-- Optimum usage of vertical space & energy utilization, ease in monitoring and harvesting of crops, and limited availability of arable land for carrying out traditional agriculture drive the growth of the global vertical farming market. However, high investments and technologies in development phase restrain the market growth. On the other hand, rise in urban population and surge in prominence of organic foods create new opportunities in the industry.
Allied Market Research published a report, titled, "Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building Based Vertical Farms and Container Based Vertical Farms) and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global vertical farming market generated $2.23 billion in 2018, and is estimated to generate $12.77 billion by 2026, growing at a CAGR of 24.6% from 2019 to 2026.
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Key players in the vertical farming market are AeroFarm, FarmedHere, Illumitex, Inc., Koninklijke Philips N.V., Sky Green, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, Agrilution, and others.
Key Benefits for Vertical Farming Market:
This study comprises analytical depiction of the global vertical farming market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall vertical farming market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current vertical farming market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the vertical farming industry.
The report includes the vertical farming market share of key vendors and market trends.
Based on regions, Asia-Pacific and North America together accounted for the dominant share in 2018, accounting for nearly three-fourths of the total market share of the global vertical farming market, and will continue its lead during the forecast period. However, Europe is expected to grow at the highest growth rate, with a CAGR of 26.0% from 2019 to 2026, due to rise in the concerns related to availability of water in various regions, which presents vertical farming as a viable solution for its consumption of 90% less water as compared to traditional farming.
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Based on growth mechanism, the hydroponics and aquaponics segment together constituted nearly three-fourths of the total share of the global vertical farming market in 2018, and is estimated to maintain its lead position during the forecast period. On the other hand, the aeroponics segment is projected to grow at the largest CAGR of 25.6% from 2019 to 2026, owing to lowered waste generation, reduction in labor cost, and less water requirement to produce fruits and vegetables.
On the basis of structure, the building based vertical farms segment held the largest share in the global vertical farming market in 2018, contributing for nearly three-fifths of the total market share, and is estimated to maintain its dominance during the forecast period. This is attributed to surge in urban population, shortage of arable land, and increase in the adoption of techniques of novel food production. However, the shipping container based vertical farms segment is estimated to register the highest growth rate with a CAGR of 28.1% from 2019 to 2026, owing to reduced costs and time taken for construction in comparison to conventional agriculture.
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