizers, seeds, and growing supplies are also included. To produce innovative stems, the company has cutting-edge facilities and top scientists.
The company sells lawn and garden goods, as well as pest and weed management and hydroponics. Under the hydroponics section, three brands-Agrolux horticulture lighting, Sun System horticulture lighting, and Gavita horticulture lighting systems-offer hardware goods for the indoor farming market. Scotts Miracle Gro operates in three market segments: US consumer, Hawthorne, and others. In the United States, the corporation operates 42 manufacturing facilities, 23 distribution facilities, and four research and development laboratories.
Signify Holding (Netherlands), previously Philips Lighting, is a market leader known for developing, manufacturing, and marketing cutting-edge, energy-efficient lighting systems, products, and services: LED, lighting, professional, and domestic are the company's four primary business divisions. It provides gardening-related lighting solutions. Lighting goods include lamps, professional and consumer luminaires, lighting controls and systems, automotive lights packaged light-emitting diodes (LEDs), and LED solutions.
Signity Holding is a major leader in the indoor farming industry's LED grow light technology. It began operating as a distinct business in February 2018, following its independence from Royal Philips. Over 180 countries in the Americas, Europe, Africa, and Asia Pacific are served by the company. It has 70 sales offices worldwide and production units in 22 countries.
EVERLIGHT ELECTRONICS CO., LTD (Taiwan), offers things that are manufactured and packed in-house to provide the highest quality and service. LED lighting modules, surface-mounted devices (SMDS), LED lights, and digital displays are all examples of high-power LEDs. The company's product line includes optocouplers, lighting components, and infrared components for a variety of applications. Horticultural lighting is included in the company's LED product line. Zenaco Lighting Exetlight Americas, Inc., EVERLIGHT Electronics Europe, Inc. EVERLIGHT Optoelectronics Korea Co., Ltd. Some of the company's subsidiaries include EVERLIGHT Japan Corporation and EVERLIGHT Electronics Canada.
Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals) and Region - Global Forecast to 2028
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