Indoor farming is hardly a modern concept; it has existed in the form of greenhouses for centuries, but in recent years indoor farming has garnered new interest and popularity. It offers several distinct advantages to outdoor farming. Crops grown indoors are not as affected by bad weather; they are not limited to receiving light only during the daytime; and crops that traditionally could only be grown in certain parts of the world are now able to be grown practically anywhere. Indoor farming can surely have massive implications for the global food industry.
Global indoor farming market
The global value of indoor farming reached 38 billion U.S. dollars in 2022 and is expected to grow over 55 billion U.S. dollars by 2032. Among all innovations in the indoor farming industry, vertical farming is one of the most influential. Vertical farming is a method of indoor farming that involves stacking plants in vertical layers. It has been praised as a much more efficient use of space than traditional farming which uses massive areas of open land. Vertical farming could be implemented in major metropolitan areas, or even in shipping containers. China is among the largest markets for vertical farming, projected to grow by almost 18 percent cagr between 2022 and 2030.
Indoor farming and vertical farming could be one of the new opportunities for the LED industry. LED grow lights are not restricted by the climate and are very beneficial for indoor farming offering a large amount of customization for farmers' specific needs with a low energy requirement. The LED grow light industry is forecast to grow to about 15 billion dollars value until 2032. The market is expected to grow fastest in the Asia-Pacific region, and the less than 300 watt LED grow lights are projected to hold the majority share of this segment worldwide.
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