Vertical Farming Market – Overview
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.
Scarcities 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
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Global Competitive Analysis
The profitable circumstances accessible in this market are being applied by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector. The businesses in this trade area are combining their resources to attain their vision for achieving a substantial portion of the business as early as possible. This has raised the possibilities for the approaching growth period significantly. The merchandise that are being provided presently differ greatly because of the rationale of the robust pace of technological discoveries. This consequence is productive for companies so they can aim to uphold their commercial enterprise’s liquidity to take the most effective decisions in terms of strategy execution and designing.
The significant companies in the vertical farming market comprise of Illumitex, Inc. (U.S.) Aerofarms (U.S.), Agrilution (Germany), Indoor Harvest Corporation (U.S.), Everlight Electronics co. (Taiwan), Koninklijke Philips N.V. (Netherlands) and Sky Greens (Singapore).
Market Research Future has segmented the vertical farming market into component, type, crop type and region for the purpose of the study.
By Component: Software, Hardware, Services
By Type: Aquaponic, Aeroponic and Hydroponic. The hydroponic type accounts for the prime market share in the vertical farming market globally.
By Crop Type: Strawberries, Spinach, Cucumbers, Broccoli, Peppers, Lettuce, Tomatoes and Others
By Region: North-America, Europe, Asia-Pacific and RoW
Mar 2018 The Gulf Cooperation Council has recently inaugurated its very first vertical farm in the United Arab Emirate. The method is said to use less than 90 per cent less water than conventional farming which can prove to be a major game changer for the region which is water-scarce. Badia Farms which is the company behind the initiative can grow produce while massively reducing the carbon footprint with their indoor farm which is hydroponic. The lettuces, microgreens and herbs can grow with no particular requirement for soil, sunlight or pesticides required. The produce can grow in the coconut husks instead, which makes the produce even safer since many potential food-borne diseases stem from dirt. The very first commercial vertical farm in the Gulf Cooperation Council (GCC) area is helmed by Badia Farms which will include other location in the Saudi Arabia, UAE, Oman, Kuwait, Bahrain and Qatar.
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Detailed Regional Analysis
While considering the region wise spread of the market, the North-American region for the biggest market share, due to the rising population, employment generation and implementation of new technological solutions. Though, the Asia-Pacific market is projected to develop over the forecast period from the year 2016 to 2022. The countries in this region such as Japan and China is estimated to increase this area primarily owing to urbanization, more investments for developing vertical farming systems and less of fertile land.
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