Press Release / Technology / Vertical Farming Market to Witness an Outstanding Growth During 2017 - 2022

Vertical Farming Market to Witness an Outstanding Growth During 2017 - 2022

Market Highlights:

Vertical farming can be explained as a concept or practice by which crops are grown inside a controlled environment. It is basically the method by which crops are grown without soil and water. Also, in vertical farming crops are stacked in layers. Vertical farming comes in different shapes and sizes and they use various mechanisms such as hydroponics, aeroponics, among others.

The reasons contributing to the growth of vertical farming market are better quality of food, increasing population, less dependency on water & soil and increasing demand for food. Also, adoption of new technologies, zero usage of pesticides & fertilizers and implementation of artificial lights are expected to boost the market over the forecast period. However, factors such as initial investments expensive in the urban locations, energy consumption of artificial lighting is more and production of high value crops are hindering the growth of the vertical farming market.

Geographically, North America accounted for the largest market share in the global vertical farming market, whereas Asia-Pacific is expected to grow at a fast pace over the forecast period, 2016-2022.

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Key Players

Aerofarms (U.S.),

Hort Americas (U.S.),

Indoor Harvest Corporation (U.S.),

Illumitex, Inc. (U.S.),

Koninklijke Philips N.V. (Netherlands),

Everlight Electronics co.(Taiwan),

Sky Greens (Singapore),

Agrilution (Germany),

Urban Crop Solutions (Belgium) among others.

The Global Vertical Farming Market is expected to reach approximately USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022.

Regional Analysis

Vertical Farming Global Market is expected to be dominated by North America with the largest market share due to increasing population, employment generation and adoption of new technological solutions in this regions, and therefore accounting for a huge economy by 2022. Vertical Farming Market in Asia-Pacific market is expected to grow at a considerable rate of CAGR. The Asia Pacific region includes Chin, India and Japan is expected to boost this region majorly due to urbanization, less of fertile land and more investments for developing vertical farming systems. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of Vertical Farming solutions in the region.

Segments:

For the purpose of this study, Market Research Future has segmented the market of vertical farming into component, type, crop type and region.

Component

Hardware
Software
Services
Type

Hydroponic
Aeroponic
Aquaponic
Crop Type

Broccoli
Spinach
Cucumbers
Tomatoes
Lettuce
Peppers
Strawberries
Others
Region

North-America
Europe
Asia-Pacific
RoW
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Intended Audience

Manufacturers
Distributors
Research firms
Consultancy firms
Software Developers
Semiconductor Manufacturers
End-user sectors
Technology Investors