According to Our latest research report on “Vertical Farming Market ” highlights the substantial global expansion occurring within this sector. The report encompasses projections for the years leading up to 2031, accompanied by a comprehensive analysis of the market’s current size, prevailing trends, market share, and economic insights.
The global vertical farming market was valued at $1.5 billion in 2016, and is projected to reach $6.4billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023. Vertical farming is a nontraditional method to grow crops, which enables ease of harvesting, no effect of climate, high yield, minimal usage of pesticides, less area requirement, and less water consumption. For instance, one hectare of vertical farming is equivalent to nine hectares of traditional outdoor farming, and saves nearly 200 tons of water on a daily basis. Aeroponics, a growth mechanism of vertical farming uses mist, mixed with vital nutrients, water, and oxygen and directs it to the open roots of the plants for their growth.
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This growth mechanism is a closed-loop system that uses approximately 95% less water than field farming. This technique does not use pesticides in addition to zero harmful waste production in the environment. The controlled environment of aeroponics has the capability to produce approximately 70% more yield as compared to traditional agriculture.
The demand for vertical farming is expected to increase rapidly across the globe during the forecast period, owing to various factors such as rise in popularity of organic food, increase in urban population, and decrease on arable land. However, high initial investments and involvement of nascent technology hamper the market growth.
The global vertical farming market is segmented based on component, growth mechanism, and region. Based on component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others. The building material segment is bifurcated into glass greenhouse and plastic greenhouse. Based on growth mechanism, the market is categorized into hydroponics, aeroponics, and aquaponics. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, Netherlands, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).
Key Benefits
The study provides an in-depth analysis of the global vertical farming market to elucidate the prominent investment pockets.
Current trends and future estimations are outlined to determine the overall market scenario.
The report provides information about the key drivers, restraints, and opportunities with a detailed impact analysis.
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Key Players
AeroFarm
FarmedHere
Illumitex, Inc.
Koninklijke Philips N.V.
Sky Green
Everlight Electronics
Green Sense Farms
American Hydroponics
Hort Americas
Agrilution
Market Segmentation
By Component
Irrigation Component
Lighting
Sensor
Climate Control
Building Material
Others
By Growth Mechanism
Hydroponics
Aeroponics
Aquaponics
By Geography
North America
U.S.
Mexico
Canada
Europe
UK
Germany
France
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Singapore
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
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Key Questions the Report Discusses
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- Which of the possible manufacturers is still operating in the market?
- What are the advantages, benefits, and applications of the product’s features?
- What are the main trends and influencing factors?
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