Vertical Farming Market Growth Analysis Focusing Top Companie; Mirai, Spread, Illumitex, Inc., Everlight Electronics., Koninklijke Philips, American Hydroponics, Sky Greens, General Hydroponics, Green Spirits Farms
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The transformation in agriculture will reach a different level with the concept of vertical farming. The rising global population and the gap created between the demand and supply of food will drive the prospects of the industry. The scarcity of food in developing nations has created a need to develop more sustainable techniques of food production. In the global scenario, where natural resources are being exhausted, this new method of farming will be a boom for agriculture industry. Sustainable agriculture is one of the key reasons to propel the product market.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• American Hydroponics
• Sky Greens
• General Hydroponics
• Green Spirits Farms
• Plantagon International
• Urban Crop Solutions
• Illumitex, Inc.
• Everlight Electronics.
• Koninklijke Philips
The arable land is getting depleted which will be the driving force for the growth of vertical farming industry. The burden of population has given rise to more commercial and residential buildings resulting into scarcity of farming area. This will positively impact the growth of the product market. Several advancements in technology have ramped up the market dynamics. With increase in greenhouse gas emissions, unpredictable climate changes have been observed, which has resulted into hampered crop production. This new technique of farming will revolutionize the agribusiness sector irrespective of the climate uncertainties.
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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.
Based on product, the vertical farming market is segmented into aquatic species, equipment, fruits, vegetables & herbs. Equipment segment includes atmosphere controllers, led grow lights, irrigation systems & pipes. This segment will show a 33% CAGR from 2018 to 2024 as these will help to monitor the farm atmosphere, help crop growth and control the amount of nutrients in solutions.
The product market has been segmented on the basis of product such as fruits & vegetables, equipment, aquatic species, technology and application. In leafy greens segment, lettuce has bagged the largest market share and is expected to grow at a robust rate. Indoor means of growing crops such as shipping containers and warehouses are estimated to account for more than 70% market share in 2024. Based on technology, hydroponics is expected to reign the product market in 2024. In equipment, lighting LEDs lead with the largest market share and are anticipated to grow rapidly by 2024.
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.
Browse key industry insights spread across 270 pages with 217 market data tables & 34 figures & charts from the report, “Vertical Farming Market Size By Product (Equipment [Lighting Systems, Pumps & Irrigation Systems, Tanks, Sensors, Pipes, Climate Controllers, Meters & Solutions], Fruits, Vegetables & Herbs [Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens, Herbs], Aquatic Species [Tilapia, Bass, Trout, Salmon, Crab]), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Netherlands, Belgium China, India, Japan, South Korea, Brazil, Mexico, Argentina, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018–2024” in detail along with the table of contents:
According to United States Department of Agriculture, in 2007 farmland in the U.S. reduces from 922 million acres to 915 million acres in 2012. Increasing climatic changes and suboptimal nature of geological and meteorological events such as floods, draughts, hailstorms, tornadoes effect crop yields. This will result in adoption of innovative method of farming such as vertical farming where optimum utilization of faming space and negligible effect of climatic conditions on crop yields are observed. Such trends will bolster vertical farming market growth in coming years.
Asia Pacific region is expected to dominate the product market with a revenue of over USD 4 billion by 2024. The inclination towards the farming technique is due to the government initiatives supporting indoor cultivation. The scarcity of food has upscaled the demand for indoor cultivated crops. The product market in Middle East is estimated to grow at a decent pace owing to the scarcity of water and increased import of food.
Europe vertical farming market shows a decent growth rate close to 24% owing to the presence of large number of venture capitalist and R&D centers in the region. Asia Pacific region shows the robust growth rate of about 30% and will become largest market for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.
The companies are banking on innovative technologies to compete in the global market. There are many large scale and small scale firms present in the industry. Some of the major companies involved are Indoor Harvest Corporation, AeroFarms, Green Sense Farms, Urban Crop Solutions, Sky Greens, Illumitex, American Hydroponics, Koninklijke Philips NV, Everlight Electronics Co.Ltd., Agrilution GmbH, Moflo Aeroponics, Freight Farms, SPREAD Co., Ltd, Bright Farms Inc., Gills N Claws Pte Ltd., GrowUp Urban Farms, General Hydroponics, Ecobains Gardens, etc.
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