Press release
Vertical Farming Market is Expected Significant Growth at a CAGR of 20.8% Considering Regional Analysis, Advanced Technology and Top Key Players like: Koninklijke Philips N.V., Illumitex, Inc., and Everlight Electronics Co. Ltd, BrightFarms, Agrilution, E
Vertical Farming Market
According to this research study, Vertical Farming Market is anticipated to reach over USD 11,905 million by 2026. In 2017, the shipping container dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
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The growing population worldwide has resulted in significant increase in food demand. Vertical farming is increasingly being used to meet the high-demand for food crops. The factors driving the growth of Vertical Farming Market include ability to produce high quality crops throughout the year, lesser use of water for crop cultivation, and lower dependency on weather conditions. Organic and chemical free crops can be grown with the help of vertical farming in artificially controlled environments, which further increases its adoption. Other factors driving the market include growing urban population, and reduced environmental pollution. However, high initial investment and crop production of limited varieties restrict the growth of market.
Following are the Top Key Players in Vertical Farming Market: -
Luxottica Group S.p.A
Koninklijke Philips N.V.
Illumitex, Inc.
Everlight Electronics Co. Ltd
BrightFarms
Agrilution
Everlight Electronics Co. Ltd.
American Hydroponics
Freight Farms
Illumitex, Inc.
Vertical Farm Systems
On the basis of offerings, the Vertical Farming Market is segmented into lighting solutions, sensors, climate control, and hydroponic components. In 2017, the lighting solutions accounted for the major share in the global market. Lighting solutions are used to provide uniform lighting conditions suitable for plant growth.
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The growing mechanisms used for vertical farming include hydroponics, aquaponics, and aeroponics. In 2017, hydroponics accounted for the largest share in the global market, and was estimated at USD 1,086 million in 2017, registering a CAGR of 23.3% during the forecast period. Asia-Pacific generated the highest revenue of $835 million in 2017, and is expected to lead the Vertical Farming Market throughout the forecast period. This is owing to significant growth of population in the region. Lack of fertile land, Strong technical expertise in agricultural practices, and established R&D institutes in China and Japan further supplement the market growth.
TOC of Vertical Farming Market:
Chapter 1. Overview and Scope
Chapter 2. Executive Summary
Chapter 3. Market Insights
Chapter 4. Vertical Farming Market Size and Forecast
Chapter 5. Dynamics and Segmentation
Chapter 6. Detailed Insight on Company Profiles
Chapter 7. Research Methodology and Reference
Chapter 8. Competitive Landscape
TOC Continued…...!!!
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