Market Highlights:
The Vertical Farming Market is driven by the factors such as growing demand for better quality of food, increasing population, less dependency on water & soil and increasing demand due to usages robust systems that produce high yields and keep labour costs low. The companies are investing in commercial greenhouses and indoor farms are widely used among the farmers, Manifestation of agricultural technology is again one of the driving factor of the vertical farming market growth. On the other hand, factors such as high initial investments in the urban locations, high energy consumption of artificial lighting and production of high value crops are likely to pose challenges to the market growth. Adversely, some predominant trends such as adoption of new technologies, zero usage of pesticides & fertilizers and implementation of artificial lights are certainly going to provide impetus to the market growth of Vertical Farming market.
With the advancement in technologies, sensors and robotics help farmers in taking their move towards vertical farming. Harvesting with LED Lighting Networks is again propelling the market growth as this offers network connectivity which boosts crop yields and quality and improving energy efficiency in vertical farming. The rapidly expanding movement to bring food production to urban centres is driving the demand of the vertical farming across the world. With this vertical farming which protect the crops from unpredictable weather, and eliminate the use of pesticides, fertilizers, and herbicides. The mitigate crop loss due to shipping and storage, and cut down on fossil fuel usage are boosting the market growth of vertical farming market. The companies are investing in developing solution for controlled climates claim to be transforming agriculture into the green revolutions which attract customers who buy organic products.
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Key Players
Aerofarms (U.S.),
Hort Americas (U.S.),
Indoor Harvest Corporation (U.S.),
Illumitex, Inc. (U.S.),
Koninklijke Philips N.V. (Netherlands),
Everlight Electronics co.(Taiwan),
Sky Greens (Singapore),
Agrilution (Germany),
Urban Crop Solutions (Belgium) among others.
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/ Innovation/ Related News:
December 5, 2017 – Osram has acquired Munich-based start-up agrilution as to stimulate and manage plant growth and for cultivating plants in greenhouses or indoor spaces. The company is planning to use special LED technology which will provides an optimal growing environment by automatically regulating temperature, watering, and lighting conditions.
Jan. 10, 2017- Indoor Harvest Corp has announced an alliance with One World Business Finance. With this announcement, the company is planning to expand their business offering towards Vertical Farm Development Financing across North America.
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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