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.
Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period.
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Major Key Players
Agrilution (Germany), Aero farms (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), Mouser Electronics (U.S), Bright Agrotech. (U.S), Indoor Harvest Corp (U.S) 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
Accelerated adoption of Internet of Things (IoT) to spur market demand
The increased use of Internet of Things (IoT) sensors to produce crops, will act as a major impetus in the market growth over the appraisal period. The sensors obtain information, storing it on the cloud and then analyze the information to perform the subsequent actions. The increasing automation in agriculture and growing use of big data & predictive analytics, to maximize yields, are also projected to drive the market to a large extent.
Rapid urbanization to work in favor of the market
With growing population, the migration from rural to urban areas is observed. Changing lifestyle, growing per capita income, and increasing health consciousness are driving the market growth. Growing focus towards reliable production of crops by farmers has been noted who are aiming to achieve environment-friendly production of fresh fruits and vegetables.
Government initiatives prompt the market growth
Governments of various nations are taking up initiatives in a bid to promote the cultivation of organic food with the use of organic pesticides. Ill-effects of genetically modified organisms along with environmental and health effects of pesticides and other non-natural substances used for increasing agricultural production have compelled the consumers to adopt organic foods. Thus, various government bodies are putting efforts to augment the awareness amongst consumers, thus propelling the market growth.
However, overshadowing these drivers to some extent, are expensive high initial investments in urban regions. Producing high-value crops with meager capital investment is quite challenging. On the other hand, after doing extensive research, market giants invest heavily to take advantage of the high potential the sector possesses. For instance, in 2018, Masayoshi Son’s Vision Fund invested in a vertical farming start-up Plenty Inc. in the United Arab Emirates. The investment amounted to USD 200 million.
Vertical Farming 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 2023. 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.
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