Report Ocean recently published an extensive intelligence report titled “Vertical Farming Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2031.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
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The global vertical farming market size was US$ 3.5 billion in 2021. The global vertical farming market is forecast to grow to US$ 13.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2022 to 2030
Factors Influencing the Market
Demand for the vertical farming industry is expected to grow rapidly during the forecast period due to the growing popularity of organic foods. Furthermore, the vertically stacked arrangement of these farms reduces the need for additional construction activity and land. Furthermore, it declines the amount of intervention demanded by machines during traditional farming. Thus, efficient vertical space utilization and resource allocation will drive the vertical farming industry forward.
Farmers are focusing more on environmentally friendly production of fresh fruits and vegetables. Governments around the world are now encouraging organic pesticide with the aim to promote sustainable food production. These factors are expected to drive the growth of the vertical farming market during the study period.
The high investment required in vertical farming may limit the growth of the market. On the contrary, the rapidly growing global population and rising demand for food will also contribute to the growth of the vertical farming market during the study period.
Regional Analysis
The Asia-Pacific vertical farming market is forecast to grow at the highest growth rate, owing to the rapidly growing demand for fertile agricultural land. Furthermore, the rising popularity of urban farming in developing countries will also contribute to the growth of the global vertical farming market.
The availability of highly populous countries like China and India, combined with the growing urbanization, will decline the rate of fertile lands in the coming years. Thus, it will highly surge the need for urban farming. Moreover, the global vertical farming industry is expected to experience huge growth potential due to the growing expansion of genetically modified crop technology.
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COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant impact on the global vertical industries. The production facilities have been halted due to the global slowdown and unavailability of labor. Moreover, the COVID-19 outbreak has resulted in a significant and long-term decline in manufacturing utilization, travel bans, and facility closures. Thus, it slowed down the growth of the vertical farming market.
Competitors in the Market
AeroFarms
Illumitex, Inc.
American Hydroponics
Koninklijke Philips N.V.
AeroFarms LLC
Sky Greens Pte. Ltd
Illumitex Inc
Everlight Electronics Co. Ltd
Hort Americas
Agrilution GmbH
American Hydroponics Systems Inc.
Urban Crop Solutions Inc.
Vertical Farm Systems
Other Prominent Players
Market Segmentation
The global vertical farming market segmentation focuses on Component, Structure, Mechanism, Crop Type, and Region.
By Component:
Hardware
o Lighting
? Grow Lights
? Grow Light Reflectors
? Grow Light Ballasts
Hydroponic Components
o Pumps and Irrigation
o Meters and Solutions
o Water Filters
o Others (include Timer and Delivery System)
Climate Control
o Ventilation Fans
o Air Purification/ Control
o Others (include Condenser and HVAC System)
Sensors
o Temperature Sensors
o CO2 Sensors
o Nutrient Sensors
o PH Sensors
o Crop Sensors
o Others (Biosensors and Electronic Nose)
Software
By Structure:
Building Based
Shipping Container-Based
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By Mechanism:
Hydroponics
Aeroponics
Aquaponics
By Crop Type:
Lettuce
Spinach
Broccoli
Cucumber
Pepper
Tomato
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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Furthermore, years considered for the study are as follows:
Historical year 2017, 2020
Base year 2021
Forecast period 2022 to 2030.
Target Audience of the Market in This Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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