New York, United States , March 31, 2023 (GLOBE NEWSWIRE) -- The Global Vertical Farming Market Size to grow from USD 3.76 billion in 2021 to USD 26.37 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 24.42% during the projected period. A growing preference for climate control technology, which requires less water and energy for irrigation, can be attributed to the vertical farming market forecast. Due to this farming method reduces the difficulty of obtaining arable land. All of the aforementioned major factors are anticipated to drive market growth during the forecast period.
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Vertical farming is a method of growing crops in an urban setting on a vertically inclined surface. Rather than a single layer of crops covering a large land area, crops are stacked in an upward direction. Vertical farming creates an artificial environment within a facility using technologies that allow plants to grow more nutritiously in less time than traditional farming. Plant growth, productivity, and quality are all affected by climate control, air purification, lighting, and pump and irrigation systems. The massive increase in the world's urban population increases demand for food and vegetables. The market is seeing massive investment as a result of increased demand for advanced agricultural technology. Vertical farming, which does not use soil as a medium, is being used to increase crop yield while decreasing land area. Hydroponics, aquaponics, and aeroponics are all methods of growing plants. A hydroponic system is a popular growth mechanism in which plant roots are supplied with nutrient-dissolved solutions via water channels outfitted with pumps and irrigation systems based on the needs of the grower. The growing challenges of land availability for food production in response to rising demand drive the global vertical farming market growth. However, the high start-up cost is the first challenge for any farmer or company starting indoor vertical farms in vertical farming. Setting up a vertical farming infrastructure necessitates large capital outlays as well as high operating costs. These is one of the most significant factors impeding the growth of the vertical farming market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Vertical Farming Market Size, Share, and COVID-19 Impact Analysis, By Type (Hydroponics, Aeroponics, and Aquaponics), By Component (Lighting System, Irrigation & Fertigation System, Climate Control, Sensors, and Others), By Structure (Building-Based Vertical Far m and Shipping-Container Vertical Farm), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The hydroponics segment is anticipated to hold the largest share during the study period.
On the basis of type, the global vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. Among these, the hydroponics segment is expected to have a significant market share during the predicted period. Hydroponics is expected to grow rapidly due to the increased demand for healthy and safe food. Hydroponics is expanding as a result of new innovations to improve the flavour and sustainability of fruits and vegetables.
The lighting system is anticipated to expand significantly during the forecast period.
Based on the component, the global vertical farming market is categorized into lighting system, irrigation & fertigation system, climate control, sensors, and others. Lighting systems are expected to grow significantly during the study period. LED lighting systems are rapidly being used to reduce operational costs and power consumption. LED lighting systems generate less heat than traditional light sources, making them ideal for agricultural applications.
The building-based vertical farms are anticipated to dominate the market over the forecast period.
On the basis of structure, the global vertical farming market is differentiated into building-based vertical farm and shipping-container vertical farm. Building-based vertical farms are expected to dominate the market during the forecast period. As new buildings and construction projects in cities are used to deploy farms, the demand for building-based farm structures is increasing. Building-based vertical farms are being adopted on a large scale in countries with unsupported crop environments.
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The North America region holds the largest share of the Global Vertical Farming Market.
The North America is expected to holds the largest market, because market leaders or key players in vertical farming are headquartered in the United States, it is expected to be the leading country-level market in North America. The growing number of vertical farms and corporate partnerships are assisting in the expansion of the US vertical farming market. North America has the largest vertical farming market share due to the presence of many vertical farms across the country, as well as the adoption of robotics and automation technologies across the farms. Europe is anticipated to grow fastest during the projected period. Growing food demand, urbanisation, unfavourable weather conditions for conventional farming, a desire to reduce fresh produce imports, and a need for new productive farming activities are expected to drive the growth of the European vertical farming market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Vertical Farming Market include Everlight Electronics Co. Ltd., Signify Holding, Sky Greens, BrightFarms., Plenty Unlimited Inc., Freight Farms, Inc., AeroFarms, OSRAM Licht AG, Urban Crop Solutions, Heliospectra AB, Spread, and Valoya. And others.
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Recent Developments
In January 2022, Upward Farms, an indoor aquaponic vertical farming company, announced plans to expand its network with the goal of creating the world's largest vertical farm. The aquaponic platform from Upward Farms combines the precision, scalability, and year-round freshness of indoor farming with the advantages of the whole ecosystem and microbiome-rich regenerative agriculture waste from the fish is converted into organic fertilizer for the leafy greens.
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