PORTLAND, Feb. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vertical farming market accounted for $12.77 billion in $2.23 billion in 2018 and is expected to garner $12.77 billion by 2026, growing at a CAGR of 24.6% from 2019 to 2026.
Increased utilization of vertical space & balanced energy utilization, ease provided for crop monitoring and harvesting, and limited availability of arable land for conventional agriculture have boosted the growth of the global vertical farming market. However, the high initial investment and development phase of technologies hamper the market growth. On the contrary, surge in urban population and rise in adoption of organic foods are expected to create lucrative opportunities in the near future.
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The global vertical farming market is segmented on the basis of component, structure, growth mechanism, and geography. Based on component, the market is segment is divided into irrigation components, lighting, sensor, climate control, building material, and others.
On the basis of structure, the market is categorized into building-based vertical farms and container-based vertical farms. The shipping container-based vertical farms segment is anticipated to register the fastest CAGR of 28.1% from 2019 to 2026. However, the building-based vertical farms segment dominated the market in 2018, contributing to nearly three-fifths of the total share.
Based on growth mechanism, the market is bifurcated into hydroponics, aeroponics, and aquaponics. The aeroponics segment is projected to register the fastest CAGR of 25.6% during the forecast period. However, the hydroponics segment held the lion’s share in 2018, contributing to two-fifths of the market.
The global vertical farming market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe is expected to manifest the fastest CAGR of 26.0% during the study period. However, the market across the Asia-Pacific region held the largest share in 2018, accounting for half of the market.
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The global vertical farming market report includes an in-depth analysis of the major market players such as:
- AeroFarms
- 4D Bios Inc.
- AMHYDRO (American Hydroponics)
- Agrilution
- Hort Americas
- Everlight Electronics Co., Ltd.
- Koninklijke Philips N.V.
- Illumitex Inc.
- Urban Crop Solutions
- Sky Greens
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