- Rapid urbanization is boosting the growth in vertical farming market.
- High initial set up investments hamper the Global Vertical Farming Market growth.
- North America region hold the large market share in the vertical farming market.
Global Vertical Farming Market was valued $1.8 billion in 2017 and is anticipated to reach $9 billion by 2026 at a CAGR of about 22.28% during a forecast. The reported segment of Global Vertical Farming Market based on equipment type, growing technology, crops type, and region.
Based on equipment type, the global vertical farming market can be classified into the lighting system, sensors, tank, environment & climate controller, pumps & irrigation systems and meter. By growing technology, a global vertical farming market is divided into aeroponics, hydroponics, and aquaponics. In terms of crops type, global vertical farming market the can be fragmented into lettuce, peppers, broccoli, spinach, cucumbers, tomatoes, strawberries, and pomegranates. By region, a global vertical farming market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Vertical farming provides features such as low transportation cost, less water requirement, and technology advancement such as internet of things are the key factors which helps to drive the growth in Global Vertical Farming Market. The vertical farming has increased popularity in recent years owing to the weakening in water level and a problem of shortage of rain. Rapid urbanization, Increasing demand for organic good, a Limited area of the landscape for traditional farming are the boosting the growth in vertical farming market.
However high initial set up investments and involvement of emerging technology hamper the Global Vertical Farming Market growth. All crops cannot be grown by a vertical farming method is limiting the growth in the vertical farming market.
Global Vertical Farming Market
By equipment type, lighting system with the LED is expected to dominate the growth in vertical framing market. Lighting system devices use an LED lighting system which produces a dual-band color spectrum and maintains efficiency and low heat dissipation in vertical farming.
Based on the growing technology, Hydroponics technology is growing uses mineral nutrient solutions to feed the plants in water without soil. The aeroponics growth technology is projected to grow at the high rate CAGR during the forecast year owing to it facilities faster plant growth and more number of plants within less time than the plants under normal conditions.
In terms of region, North America region hold the large market share in the vertical farming market owing to the presence of a large number of project entrepreneur and Research development centers in the region. However, Asia-Pacific accounted large share in Global Vertical Farming Market owing to rising demand for organic food, shortage of the rain and government initiatives for the subsidies to expanding the Global Vertical Farming Market.
Key profiled in the vertical farming market report:
Aerofarms, FarmedHere, Koninklijke Philips N.V. Illumitex Inc., Sky Greens, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, Agrilution, Urban Crop Solutions Inc., Vertical Farm Systems, Plantagon International AB, Mirai Co. Ltd, Spread Co. Ltd
The scope of the report for Global Vertical Farming Market