Factors such as less usage of fertilizers and pesticides, water conservation, less usage of energy and growing demand for food production are driving the growth of the vertical farming market. Also, rising demand for high quality food, independent farming techniques and less impact of climatic conditions are expected to boost the market over the forecast period. Whereas, high investments and limitations on the crop types are hampering the growth of the vertical farming market.
The various types of vertical farming are hydroponics, aeroponics and aquaponics. Hydroponics involves growing of crops in nutrient solutions which are free of soil, Aeroponics is a technique in which plants are grown in a mist environment without any soil. Aquaponic is a combination of plants and fish in the same ecosystem. However, Hydroponic type accounted for the largest market share in the vertical farming market.
Global Vertical Farming Market is estimated to reach USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022.
The key players in the global vertical farming market include Agrilution (Germany), Aerofarms (U.S.), Indoor Harvest Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Everlight Electronics Co. (Taiwan), Illumitex, Inc. (U.S.), Sky Greens (Singapore), Hort Americas (U.S.), Urban Crop Solutions (Belgium), among others.
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Vertical Farming Market Segmentation:
According to Market Research Future, market has been segmented into component, crop type, type and region.
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Market Research Analysis:
The global vertical farming market is expected to grow significantly over the forecast period, 2016-2022. Hydroponics of vertical farming market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
North-American region accounted for the largest market share because of the technological advancements, urban growth, environment friendly, increase in demand for food and various grant programs in US. For instance, USDA Rural Energy for America Program (REAP) helps in energy efficiency in the rural areas and Illinois Department of Commerce gave grant for LED lights.
However, Asia-Pacific region is expected to grow over the forecast period, 2016-2022 especially in countries such as China and Japan. For instance, Toshiba converted its old factories for vertical plantation of crops such as lettuce and basil.
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