Global Vertical Farming Market Forecasts to 2024 By Key Players: Sky Greens, Green Spirit Farms, Aerofarms, Plantagon International AB, Mirai, American Hydroponics, General Hydroponics, Spread, Urban Crop Solutions

On application basis there are two types of vertical farming market, namely indoor and outdoor vertical farms. Indoor farms show the growth rate of 28% over the forecast time spell. Indoor farming is extensively practiced controlled environment agriculture (CEA), warehouses and parking. This method plays an important role in satisfying the rising food demand due to increasing population and scarce land under cultivation. Indoor vertical farming helps consume lesser water and gives out more harvest than the traditional farming practiced otherwise. Irrespective of sudden climatic changes, indoor farming helps produce feed in higher quantity without crop damage.

Vertical farming market is relatively providing impetus for growth in indoor farming sector due to the advent of LED lights and growth mechanism such as aeroponics, hydroponics etc. Low labor costs, location of vertical farms closer to consumer bases, accessibility to fresh produce, zero pesticides usage are the key vertical farming market dynamics sprouting up the growth.

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Based on technology, the vertical farming market is categorized into hydroponics, aeroponic and aquaponics. Hydroponics segment will show a CAGR of around 26% over the forecast timeframe. Aquaponics is also a popular segment as it involves rearing of fishes and using the waste water from the fish tanks to irrigate the crops for harvesting. Adoption of this technology is limited in industry due to higher maintenance and operational costs of vertical farms using this technology. However, higher profit margins associated with this technology will increase its demand during the forecast years.

Vertical farming product market consist of fruits, vegetables &herbs, equipment, and aquatic species. Lettuce dominates the overall fruit, vegetables and herbs market. Leafy greens and other herbs are the fastest growing crop types. Raising crab and fish in vertical stacked layers is also being touted as a viable way to farm. Tilapia is one of the most edible fish and dominates the aquatic species segment of the vertical farming product market. Lightning systems will capture the major share in vertical farming equipment market till 2024.

Vertical Farming Market size was estimated over USD 2 billion in 2017 and will surpass USD 13 billion by 2024.

Growth Drivers:

• Soaring population levels leading to imbalances in food demand and supply
• Scarcity of farming land: A major natural resource
• Stabilized crop production irrespective of climatic changes
• Conservation and recycling of natural resources

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Asia Pacific shows the highest growth rate of about 30% in vertical farming market from 2018 to 2024. The product market has been popular in southeast Asia for the regional difficulties such as land scarcity and high food imports. According to a report by the United Nations, Department of Economic and Social Affairs, the number of cities with 500,000 inhabitants or more is expected to grow by 30% in Asia by 2030. Rising urbanization and the population feeding requirements in countries like India, South Korea, Taiwan and others will propel the Asia-Pacific vertical farming market over the forecast period.

The key players in the vertical farming market are American Hydroponics, Sky Greens, General Hydroponics, Green Spirits Farms, Plantagon International, Urban Crop Solutions, Mirai, Spread, etc. Most of the vertical farming companies are doing contracts with such as Illumitex, Inc., Everlight Electronics., Koninklijke Philips for the lightning systems.

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Precision Farming Market By Component, Application and Region-Forecasts, 2024

The major vendors of the precision agriculture market are AGCO Corporation, Agribotix, LLC, AgSense LLC, AgSmarts Inc, Boumatic LLC., CropMetrics LLC, CropX Inc., Deere & Company, Delaval Corporation, Dickey-John Corporation, Farmers Edge Inc., GEA Group AG, Monsanto Company, etc.

https://www.gminsights.com/industry-analysis/precision-farming-market

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