Vertical Farming Market Analysis
The
global vertical farming
market size will touch USD 25.1
Billion at a favourable 23.3% CAGR by 2030, states the latest Market Research Future
(MRFR) report.
Drivers
Use
of LEDs in Vertical Farming to Boost Market Growth
The use of
light-emitting diodes (LEDs) in vertical farming will boost market growth over
the forecast period. LEDs are now cost-effective and effective enough for cutting
the total farming cost for the growers. Innovations in the LED technology
lately are supporting the vertical farming market growth. In fact artificial
lighting is indeed a pre-requisite for indoor farming applications.
Vertical
Farming Market Key Players
Key players profiled in
the global vertical farming market report include Urban Crop Solutions
(Belgium), Hort Americas (U.S.), Sky Greens (Singapore), Illumitex, Inc.
(U.S.), Indoor Harvest Corporation (U.S.), Aerofarms (U.S.), Agrilution
(Germany), Everlight Electronics Co. (Taiwan), and Koninklijke Philips N.V.
(Netherlands).
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Vertical
Farming Market Opportunities
Lower
Installation Cost of Hydroponics Technology to offer Robust Opportunities
The lower installation
cost of hydroponics technology will offer robust opportunities for the market
during the forecast period. The growing conditions of hydroponics technology
can be monitored consistently and controlled for ensuring correct chemical
composition for better growth. This uses less water over traditional farming
techniques and does not use soil, thus eliminating pests, weeds, and others and
also cut down labor costs. Besides, there are no limitations to set up a
hydroponics system on rural agricultural land that will improve its
accessibility and also eliminate the need for complex distribution network.
COVID-19
Analysis
The COVID-19 outbreak possessed a positive impact on the global vertical farming market. The pandemic bolsters the demand for locally-grown greens, boosting the need for vertical farming. Investors are finding this business attractive for the farms offering organic vegetables and fruits while consuming less water as well as per unit area of land over conventional farming. Short supply chain systems, localization, and increased production capacity prove in being more robust during the current crisis.
Vertical
Farming Market Segmentation
Hydroponics segment by
technology will dominate the market over the forecast period.
Building-based indoor
vertical farming by structure will lead the market over the forecast period.
Tomato by crop type will
spearhead the market over the forecast period.
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Vertical
Farming Market Regional Analysis
North
America to Command Vertical Farming Market
North America will
command the vertical farming market over the forecast period. The growing need
for rich quality fresh and organic food, legalization of the use of Cannabis in
the US and Canada, increasing investments to bring developments and
technological advances, the need for food supply against the growing
population, non-governmental organizations and governments promoting vertical
farming owning to its multiple benefits concerning food security, decreasing
arable land in this region, the growing popularity of organic foods, adoption
of new technological solutions, rising employment generation, and increasing
population are fuelling the vertical farming market growth in the region.
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