The agriculture industry is considered one of the biggest industries in the world, contributing to several nations' GDP. Traditional agriculture requires ideal climatic conditions, arable land availability and fertility, and sufficient water supply. The utilization of alternative farming methods such as indoor farming can address all these issues. Vertical or indoor utilizes artificial intelligence (AI), digital technologies, precision algorithms, GPS trackers, and monitors and sensors to ensure optimum utilization of resources to achieve high crop yields and reduce operational costs. Indoor farming technology comprises specialized equipment, software, and IT services. Henceforth, countries in North America, Europe, and Asia-Pacific, among other regions, are inclining toward adopting advanced farming technologies, such as vertical farming and container farming, to improve the agricultural yield to cater to growing food demand. Apart from the growing demand for food, there are several other microeconomic factors that are anticipated to contribute to the growth of the indoor farming technology market. Some of the factors are reduction of agricultural labor, climate change, urbanization, reduction of agricultural land, and favorable government support.
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The global indoor farming technology market is anticipated to progress greatly since farmers are looking for an ideal solution for sustainable agriculture. Indoor farming produces several vegetables and fruits, microgreens and herbs, and ornamentals on vertically inclined surfaces or under greenhouses and container farms. In the case of indoor farming, vegetables and other fruits are grown on a single level, such as in a field or a greenhouse. The vertical farming method produces foods in vertically stacked layers usually incorporated into structures, including a shipping container, repurposed warehouse, and skyscraper. Indoor farming technology involves the integration of numerous technologies such as big data analytics, robotics, artificial intelligence (AI), and the Internet of Things (IoT) so that crops can be produced perfectly without any agronomic constraint.
The growth in the global indoor farming technology market is expected to be driven by increasing demand for food products, fresh and organic produce, and the requirement for an alternative growing method for sustainable agriculture.
Population growth in developing countries such as China and India is creating more demand for food products farmers are looking for a sustainable way to grow crops. Land degradation, climate change, and other environmental factors also affect agricultural yield. Hence, growers are open to the adoption of innovative technologies related to agriculture. Also, increasing urbanization is further supporting the growth of the indoor farming technology market. Another major factor driving the indoor farming technology market is the increase in government initiatives and support towards agricultural digitization. Government initiatives increase the awareness of several tech-based agricultural methods and the benefits these solutions entail when applied correctly in the agricultural industry.
One of the major challenges in the growth and development of the global indoor farming technology market is the initial investment and operation cost while growing crops indoors. In addition, selective fruits and vegetables can be grown under vertical and greenhouse farms, due to which many farmers do not prefer to go for indoor farming. Uncertainty of getting successful in this business, high energy consumption in indoor farming, and lack of awareness among the farmers can further challenge this market to grow.
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However, integrating several innovative technologies such as IoT, blockchain, AI, sensors, data management systems, GPS trackers, and others into indoor farming can open new opportunities for this market to grow in the future. Moreover, business expansion in developing countries such as India and China by establishing new distribution channels, setting up new farms, and partnering with any local farms can bring more profit to the market players operating in this market.
