As cited by the research report titled ‘Global Indoor Farming Market Size study, by By Facility Type (Greenhouses, Vertical Farms), By Component (Hardware, Software), By Crop Category (Fruits, Vegetables, Herbs Flowers & Ornamentals) and Others and Regional Forecasts 2021-2027’, available with MarketStudyReport, global indoor farming market was valued at USD 32.3 billion in 2020 and is estimated to record a CAGR of 10.9% over 2021-2027, subsequently accumulating a valuation of USD 66.6 billion by the end of forecast period.
 

Rising awareness regarding the benefits of consuming fresh food is a major factor driving global indoor farming market growth. Growing population, rising food demand and favorable government initiatives that promote the development of indoor farms are positively swaying industry dynamics as well.
 

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In addition, many prominent companies are collaborating to develop innovative production systems. For instance, Aerofarms and Hortifrut S.A. announced a partnership in May 2021, for research and development of production of blueberry and cranberry in carefully controlled vertical farms and indoor environments.
 

For the record, indoor farming is a practice of producing plants or crops particularly indoors, usually on a large scale. This type of farming commonly makes use of hydroponics and artificial lighting to supply the required nutrients and light levels to the plants for their development.
 

Speaking of negatives, changing climatic conditions and existing environmental problems like groundwater depletion and soil degradation are affecting food and agriculture production systems, which in turn are likely to hinder the market progress over the projected timespan of 2021-2027.
 

Based on facility type, global indoor farming industry is segmented into greenhouses, vertical farms, and others. By component type, the marketplace is divided into hardware and software. Considering crop category, the business space is categorized into fruits, vegetables, herbs and flowers & ornamentals including others.
 

The geographical analysis of the industry is studied for the major regions like North America, Asia Pacific, Europe, Latin America, and the rest of the world.
 

Europe is expected to capture significant market share over the projected timeframe, on account of growing adoption of technologies like controlled environment-agriculture (CEA).
 

Meanwhile, Asia Pacific market is anticipated to exhibit substantial growth rate over the estimated timeline of 2021-2027, owing to growing population, increasing demand for organic food, and rising awareness in the region.
 

Leading players profiled in global indoor farming industry are Vertical Farm Systems, Richel Group, Priva BV, Netafim, LumiGrow Inc., Illumitex Inc., Hydrodynamics International, General Hydroponics, Certhon, and Argus Control Systems Ltd.