Pleasanton, CA, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The Global Vertical Farming Market is expected to grow from USD 2.5 Bn in 2020 to USD 9.6 Bn by 2027, at a CAGR of 21.2%.
The increasing demand for organic food is expected to drive the growth of the vertical farming market during the forecast period. The vertically stacked shape of these farms decreases the need for additional construction and property. It also reduces the function of machines throughout conventional farming. Optimal use of vertical space and reasonable energy use contributes to the development of the vertical agricultural industry. In addition, these facilities encompass numerous artificial plant increase technology. The technology used in this agriculture allows us to maintain track of the growth and harvesting of plants, which similarly drives the growth of the vertical farming industry.
The increase in focus of sustainable farming because of a rise in urbanization and much less availability of fertile land, because of increased urbanization is one of the distinguished driving factors for the market growth. The growing preference for domestically grown food with higher vitamins in the urban areas influences the growth of the vertical farming market.
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Maintaining the flow of conditioned air everywhere inside the vertical farm to create uniform developing surroundings is a prime challenge for the growers. As the racks in vertical farms are spaced close together, it is hard to create uniform conditions everywhere. In the case of horizontal flow, the plants and light impede the flow of air from a point to another, ensuing in temperature, humidity, and airspeed variations from one end of the rack to the other. The air circulating throughout the shelf vertically picks up the heat from light and moisture from plants, inflicting it to turn out to be hotter and greater humid along its path. To address the challenge of airflow, farmers install small circulating fans, however, this contributes to the production cost and therefore impacts the rate of the product.
The cannabis industry is developing unexpectedly post legalizing scientific and recreational cannabis through many states in the US. As the demand for cannabis is growing unexpectedly, the supply side has commenced increasing operations in different forms to fulfil the ends. As consistent with the current production scenario, developing cannabis in a vertical farm may be a costly operation to hold out. Cannabis grown below sunless medium needs to have different factors considered. For instance, the heat emitted from High-Pressure Sodium Lights (HPS) can harm the produce. Hence, LEDs, which run at plenty decrease temperatures, maybe a method to the excessive heat emitted. Companies developing cannabis via vertical farming have found huge outcomes in terms of productivity.
The key players operating in the vertical farming market are:
OSRAM GmbH, Signify Holding, AeroFarms, Freight Farms, Inc., SPREAD Co., Ltd., Sky Greens, Valoya, Plenty Unlimited Inc., Heliospectra AB, Everlight Electronics Co., Ltd., Agrilution, 4D Bios Inc., Hort Americas, AmHydro, Urban Crop Solutions and Among Others
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Global Vertical Farming Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, Europe is anticipated to witness significant growth over the projected period due to the increasing expansion of genetically-modified crop technology. Moreover, the growing adoption of nanotechnology and robotics farming enhance the growth of the market in the region. The use of nanotechnology helps in improving food packaging and enhancing disease and pest control. Furthermore, The European environment agency has completed numerous projects to construct vertical farms to conquer demanding situations of continuous population growth and climate change as well as produce food in an environmentally unfriendly way. This has led to increasing possibilities for the market in the region.
The Global Vertical Farming Industry Segmentation:
Global Vertical Farming Market by Growth Mechanism Industry Outlook (Revenue, USD Million, 2021-2027)
- Aeroponics
- Hydroponics
- Aquaponics
Global Vertical Farming Market by Structure Industry Outlook (Revenue, USD Million, 2021-2027)
- Building-based Vertical Farms
- Shipping Container-based Vertical Farms
Global Vertical Farming Market by Component Industry Outlook (Revenue, USD Million, 2021-2027)
- Lighting
- Climate Control
- Sensors
- Others
Global Vertical Farming Market by Crop Industry Outlook (Revenue, USD Million, 2021-2027)
- Tomato
- Lettuce & Leafy Vegetables
- Pepper
- Cucumber
- Microgreens
- Others
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Key Findings:
- Based on the growth mechanism, the aquaponics segment in vertical farming market is anticipated to gain a significant market share during the forecast period.
- Based on the component, the climate control segment in vertical farming market is growing at the highest CAGR during the forecast period.
- Based on region, Europe is anticipated to witness significant growth during the forecast period.
Recent News:
- In October 2021, Goose Island UK and AeroFarms®, an authorized B Corporation and leader in indoor vertical farming have unveiled Hail Hydro, a brand-new session IPA crafted from ground-breaking hydroponic hops grown indoors through AeroFarms, who is focused on raising agriculture around the world and supporting address a number of our maximum pressing agriculture supply-chain challenges.
- In January 2020, Freight Farms and Sodexo, a food services and facility management company, entered into a partnership to facilitate schools and universities across the US with advanced hydroponic vertical farming technology.
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