Indoor Farming Market Size Share Analysis 2022-2029

Indoor farming is used for growing crops or plants suitable for both large- and small-scale farming across the world. Of late, the increasing use of vertical and indoor farming for producing crops is likely to spur the demand of grow light market in the upcoming years. For instance, According to the United Nations Food and Agriculture Organisation, drylands in Mexico occupy approximately 101.5 million hectares of land, thereby thrusting the need for indoor farming practices. Moreover, It often incorporates controlled-environment agriculture, which aims to optimize plant growth, as well as various soilless farming techniques such as hydroponics, aquaponics, aeroponics and others. Rising demand for high-quality food, without pesticides or herbicides. 

The driving forces for the urban farm movement are the increasing consumer demand for pesticide & herbicide-free food across the world as well as the rising requirement to reduce the carbon footprint of traditional agricultural practices. In the current scenario, grow light is becoming the effectively source of lighting to create the most advantageous controlled environment for various types of farming such as vertical farming and others. The advances in LED technologies have made indoor cultivation of vegetables very energy-efficient.

Grow light helps in extending the hours of natural daylight which further increases the growth rate, health and yield of the plants. Artificial lighting including high pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops throughout the season. 

For instance, in January 2018, Philips Lighting introduced GreenPower LED top lighting at IPM Essen, Germany. This new version offers higher light efficacy, longer lifetime of 35,000 burning hours, and high energy efficiency compared to the former top lighting module. There is a large concentration of greenhouses in rural areas of the Northeast, South, and Southwest. In the Midwest, 42% of responding farms are indoor vertical operations and 50% of respondents are located in urban areas. The highest concentration of container farms was located in the Southwest and the largest percentage of urban farms was in the West.

Grow lights are widely used to ensure that plants get optimum light for their growth. Hence, when the light intensity decreases, grow lights are necessary to be retrofitted immediately. The introduction of new grow light technologies such as LED, plasma, induction and others has provided growers with more options to choose from while retrofitting their grow light systems. The choice of light solely depends on the type of plants that are to be grown. 

LED grow lights offer variable spectrums, which makes them suitable for a wide range of plants, such as cannabis, green leafy vegetables, ornamental plants and others. Hence, grow light technology is highly preferred by growers to improve the growth and quality of plants in greenhouses. Horticulture lighting is a new concept in vertical farming, which is nowadays adopted in urban establishments.  Above these factors are expected to present significant demands for new installations of grow lights in future.

The Vertical Farming  Grow Lights market was valued at USD 646.59 million in 2018 and the market is estimated to grow at a CAGR of 16.73% in the forecast period to reach a market value of USD 2,179.06 million by 2026.

In vertical farming food, herbs and medicine can be produced in vertically stacked layers which are integrated in a used warehouse, skyscraper or shipping container. It uses Controlled-Environment Agriculture (CEA) to control various environmental factors such as humidity, temperature, water and light. Some vertical farms use greenhouse methods, where sunlight can be improved with metal reflectors and grow lights.

In vertical farming, aeroponics allows extensive vertical planting, which is not possible with other growth mechanisms, and is considered a technology of the future in the global vertical farming market across the world.  With vertical farming, space is not a constraint, and cultivators can grow crops even in a square foot of area. Despite changing climatic conditions, vertical farming also allows cultivators to grow all types of crops throughout the year.

Use of plants for large-scale production of biopharmaceutical proteins is a recent development in vertical farming. Conventional methods of manufacturing biopharmaceuticals involve use organisms, which are highly expensive. However, using existing agricultural technologies, such as vertical farming to produce biopharmaceuticals in plants is cost-effective, requires less time and efforts, is pollution-free, and easy to measure. Vertical farms are being used not only for food production but also to aid human health. For instance, Caliber Biotherapeutics, LLC (U.S.) world's largest plant-made pharmaceutical facility that has an 18-storey, 150,000-square foot warehouse facility, which contains a staggering 2.2 million tobacco-like plants, stacked 50-feet high. These plants are grown for making new drugs and vaccines. The vertical indoor farms are carefully monitored and tightly controlled by technicians, thus shielding them from possible diseases and external contamination.

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