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Market Highlights:Market Research Future (MRFR) reports that the global vertical farming market is presumed to reach approximately USD 6 billion by the end of 2022. The market is set to surge ahead at 21% CAGR during the forecast period (2016-2022). Vertical farming involves growing produce in vertically stacked layers using soil, hydroponic or aeroponic growing methods. Vertical farms strive to produce food in challenging environments. This type of farming uses controlled environment agriculture (CEA) technology, producing food through skyscraper, shipping container, and vertically stacked layers. It is also known as indoor farming or urban farming, which is witnessing widespread adoption across the globe. Moreover, it offers various benefits such as low water requirement, low transportation cost, and reduced washing and processing of produce making it ideal for larger adoption across the globe.
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. In addition to the above, the “food-purchasing” behavior of customers and adoption of “bio-friendly” vegetables & fruits affect the industry. Cardiac illnesses and obesity incidences are high among consumers. Changes in weather and shortage of ground water prompt traditional cultivators to employ “alternate farming.” These factors coupled with health awareness should propel the vertical farming industry.
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Major Key Players
• Agrilution (Germany),
• Aerofarms (U.S.),
• 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)
are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vertical Farming Market.
According to MRFR, The Global Vertical Farming Market is expected to reach approximately USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022
Industry/ Innovation/ Related News:
Osram has acquired Munich-based start-up agrilution as to stimulate and manage plant growth and for cultivating plants in greenhouses or indoor spaces. The company is planning to use special LED technology which will provides an optimal growing environment by automatically regulating temperature, watering, and lighting conditions.
Indoor Harvest Corp has announced an alliance with One World Business Finance. With this announcement, the company is planning to expand their business offering towards Vertical Farm Development Financing across North America.
Aero Farms 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.
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.
Regional Analysis
Vertical Farming Global Market is expected to be dominated by North America with the largest market share due to increasing population, employment generation and adoption of new technological solutions in this regions, and therefore accounting for a huge economy by 2022. Vertical Farming Market in Asia-Pacific market is expected to grow at a considerable rate of CAGR. The Asia Pacific region includes Chin, India and Japan is expected to boost this region majorly due to urbanization, less of fertile land and more investments for developing vertical farming systems. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of Vertical Farming solutions in the region.
Industry Segments
Market Research Future has segmented the market of vertical farming 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
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Intended Audience
• Manufacturers
• Distributors
• Research firms
• Consultancy firms
• Software Developers
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors
LIST OF TABLES
TABLE 1 VERTICAL FARMING MARKET, BY COMPONENT
TABLE 2 VERTICAL FARMING MARKET, BY TYPE
TABLE 3 VERTICAL FARMING MARKET, BY CROP TYPE
TABLE 4 VERTICAL FARMING MARKET, BY GEOGRAPHY
TABLE 5 NORTH AMERICA VERTICAL FARMING MARKET, BY COMPONENT
TABLE 6 NORTH AMERICA VERTICAL FARMING MARKET, BY TYPE
TABLE 7 NORTH AMERICA VERTICAL FARMING MARKET, BY CROP TYPE
TABLE 8 U.S VERTICAL FARMING MARKET, BY COMPONENT
Continued…….
LIST OF TABLES
TABLE 1 VERTICAL FARMING MARKET, BY COMPONENT
TABLE 2 VERTICAL FARMING MARKET, BY TYPE
TABLE 3 VERTICAL FARMING MARKET, BY CROP TYPE
TABLE 4 VERTICAL FARMING MARKET, BY GEOGRAPHY
TABLE 5 NORTH AMERICA VERTICAL FARMING MARKET, BY COMPONENT
TABLE 6 NORTH AMERICA VERTICAL FARMING MARKET, BY TYPE
TABLE 7 NORTH AMERICA VERTICAL FARMING MARKET, BY CROP TYPE
Continued…….
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