Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Global Vertical Farming Market (by Mechanism, Structure, Crop Type & Region): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)" report has been added to ResearchAndMarkets.com's offering.
The global vertical farming industry is anticipated to achieve a significant milestone with the market value projected to reach US$19.06 billion by 2028, registering a compound annual growth rate (CAGR) of 24.08% from 2024 to 2028.
Driven by the necessity to cater to the burgeoning global population and a marked decrease in arable land, vertical farming is being embraced as a revolutionary approach to sustainable agriculture.
Tackling the World's Critical Challenges:
With global challenges such as water scarcity, deforestation, and rapid urbanization becoming more prominent, vertical farming presents itself as a viable solution to address these issues. The method’s ability to produce crops with reduced water usage and minimal land is particularly compelling in regions where traditional agriculture is under strain.
Though the market faces obstacles such as the sophisticated maintenance of controlled environments and the need for substantial initial investments, these challenges are tempered by the progressive adoption of technologies and approaches that deliver higher yields and enhanced sustainability.
Hydroponics Dominates Market Share:
The analysis segments the market into three mechanisms: Hydroponics, Aquaponics, and Aeroponics, with Hydroponics demonstrating a predominant share. This technology's ability to grow crops in a soil-free environment, creating pesticide-free produce, positions it as the method of choice within the vertical farming landscape - a trend expected to persist over the forthcoming years.
Regional Market Insights:
North America is identified as the fastest-growing regional market due to serious environmental concerns and an urgent need for sustainable water use. Europe and Asia Pacific also greatly contribute to the development of agricultural technology, supporting the global advancement of the vertical farming sector.
Future of Vertical Farming:
Amidst escalating environmental concerns and resource constraints, vertical farming is emerging as a promising solution. The industry is evolving with the integration of advanced technologies such as artificial intelligence, which forecasts a significant reduction in environmental impacts and an increase in agricultural productivity.
With the economic and ecologic promise shown by vertical farming technologies, the industry is poised for considerable growth as it offers a progressive approach to modern-day farming challenges.
Vertical farming holds the potential to redefine urban agriculture and bolster food security for growing populations worldwide. Market dynamics, strategic regional insights, and key player profiles underscore the significant opportunity and continued evolution within the industry.
Companies Featured
- Bowery Farming
- Gotham Greens
- Plenty
- Infarm
- Spread Co.
- AeroFarms
Key Topics Covered:
1. Market Overview
1.1 Introduction
1.2 Difference Between Vertical Farming & Traditional Farming
1.3 Advantages of Vertical Farming
1.4 Drawbacks of Vertical Farming
1.5 Mechanism of Vertical Farming
1.6 Main Component of Vertical Farming
1.7 Vertical farming Vs. Greenhouse
1.8 Use of Technology in Vertical Farming
2. Impact of COVID-19
2.1 Disruption in Food Supply Chain
2.2 Role of Plant-Based Diet during COVID-19
3. Global Market Analysis
3.1 Global Vertical Farming Market by Value
3.2 Global Vertical Farming Market Forecast by Value
3.3 Global Vertical Farming Market by Mechanism
3.4 Global Vertical Farming Market by Structure
3.5 Global Vertical Farming Market by Crop Type
3.6 Global Vertical Farming Market by Region
4. Regional Market Analysis
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Growing Global Population
5.1.2 Accelerating Investment into Vertical Farming
5.1.3 Decline in Agriculture Land Area
5.1.4 Rising Risk of Water Scarcity
5.1.5 Growing Problem of Disforestation
5.1.6 Rapid Urbanization
5.2 Key Trends & Developments
5.2.1 Rising Penetration of Vertical Farming
5.2.2 Adoption of Artificial Intelligence
5.2.3 Reduction in Environmental Impact in Vertical Farming
5.2.4 High Yield Associated With Vertical Farming
5.3 Challenges
5.3.1 Maintenance of Temperature, Humidity and Air Circulation in a Vertical Farm
5.3.2 Lack of Technically Skilled Workforce
5.3.3 Heavy Initial Investment Costs in Vertical Farms
6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/olf6rv
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