The vertical farming market in North America was pegged at USD 703.0 million in 2017 and is expected to reach USD 2,802.5 million by 2024. The vertical farming market is poised to grow at CAGR of 21.9% during the forecast period (2018–2024).
The increasing demand for organic products and increasing adoption of techniques that are conducive for the climate is the primary factor aiding towards the growth of vertical farming market in North America. The use of this technique requires less water than the traditional vertical farms and as the result, it greatly saves the energy requirement for the manufacturers that are contributing towards the enhanced demand for vertical farming market in the region. The demand for organic products in the region is increasing at a rapid pace owing to the nutritional content available in those products. The content of antioxidants is greater in the organic products than those available in the conservatively produced crops.
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Moreover, the increasing disposable income of the population and reliable production of crops irrespective of climatic change are also fuelling the growth of vertical farming market in this region. However, limitations embedded on the variety of crops grown and high initial cost is hampering the growth of this market globally.
Vertical farming technique uses a (controlled-environment agriculture) CEA technology that helps in preserving the natural environment that helps in producing the crops to ensure even distribution of crops in densely populated areas. The hydroponics growth mechanism is excessively been used with the help of greenhouses that are arranged one on the top of another that creates a greenhouse skyscraper that has the capacity of generating enormous population. The technique is also helping the region in eliminating the food dearth in an environment-friendly way.
This technique is also helping the commercial growers to grow the fruits and vegetables that comprises of increased demand throughout the year irrespective of any alteration in climate.
Based on offering, the North American vertical farming market is categorized into hardware and software. Hardware type is further segmented into lighting, hydroponics component, climate control and sensors. The vertical farming comprises of two structures building-based vertical farms and shipping container vertical farms. The technique is largely used for growing several crops such as lettuce, spinach, tomato and others in North America.
U.S. accounted for the major share in the North American vertical farming market in 2017 as the country is creating spaces for building-based vertical farms and it is helping the manufacturers to satisfying the increasing demand of the consumers for food. Moreover, vertical farming is enabling the country to fulfil the required demands of the consumers as commercial growers are developing vertical farms in this region and will continue to do so in the near future.
In terms of hardware type, lighting is generating largest revenue for the vertical farming market in this region. Lighting is expected to grow at a CAGR of 21.5% during 2018– 2024. On the contrary, lettuce accounted largest share in the North American vertical farming market.
U.S. is expected to contribute largest revenue of USD 1,184.6 million by 2024 and growing at a CAGR of 22.5% during 2018–2024 in vertical farming market in this region.
AeroFarms, Gotham Greens, Bright Farms, Vertical Harvest, Home Town Farms, Infinite Harvest, Lufa Farms, Beijing IEDA Protected Horticulture, Farmed Here, Garden Fresh Farms, Metro Farms, Green Sense Farms, Indoor Harvest, Sky Vegetables, Sundrop Farms and Ecopia Farms are some of the major players operating in the vertical farming market in North America.
North America Vertical Farming Market Coverage
Offering Insight and Forecast 2014–2024
Growth Mechanism Insight and Forecast 2014–2024
Structure Insight and Forecast 2014–2024
Crop Type Insight and Forecast 2014–2024
Vertical Farming Market by Country