AeroFarms, Hort Americas, ILLUMITEX, INC., Everlight Electronics, American Hydroponics, agrilution and Philips Lighting; Vertical Farming Market Trends and Opportunities by 2023 With Key Players

Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetables among the consumers in the developing countries are expected to boost the growth of the vertical farming market during the forecast period. of the vertical farming is also known as urban farming or indoor farming.

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The growing inclination towards efficient production of fruits and vegetables in environment friendly conditions, irrespective of climatic conditions, is driving the growth of vertical farming market. It minimizes the transportation time of fresh foods starting from harvesting, till it reaches the consumers, which is one of the major factors boosting the growth for this market. The vertical farming market is gaining traction as many pharmaceutical companies are adopting this type of farming to produce a variety of medicinal plants used in biopharmaceutical products. Companies are developing their own patented products from raw seed and further provide proprietary products to the medicinal, nutraceutical and cosmetic industries, which helps them in expanding their customer base.

North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years. The region is witnessing a growing inclination towards this farming technology.

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Some of the major players in the industry are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc. and Vertical Farm Systems.

GLOBAL VERTICAL FARMING MARKET SEGMENTATION -
By Component
• Hardware
o Lighting
 Grow Lights
 Grow Light Reflectors
 Grow Light Ballasts
o Hydroponic Components
 Pumps and Irrigation
 Meters and Solutions
 Water Filters
 Others (includes Timer and Delivery System)
o Climate Control
 Ventilation Fans
 Air Purification/ Control
 Others (includes Condenser and HVAC System)
o Sensors
 Temperature Sensors
 CO2 Sensors
 Nutrient Sensors
 PH Sensors
 Crop Sensors
 Others (Biosensors and Electronics Nose)
• Software

By Structure
• Building Based
• Shipping Container Based

By Growth Mechanism
• Hydroponics
• Aeroponics
• Aquaponics

By Crop Type
• Lettuce
• Spinach
• Broccoli
• Cucumber
• Pepper
• Tomato
• Others (includes Strawberry and Pomegranate)

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