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).
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 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.
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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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