Global Vertical Farming Market
The GMI Research forecasts that the Vertical Farming Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the increase in the prominence of natural food and the ability to reduce additional construction activities.
Introduction of the Vertical Farming Market
Vertical farming refers to the practice of growing crops in vertically stacked layers. It usually incorporates controlled-environment agriculture, with the motive to optimize plant growth and soilless farming techniques like hydroponics, aquaponics, and aeroponics. Some common choices of structures to house vertical farming systems include buildings, shipping containers, tunnels, and abandoned mine shafts.
Key Players of the Global Vertical Farming Market:
- Koninklijke Philips N.V.
- Vertical Farm Systems
- Sky Greens
- AmHydro
- AeroFarms
- Urban Crop Solutions
- EVERLIGHT
- Urban Crop Solutions
- Illumitex
- Green Sense Farms Holdings, Inc.
- Agrilution
Vertical Farming Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The prominent drivers responsible for the growth of global vertical farming include their exceptional advantages such as less exposure to chemicals & diseases, reduced water usage, and greater output with less cultivation area accompanied by the growing demand for organic food led by the accelerating disposable income. In addition, the increasing preference of individuals towards natural products, mounting production of crops due to the accelerating disposable income of consumers in emerging economies, development in the food supply chain, and a reduction in arable land will strengthen the vertical farming market size. Rapid urbanization, escalating demand for better quality land, and growing apprehension of consumers towards health are supplementing the market growth.
The increasing production of biopharmaceutical products is another factor fuelling the growth of the global vertical farming market. Furthermore, vertical farming reduces the carbon footprint because of the intensifying proximity to the consumer resulting in a decrease in the distance covered by trucks. However, the rise in the requirement of high initial investments for the implementation of vertical farming and lack of technological skills may hamper the market growth.
Growth Mechanism Segment Drivers
Based on the growth mechanism, aeroponics is predicted to expand at a higher Compound annual growth rate during the forecast period because of its excessive usage owing to its potential to allow extensive planting, which is not offered by the other growth mechanisms. This is an eco-friendly method with low susceptibility to pests and diseases.
Offering Segment Drivers
Based on the offering, climate control is contemplated to witness faster growth in the near future. This is primarily because of their increasing endorsement to maintain and monitor the supply of carbon dioxide, sunlight, pH levels, humidity, and other factors.
Regional Drivers
Based on the region, Asia-Pacific is forecasted to account for the largest market share due to the swift amplification in the urban population. Moreover, the growth in the annual production of crops led by the rising implementation of sophisticated technologies is driving the market growth.
Vertical Farming Market Segmentation:
Segmentation by Growth Mechanism
- Aeroponics
- Aquaponics
- Hydroponics
Segmentation by Structure
- Shipping Container Vertical Farms
- Building-Based Vertical Farms
Segmentation by Crop Type
- Peppers
- Lettuce
- Spinach
- Broccoli
- Tomatoes
- Cucumbers
- Pomegranates
- Strawberries
- Others
Segmentation by Offering
- Hydroponics Components
- Meters & Solutions
- Pumps & Irrigation
- Water Filtration
- Others
- Lighting
- Grow Light Reflectors
- Grow Lights
- Grow Light Ballasts
- Sensors
- CO2 Sensors
- Temperature Sensors
- pH Sensors
- Nutrient Sensors
- Crop Sensors
- Others
- Climate Control
- Air Purification/Control
- Ventilation Fans
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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