Vertical Farming Market Projected to Reach $9.7 billion by 2026

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Chicago, June 16, 2022 (GLOBE NEWSWIRE) — According to the new market research report by MarketsandMarkets™, the “Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region – Global Forecast to 2026″, is expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period. The major driving factors for the growth of the vertical farming market include high yield associated with vertical farming over conventional farming, year-round crop production irrespective of weather condition, advancements in light-emitting diode (LED) technology and requirement of minimum resources.

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Hardware is expected the dominant segment in vertical farming market during the forecast period

In the vertical farming market, hardware is the dominant segment in terms of market share throughout the forecast period. Vertical farming is a form of controlled environment agriculture practice carried out indoors with the artificial environment created to assist crop growth. The sunlight, required for the process of photosynthesis, is replaced with artificial lights in vertical farming. Hydroponics, one of the technologies of vertical farming, is the process of growing crops without soil, where a continuous supply of water with necessary nutrients is provided to the roots of crops. Likewise, to create a suitable environment for growth, climate control systems are installed, while to track and monitor the growth of crops, sensors are installed. Companies manufacturing these hardware components ensure to develop products highly suitable for the growth of crops indoors.

In Asia Pacific, the companies involved in vertical farming are investing and expanding their operations in other countries. For instance, in November 2019, Sustenir (Singapore), an agritech company, launched a 30,000 sq. ft. hydroponics vertical farming facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited availability of land for farming. The produce from conventional farming is not enough to serve the local demand, and hence the country relies highly on imported produce. Similar is the case with Singapore. To decrease the dependency on imported food and reduce food wastage in the transportation process, growing a significant amount of food locally, in limited space, is the solution offered by vertical farming, resulting in the expansion of farms by companies in this region.

Browse in-depth TOC on Vertical Farming Market”
244 – Tables
53 – Figures
240 – Pages

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Based on the growth mechanism, the vertical farming market has been segmented into hydroponics, aeroponics, and aquaponics. These growth mechanisms do not include the use of soil, enabling farmers to establish farms indoors and carry out farming at any location irrespective of the climate. In countries where the climate remains cold for the maximum time of the year and the quality of soil is not favorable for farming, these mechanisms have evolved as an efficient substitute to traditional or conventional farming methods.

Based on the structure, Vertical farming is carried out majorly in two structures: building-based vertical farms and shipping container-based vertical farms. Deep farm is another structure used in vertical farming. However, this structure has limited adoption; hence, only qualitative information is provided for the same.

Key Market Players

  • Signify (Netherlands),
  • Osram (Germany),
  • Freight Farms (US),
  • AeroFarms (US),
  • sky Greens (Singapore),
  • Spread (Japan),
  • Plenty (US),
  • Valoya (Finland),
  • Everlight Electronics (Taiwan),
  • Heliospectra AB (Sweden),
  • Green Sense Farms (US),
  • Agrilution (Germany),
  • American Hydroponics (US),
  • Urban Crop solutions (Belgium)

The vertical farming market is broadly categorized into two crop types—vegetables and fruits—with market numbers given for lettuce, pepper, broccoli, cucumber, spinach, tomato, strawberry, pomegranate, and others. The others segment includes eggplant, kale, chard, basil, and oregano. Lettuce is extensively cultivated in vertical farming. It is quick and easy to grow, has a steady demand throughout the year, and is available in a wide variety, allowing farmers to switch products without changing to a whole new crop.

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