Westford, USA, July 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the vertical farming market will attain a value of USD 36.04 Billion by 2031, with a CAGR of 20.2% during the forecast period (2024-2031). Applications of IoT sensors in crop production are most likely to increase the demand for this market. Vertical farming is the efficient method of producing crops for maintaining stability in adverse climatic conditions. It has many benefits over traditional ways of farming, such as low water consumption, less use of agrochemicals, and less agricultural labor. Automation in agriculture with big data and predictive analytics will boost the market further.
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Browse in-depth TOC on "Vertical Farming Market"
- Pages – 197
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Vertical Farming Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 8.27 Billion |
| Estimated Value by 2031 | $ 36.04 Billion |
| Growth Rate | Poised to grow at a CAGR of 20.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Growth Mechanism, Structure, Crop Type and Offering |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Adoption of Sustainable Farming Practices |
| Key Market Drivers | Increasing Demand for Food |
Hydroponics Leads the Vertical Farming Market Due to Easy Scale Up and Lower Setup Costs
Hydroponics occupies the largest growth mechanism in the vertical farming market due to its relatively low set-up costs, ease of operation, and widely available technology. It requires less maintenance and is also easier to scale up. Hydroponics growth mechanism provides food production throughout the year unaffected by environmental conditions.
Aeroponics Is the Fastest-Growing Segment Since they Offer a High Return on Investment
Aeroponics is an emerging growth mechanism, and it is the fastest-growing segment of the vertical farming market. It has higher yield potential and reuses significantly more water. Aeroponics demands less space, so it becomes more appropriate for vertical farming operations. Setting up the aeroponics method is costlier, compared to hydroponics; however, with higher yields, the return on investment is potentially higher.
North America Is the Leading Market, Mainly Due to the Increasing Agriculture Production in the Region
North America is the biggest geographical region in the vertical farming market for agriculture. This is because the US is the largest producer of agriculture across the globe. Advanced technologies and innovative methods of farming have made the region very potent in crop production. The techniques of precision agriculture have increased production and decreased operational costs within the region. Besides, the existence of an established distribution network and infrastructure in the region makes it easy to transport and market crops.
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Vertical Farming Market Insights:
Drivers
- Increasing Demand for Food
- Consistency in Food Production and it’s Supply
- Reduced Land Degradation and Lower Water Usage
Restraints
- High Capital Investments and Operational Expenses
- Lack of Standardization in Regulations
- High Energy Consumption and Sustainability Concerns
Prominent Players in Vertical Farming Market
The following are the Top Vertical Farming Companies
- AeroFarms
- BrightFarms
- Everlight Electronics
- Green Sense Farms
- Growtainer
- Illumitex
- Sky Greens
- Koninklijke Philips N.V.
- Plenty
- Signify Holding B.V.
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Key Questions Answered in Vertical Farming Market Report
- What is vertical farming?
- How big is the vertical farming market?
- What are the major challenges faced by the vertical farming market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of vertical farming market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the vertical farming market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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USA (+1) 351-333-4748
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