Dublin, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Vertical Farming Market - A Global and Regional Analysis: Focus on Mechanism, Product and Country-Wise Analysis - Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global vertical farming market was valued at $5.50 billion in 2020 and is projected to reach $19.86 billion in 2026, following a CAGR of 24.3% during 2021-2026.
The market growth is highly impacted by the shift of population from rural to urban areas, and the declining size of arable land, among others. Apart from this, the market is also driven by factors such as its advantages over conventional farming, advancements in light-emitting diode (LED) technology, and high quality and high level of food safety assurance.
Global Vertical Farming Market by Mechanism
Vertical farming can be done by various mechanisms, such as hydroponics, aquaponics, and aeroponics. Hydroponics helps plants grow in water, aeroponics helps grow plants suspended in air, and aquaponics is an exceptional combination of hydroponics and fish farming in an integrated system. It requires both water and fish to grow the plants.
The hydroponics segment is the largest in the global vertical farming market. Hydroponic farms optimize plant growth, offer local fresh produce, and minimize the use of water, space, transport, and pesticides. Also, hydroponics can be used in a greenhouse using natural light, and most commonly by using LED lights to save space. Owing to such a wide range of advantages offered by hydroponics, its demand is increasing across the globe.
Global Vertical Farming Market by Product
There is a wide range of products (components) used in vertical farming including, lighting devices, hydroponic components, climate control devices, sensing devices, and others. The demand for lighting devices is likely to witness positive growth in developed and developing countries.
This growth is mainly due to the advantages of lighting devices such as propagating young plants, cultivating healthier crops, and pesticide-free crops. Also, the production of crops can be increased by using vertical farming lighting to light multiple layers of crops, attaining a higher yield with a smaller footprint.
Global Vertical Farming Market by Region
North America region is expected to dominate the global vertical farming market during the forecast period. The high agricultural growth in these regions, along with the increased emphasis on smart farming and digitization in agriculture, is expected to boost the development of vertical farming in these regions.
The U.S. is a major player in the North America vertical farming market. The U.S. is dominated by the key players of vertical farming, including AeroFarms, Plenty Unlimited Inc., Bowery Farming, Gotham Greens, among others.
The country witnessed the production of a wide range of green vegetables, such as kale, arugula, lettuce, and pak choi. In 2019, there were more than 2,000 vertical farms in the U.S., out of which 60% of the market was driven by small to medium scale companies.
Key Market Players and Competition Synopsis
AeroFarms, AppHarvest, Vertical Harvest, CropOne, Plenty Unlimited Inc., AmHydro., Kalera, Heliospectra AB, Hort Americas, Signify Holding (Koninklijke Philips N.V), OSRAM GmbH., Valoya, EVERLIGHT ELECTRONICS CO., LTD., Sky Greens, SPREAD Co., Ltd.
Business Dynamics
Business Opportunities
- Demand from Countries with Less Arable Land and Unfavorable Climate
- Integration of Technology with Vertical Farming
Business Drivers
- Advantages over Conventional Farming
- Advancements in Light-Emitting Diode (LED) Technology
- Ensuring High Quality and High Level of Food Safety
Business Challenges
- Need of Constant Monitoring
- High Operational and Maintenance Cost
- Not Suitable for All Types of Crops
Business Strategies
- Product Development and Innovation
- Market Development
Industry Outlook
- Market Definition
- Supply Chain Analysis
- Ecosystem/Ongoing Programs
- Government Initiatives
- Consortiums and Associations
- Vertical Farming (by Produce)
Patent Analysis
- Patent Analysis (by Status)
- Patent Analysis (by Inventor Type)
- Patents Analysis (by Patent Office)
Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Collaborations, and Joint Ventures
Companies Mentioned
- AeroFarms
- AppHarvest
- Vertical Harvest
- CropOne
- Plenty Unlimited Inc.
- AmHydro.
- Kalera
- Heliospectra AB
- Hort Americas
- Signify Holding (Koninklijke Philips N.V)
- OSRAM GmbH.
- Valoya
- EVERLIGHT ELECTRONICS CO., LTD.
- Sky Greens
- SPREAD Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7ar31c
