Vertical Farming Market:
Growth Opportunities in the Vertical Farming Market look promising over the next six years. This is mainly due to the strong demand for high-quality land, a sharp fall in the arable land, the shift of the consumers towards organic products, growing production of crops due to the rising population, and the increasing concerns of the consumers for the health and rapid urbanization.
Vertical Farming Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The strong demand for high-quality land, a sharp fall in the arable land, and the shift of the consumers towards organic products are the significant factors contributing to the growth of the vertical farming market size. According to the vertical farming market research, the growing production of crops due to the rising population and the increasing concerns of the consumers for the health and rapid urbanization will further surge the vertical farming market’s growth in the coming years. Vertical farming provides exceptional benefits, including decreased exposure to diseases & chemicals, the usage of significantly less water, greater output from less cultivation area and is not impacted by the weather conditions. These factors will further propel the demand for vertical farming industry around the world.
As per the vertical farming market report, the high demand for organic food due to the increasing disposable income of the consumers in emerging economies, the growing production of biopharmaceutical products, and improvement in the food supply are certain factors that are driving the growth of the vertical farming market. Vertical farming decreases carbon footprint due to its enhanced proximity to the consumer resulting in a reduction in the distance covered by trucks. According to the vertical farming market analysis, the factors hindering the growth of the vertical farming market include the need for high initial investment for the introduction of vertical farming and limited technological skills.
Growth Mechanism Segment Drivers
Based on the growth mechanism, the aeroponics is projected to rise at a faster CAGR in the coming years due to the increasing utilization of the aeroponics growth mechanism in vertical farming due to its capability to allow extensive planting which is not offered by the other growth mechanisms. This method is environmentally friendly and has less susceptibility to diseases and pests, which boosts the market growth.
Regional Drivers
Based on the region, Asia-Pacific is predicted to lead the market over the coming years due to the increasing urban population and consumers’ significant shift towards organic foods. Furthermore, the rise in the annual production of crops due to the increasing introduction of advanced technologies and the growing population are the major factors bolstering the growth of the market. Vertical Farming Market’s leading Manufacturers:
- Koninklijke Philips N.V.
- Sky Greens
- AeroFarms
- EVERLIGHT
- Illumitex
- Agrilution
- Green Sense Farms Holdings, Inc.
- Urban Crop Solutions
- AmHydro
- Vertical Farm Systems
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)
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