The global vertical farming market is predicted to grow at 21.4% CAGR during the forecast period with the market size reaching USD 8.8 billion by 2024. The major factor fueling the growth of the market include increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space. In addition. adoption of independent farming techniques with a focus on vegetables and fruits also supports the growth of the vertical farming market, globally.
Some of the other factors fueling the growth of the market include increasing urbanization and the development of smart cities. With the increasing population especially in the developing economies has significantly increased the burden on the agriculture sector. This has increased the demand for food security in these countries, thus supporting the demand for agriculture through the vertical farm.
Based on offering, the vertical farming market is categorized into hardware and software. Of both the categories, the demand for hardware is larger in the market and is also anticipated to grow at a higher CAGR during the forecast period. hold the largest share in the market. Hardware segment is further categorized into climate control, lighting, sensors, and hydroponic components. The climate control vertical farming market is further categorized into air purification, ventilation fans, and others; and vertical farming lighting market is categorized into grow light reflectors, grow light ballasts, grow lights.
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Among the hardware components, the sensors market is segmented into PH sensors, nutrient sensors, crop sensors, CO2 sensors, temperature sensors, and others; and hydroponic components market is categorized into meters and solutions, pumps and irrigation, water filters, and others. Based on the structure, the vertical farming market is segmented into building-based and shipping container vertical farms. Building based vertical farms hold a larger share in the market and the category is also anticipated to grow at a faster rate during the forecast period.
Based on crop type, the vertical farming market is categorized into broccoli, pepper, tomato, spinach, cucumber, lettuce, and others. Lettuce is the most grown crop in vertical farm and the demand for vertical farm products is anticipated to be the highest for this crop type during the forecast period.
North America accounted for the major share in the vertical farming industry in 2017, globally due to the technological advancements, increasing research and development and increasing demand for no or low herbicide and pesticide-based crops. Moreover, Asia-Pacific vertical farming market is anticipated to grow at the fastest rate during the forecast period. The large population base, increasing the development of smart cities, increasing urbanization are the key factors leading to the adoption of vertical farming in the different countries of these countries.
Market players in the vertical farming industry are focusing on the advancements for the providing controlled environment in the buildings to support conditions as close to nature. AeroFarms, Urban Crop Solutions, Sky Greens, agrilution GmbH, Vertical Farm Systems, Green Sense Farms, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc., Koninklijke Philips N.V., and American Hydroponics are some of the key players offering solutions in the vertical farming industry.
Global 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 Region
Middle East & Africa