Growing industrialization and urbanization, reduction in fertile land, and popularity of organic foods are the dynamic factors driving the vertical farming market. Benefits like workflow optimization, proper use of layout, and labor efficiency are popularizing the sustainable methods of vertical farming. A business intelligence report by IndustryARC says that the global vertical farming market accounted for $1.71 billion in 2018. The demand for vertical farming is projected to rise at a CAGR of 22.93% during the forecast period 2019 to 2025.
The report titled, “Vertical Farming Market: Type (Mixed-use, Despommier skyscrapers, others) Application (Agricultural, Aquaculture and Others), By Technologies (Hydroponics, Aeroponics, Others), By Components (Pumps, LEDs, Others) & By Geography – Forecast (2019 – 2025),” incorporates an in-depth assessment of the competitive landscape, market drivers, end-user industries, production life cycle, market trends, mergers and acquisitions, market life cycle analysis, market entropy, financial analysis, supply and demand analysis, and strategic analysis of the global vertical farming market.
Vertical Farming Market: Leading Segments
Vertical farming market is segregated into different technological methods such as hydroponics, aeroponics, aquaponics, aerofarms, plantscapers, modular farms, and cubic farming systems. Hydroponic systems use mineral nutrient solutions to feed plants in water. On the other hand, plants growing in aeroponic systems use air or mist with no soil, and very little water. They are, undoubtedly, the most efficient ways of vertical farming as they make plants potentially healthy and nutritious compared to other traditional methods. Thus, the hydroponics and aeroponic application segments in the vertical farming market are projected to grow at a CAGR of 26.37% over the forecast period.
At present, indoor vertical farming is a growing trend in APAC countries. Countries such as Singapore, Japan, China, and India are applying machine learning, along with cloud computing, to achieve higher yields through vertical farming methods. Thus, demand from APAC countries accounted for 26.48% in the global vertical farming market in 2018. Changing food patterns, increasing population, and shortage of arable land are key reasons driving the vertical farming market in APAC region.
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Vertical Farming Market: Trends
· Cloud-based data-driven techniques are being introduced in vertical farming. These techniques enable higher yields, reduce electricity costs, and identify optimal configurations for vertical farming. These techniques are widely employed in APAC countries, followed by those in North America and Europe.
· The pressure on limited resources such as water and arable land, and threats including climate change and increasing population is driving growth for the vertical farming market.
· Recently, Philips Lighting collaborated with vertical farms equipped with horticultural LED lighting in closed environments. Collaborations like this enhance the commercial value of production and ensure lesser wastage of crops, thereby boosting the vertical farming market.
Vertical Farming Market: Competitive Landscape
Sky Greens, Koninklijke Philips N.V., Agrilution, Aerofarms, Everlight Electronics Co., Ltd., Hort Americas, Indoor Harvest, Green Sense Farms LLC, Urban Crops, and Vertical Farm Systems are few key players operating in the global vertical farming market.
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What can you expect from the report?
The Vertical Farming Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Vertical Farming Market Size by Product Categories & Application
2. Vertical Farming Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Vertical Farming Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Vertical Farming Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Vertical Farming Market Strategic Analysis
18. Vertical Farming Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Vertical Farming Market Revenue and Volume Analysis
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