According to the new market research report “Vertical Farming Market by Functional Device (Lighting, Hydroponic Component, Climate Control, and Sensors), Growth Mechanism (Aeroponics, Hydroponics, and Others) and By Geography – Global Forecast to 2020”, the vertical farming market is estimated to reach USD 3.88 billion by 2020, at a CAGR of 30.7% between 2015 and 2020. The factors which are driving the vertical farming market include need for high quality food with no use of pesticides, less dependency on the weather, increasing urban population, and need for year round production.
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Lighting functional device expected to lead the vertical farming market
Lighting as a functional device, in terms of value, is expected to hold the largest share of the vertical farming market by 2020. The traditional lighting system is being replaced by LED lighting system which is more efficient, emits electromagnetic spectrum ideal for photosynthesis and generates low heat. The increased acceptance of LED lighting system by end users is driving the growth of this market.
Hydroponics as a growth mechanism segment dominates the vertical farming market
The market for hydroponics as a growth mechanism is expected to be the largest between 2015 and 2020. This is mainly because of the benefits associated with it such as quicker growth, faster harvest, higher yield, and low nutrient wastage as mineral nutrients are dissolved in water and are fed directly to a plant’s root system without any involvement of soil.
APAC expected to hold the largest market share and grow during the forecast period
The APAC vertical farming market is expected to hold the largest share by 2020 owing to major driving forces such as growth in urban population, less availability of cultivable land, government initiatives, and demand for food with low impact on environment, the vertical farming market is growing in this region.
Major players involved in the development of vertical farming market Aerofarms (U.S.), FarmedHere (U.S.) Koninklijke Philips N.V (The Netherlands), Illumitex Inc. (U.S.), Sky Greens (Singapore), and others.
This research report categorizes the global vertical farming market based on functional devices, growth mechanism, and regions. This report describes the drivers, restraints, opportunities, and challenges with respect to the vertical farming market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the vertical farming market.