“Vertical farming market expected to grow at a CAGR of 24.8% between 2016 and 2022”
According to the new market research report, the vertical farming market is expected to be valued at USD 5.80 billion by 2022, growing at a CAGR of 24.8% between 2016 and 2022. The growth of the vertical farming market could be attributed to the growing urbanization, rising demand for high quality food with no use of pesticides and herbicides, and independent farming technique with low impact of climatic conditions. However, the high initial investments, dearth of technical acumen, and limitations on the variety of crops grown are the restraints in the vertical farming market.
“Lighting devices and hydroponics components are expected to dominate the hardware segment of vertical farming market between 2016 and 2022”
The lighting devices and hydroponic components are expected to dominate the hardware segment of the vertical farming market. LED grow light and hydroponics growth mechanism dominates the vertical farming market because LED lights have many benefits over the traditional lighting system and hydroponics growth mechanism is easy to implement and their result in terms of the growth of plant is quite good.
“Vertical farming market in Asia-Pacific (APAC) is expected to have the largest share”
This report covers regions such as North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). The APAC is expected to have the largest share of the vertical farming market between 2016 and 2022. The high growth of vertical farming in the APAC region is because of developing countries like China, Japan, and Singapore. Japan is the key country as far as vertical farming is concerned. Japan has many plant factories equipped with artificial lights in the operational form. Toshiba (Japan), which is the largest consumer electronics company converted their old factory into vertical facilities and is planning to grow vegetables such as lettuces.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people.
Break-up of the profile of primary participants is given below:
- By Company Type: Tier 1 – 50%, Tier 2 – 33%, and Tier 3 – 17%
- By Designation: C Level – 39%, Director Level – 31%, and Others – 30%
- By Region: North America – 21%, Europe – 30%, APAC –42%, RoW – 7%
The major players in this market include AeroFarms (U.S.), FarmedHere (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex (U.S.), and Sky Greens (Singapore).
This report covers the offering segment, which consists of hardware, software and services of the vertical farming market. In vertical farming different growth mechanisms are used, namely, aeroponics, hydroponics, and aquaponics. The vertical farming market also consists of structure that includes building-based and shipping container vertical farms. The entire vertical farming market is divided based on region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW).
Key Benefits of Buying the Report:
- This report includes the market statistics pertaining to offering, structure, growth mechanism, and geography along with their respective revenue.
- Porter’s five forces framework has been provided along with the value chain analysis to provide an insight into the vertical farming market.
- The major drivers, restraints, challenges, and opportunities for the vertical farming market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the vertical farming market based on offering, structure, growth mechanism, crop type, and geography has been conducted to give an overall view of the vertical farming market.
- A detailed competitive landscape has been provided that includes key players, in-depth analysis, and revenue of the key players.
- The available customizations for the report offer further country-wise segmentation of the vertical farming market in terms of value; further breakdown of the industry could be provided along with profiling of additional companies in the report.