Status : Published Published On : Jan, 2019 Report Code : VRSME9053 Industry : Semiconductor & Electronics Available Format : Page : 99

North America Vertical Farming Market – Analysis and Forecast (2018 - 2024)

Industry Insights by Offering (Hardware (Climate Control (Air Purification, Ventilation Fans, and Others) Lighting (Grow Light Reflectors, Grow Light Ballasts, Grow Lights), Sensors (PH Sensors, Nutrient Sensors, Crop Sensors, CO2 Sensors, Temperature Sensors, and Others), and Hydroponic Component (Meters and Solutions, Pumps and Irrigation, Water Filters, and Others), and Software) by Growth Mechanism (Aeroponics, Hydroponics, and Aquaponics), by Structure (Building-Based, and Shipping Container), by Crop Type (Broccoli, Pepper, Tomato, Spinach, Cucumber, Lettuce, and Others)

Industry Overview

The North American vertical farming market is predicted to grow at 21.9% CAGR during the forecast period with the market size reaching USD 2,802.5 million by 2024.

The 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 techniques help in eliminating the excessive expenditure incurred by the commercial grower on a rain-forest system. 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. The crops grown using this technique are helping the people to consume fresh and toxin-free produce as the crops are produced with the help of an organic approach.

Market Segmentation

Insight by Offering

Hardware and software are the offerings provided by the vertical farming market. 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. The hardware type is further segmented into lighting, hydroponics component, climate control, and sensors. Lighting type is further segmented as grow lights, grow light reflectors and grow light ballasts. Similarly, the hydroponics component is further segmented as pumps and irrigation, meters and solutions, water filtration and others. The climate control hardware type is further categorized as ventilation fans, air purification, and others. Additionally, the sensors are further categorized as temperature sensors, CO2 sensors, nutrient sensor, PH sensor, crop sensors, and others.

Insight by Growth Mechanism

The market is further segmented on the basis of growth mechanism aeroponics, hydroponics and aquaponics. Of all, hydroponics holds the largest share in the vertical farming market.

Insight by Structure

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.

Insight by Crop Type

The vertical farming techniques are widely used for growing various crops such as lettuce, spinach, high return and short revolution crops that include green salads. There are large numbers of restaurants purchasing the bulk of produces developed with the help of vertical farming techniques from the commercial growers. North America is increasingly adopting hydroponics technique that helps in producing crops throughout the year and helps in maintaining demand and supply cycle of these produces. The hydroponics growth mechanism is developed 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.

Industry Dynamics

Growth Drivers

The increasing adoption of techniques that are conducive for the climate and increasing demand for organic products is the primary factor aiding towards the growth of the 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. 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 the vertical farming market in the region.

Challenges

The limitations embedded in the variety of crops grown and the high initial investments in vertical farming are the major restraints observed in the growth of the vertical farming market in North America.

NORTH AMERICA VERTICAL FARMING HIGHLIGHT

North America Vertical Farming Market

Geography Overview

Geographically, North America is the largest vertical farming market as the people of North America are increasingly demanding organic foods due to increasing awareness for consuming a healthy diet. The people of this region are becoming conservative in their consumption approach and are increasingly consuming healthy food. The region is creating spaces for building building-based vertical farms and it is helping the manufacturers to satisfy the increasing demand of the consumers for food. Moreover, vertical farming is enabling the region to fulfill 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.

Competitive Insight

Some of the key players operating in the North American vertical farming market are 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.

PRIMARY RESEARCH INTERVIEWS – BREAKDOWN

North America Vertical Farming Market Analysis

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle