the global vertical farming market accounted to .71 billion in 2018

Posted by industryarc on August 9th, 2019

Growing industrialization and urbanization, reduction in fertile land, and popularity of organic foods are the dynamic factors driving the vertical farming market. Benefits like workflow optimization, proper use of layout, and labor efficiency are popularizing the sustainable methods of vertical farming. A business intelligence report by IndustryARC says that the global vertical farming market accounted to .71 billion in 2018. The demand for vertical farming is projected to rise at a CAGR of 22.93% during the forecast period 2019 to 2025.

The report titled, “Vertical Farming Market: Type (Mixed-use, Despommier skyscrapers, others) Application (Agricultural, Aquaculture and Others), By Technologies (Hydroponics, Aeroponics, Others), By Components (Pumps, LEDs, Others) & By Geography – Forecast (2019 - 2025),” incorporates an in-depth assessment of the competitive landscape, market drivers, end-user industries, production life cycle, market trends, mergers and acquisitions, market life cycle analysis, market entropy, financial analysis, supply and demand analysis, and strategic analysis of the global vertical farming market.

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Vertical Farming Market: Leading Segments

Vertical farming market is segregated into different technological methods such as hydroponics, aeroponics, aquaponics, aerofarms, plantscapers, modular farms, and cubic farming systems. Hydroponic systems use mineral nutrient solutions to feed plants in water. On the other hand, plants growing in aeroponic systems use air or mist with no soil, and very little water. They are, undoubtedly, the most efficient ways of vertical farming as they make plants potentially healthy and nutritious compared to other traditional methods. Thus, the hydroponics and aeroponic application segments in the vertical farming market are projected to grow at a CAGR of 26.37% over the forecast period.

At present, indoor vertical farming is a growing trend in APAC countries. Countries such as Singapore, Japan, China, and India are applying machine learning, along with cloud computing, to achieve higher yields through vertical farming methods. Thus, demand from APAC countries accounted for 26.48% in the global vertical farming market in 2018. Changing food patterns, increasing population, and shortage of arable land are key reasons driving the vertical farming market in APAC region.

Vertical Farming Market: Trends

· Cloud-based data-driven techniques are being introduced in vertical farming. These techniques enable higher yields, reduce electricity costs, and identify optimal configurations for vertical farming. These techniques are widely employed in APAC countries, followed by those in North America and Europe.

· The pressure on limited resources such as water and arable land, and threats including climate change and increasing population is driving growth for the vertical farming market.

· Recently, Philips Lighting collaborated with vertical farms equipped with horticultural LED lighting in closed environments. Collaborations like this enhance the commercial value of production and ensure lesser wastage of crops, thereby boosting the vertical farming market.  

Vertical Farming Market: Competitive Landscape

Sky Greens, Koninklijke Philips N.V., Agrilution, Aerofarms, Everlight Electronics Co., Ltd., Hort Americas, Indoor Harvest, Green Sense Farms LLC, Urban Crops, and Vertical Farm Systems are few key players operating in the global vertical farming market.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.