Vertical farming has developed in a major way in recent times due to the increase in the level of discovery alternative methods of cultivation. Market Research Future which focusses on market reports connected to electronics & semiconductors sector amongst others recently made available a report on this sector. The vertical farming market globally is projected to touch USD 6 billion approximately by the end of 2022 with a 21 per cent CAGR during the forecast period.
Scarcity of fertile land and limited resources like water have prompted an increased level of focus on the concept of vertical farming. The increased awareness and popularity of vertical farming practices is causing astounding growth in the size of the market. As population has increased at a rapid rate in urban centers, vertical farming has emerged as acceptable alternative to gain access to fresh and quality produce. High levels of investment and limited crop types that can be grown may limit the growth potential of the market.
Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period.
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Major Key Players
Agrilution (Germany), Aero farms (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), Mouser Electronics (U.S), Bright Agrotech. (U.S), Indoor Harvest Corp (U.S) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vertical Farming Market.
According to MRFR, The Global Vertical Farming Market is expected to reach approximately USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022
With the advancement in technologies, sensors and robotics help farmers in taking their move towards vertical farming. Harvesting with LED Lighting Networks is again propelling the market growth as this offers network connectivity which boosts crop yields and quality and improving energy efficiency in vertical farming. The rapidly expanding movement to bring food production to urban centres is driving the demand of the vertical farming across the world. With this vertical farming which protect the crops from unpredictable weather, and eliminate the use of pesticides, fertilizers, and herbicides. The mitigate crop loss due to shipping and storage, and cut down on fossil fuel usage are boosting the market growth of vertical farming market. The companies are investing in developing solution for controlled climates claim to be transforming agriculture into the green revolutions which attract customers who buy organic products.
The Vertical Farming Market is driven by the factors such as growing demand for better quality of food, increasing population, less dependency on water & soil and increasing demand due to usages robust systems that produce high yields and keep labour costs low. The companies are investing in commercial greenhouses and indoor farms are widely used among the farmers, Manifestation of agricultural technology is again one of the driving factor of the vertical farming market growth. On the other hand, factors such as high initial investments in the urban locations, high energy consumption of artificial lighting and production of high value crops are likely to pose challenges to the market growth. Adversely, some predominant trends such as adoption of new technologies, zero usage of pesticides & fertilizers and implementation of artificial lights are certainly going to provide impetus to the market growth of Vertical Farming market.
The Global Vertical Farming Market is segmented in to three key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Comprises Hydroponic, Aeroponic, and Aquaponic among others.
Segmentation By Component: Comprises Hardware, Software, and Services.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Vertical Farming Market is expected to be dominated by North America with the largest market share due to increasing population, employment generation and adoption of new technological solutions in this regions, and therefore accounting for a huge economy by 2023. Vertical Farming Market in Asia-Pacific market is expected to grow at a considerable rate of CAGR. The Asia Pacific region includes Chin, India and Japan is expected to boost this region majorly due to urbanization, less of fertile land and more investments for developing vertical farming systems. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of Vertical Farming solutions in the region.
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