The global vertical farming market is predicted to generate around USD 6 billion by end 2022. It can witness a CAGR of 21 percent during 2016 to 2022 (forecast period). Through vertical farming, crops are raised in controlled environments. Vertical farming, primarily, aids “crop-growth” in the absence of water & soil. It exists in various sizes & shapes and employs mechanisms; like aeroponics, hydroponics, etc.
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 can protect 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 the developing controlled growing climates claim to be transforming agriculture into the green revolutions which will 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 of the driving factor of the vertical farming market growth. On the other hand, factors such as initial investments expensive in the urban locations, energy consumption of artificial lighting is more 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.
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Major Key Players
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)
Recently, a company, “Osram” acquired a start-up (based in Munich) to oversee the general development of plants across indoor or greenhouse places. The firm is planning to employ unique LED technologies to provide an expanding natural ambience through the mechanized regulation of watering, temperature, & lighting. Yet another firm, “AeroFarms” recently adopted high-tech products & services to produce green farming & financial opportunities.
Eminent participants of the global vertical farming market are SharpSpring, Inc.; Hub Spot, Inc.; IBM Corporation, and Oracle Corporation. Most of them experiment with collaborations and product innovations to maximize their profits and gain traction worldwide.
Jan. 10, 2017- Indoor Harvest Corp has announced an alliance with OneWorld Business Finance. With this announcement, the company is planning to expand their business offering towards Vertical Farm Development Financing across North America.
July 7, 2017 – AeroFarms is using new technology and high-tech innovation and the latest science, innovation is revolutionizing for vertical farming. With these with innovation and changing industries to incentivize creating the new economic opportunities as well as producing green farming.
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Global Vertical Farming Market – Segmentation
The Global Vertical Farming Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type : Comprises Hydroponic, Aeroponic, Aquaponic among others.
Segmentation By Component: Comprises Hardware, Software, and Services.
Segmentation By Crop Type : Comprises Broccoli, Spinach, Cucumbers, Tomatoes, Lettuce, Pepper, Strawberries and others.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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