Market Highlights:
Vertical farming is an innovative technique with architectural design intervention, which minimizes land usage, while still sufficing the fierce demand of food. Vertical Farming is basically indoor agriculture where food grows on trays or hanging modules in Bioclimatic buildings that respond to climate by controlling it. These facilities or buildings create an artificial environment within them and allows certain types of produce to be grown year round without pesticides or natural sunlight. Post harvesting produces can reach to consumers within few hours.
Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period. Adversely, increasing investments transpired in to R&D activities by vendors or companies operating to develop with adept technology with unrivalled design and features coupled with technological advancement will provide impetus to the market growth depleting the issues such as federal budgeting etc. during the anticipated period.
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Competitive Analysis
The profitable circumstances accessible in this market are being applied by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector. The businesses in this trade area are combining their resources to attain their vision for achieving a substantial portion of the business as early as possible. This has raised the possibilities for the approaching growth period significantly. The merchandise that are being provided presently differ greatly because of the rationale of the robust pace of technological discoveries. This consequence is productive for companies so they can aim to uphold their commercial enterprise’s liquidity to take the most effective decisions in terms of strategy execution and designing.
The significant companies in the vertical farming market comprise of Illumitex, Inc. (U.S.) Aerofarms (U.S.), Agrilution (Germany), Indoor Harvest Corporation (U.S.), Everlight Electronics co. (Taiwan), Koninklijke Philips N.V. (Netherlands) and Sky Greens (Singapore).
According to MRFR, The Global Vertical Farming Market is expected to reach approximately USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022
Industry Updates:
Mar 2018 The Gulf Cooperation Council has recently inaugurated its very first vertical farm in the United Arab Emirate. The method is said to use less than 90 per cent less water than conventional farming which can prove to be a major game changer for the region which is water-scarce. Badia Farms which is the company behind the initiative can grow produce while massively reducing the carbon footprint with their indoor farm which is hydroponic. The lettuces, microgreens and herbs can grow with no particular requirement for soil, sunlight or pesticides required. The produce can grow in the coconut husks instead, which makes the produce even safer since many potential food-borne diseases stem from dirt. The very first commercial vertical farm in the Gulf Cooperation Council (GCC) area is helmed by Badia Farms which will include other location in the Saudi Arabia, UAE, Oman, Kuwait, Bahrain and Qatar.
Segmentation
The Global Vertical Farming Market is segmented in to three key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Hydroponic, Aeroponic, and Aquaponic among others.
Segmentation By Component: Comprises Hardware, Software, and Services.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Regional Analysis
Vertical Farming Market is expected to be dominated by North America with the largest market share due to increasing population, employment generation and adoption of new technological solutions in this regions, and therefore accounting for a huge economy by 2023. Vertical Farming Market in Asia-Pacific market is expected to grow at a considerable rate of CAGR. The Asia Pacific region includes Chin, India and Japan is expected to boost this region majorly due to urbanization, less of fertile land and more investments for developing vertical farming systems. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of Vertical Farming solutions in the region.
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Intended Audience
- Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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