Vertical Farming Market is Anticipated to Grow at a CAGR of 27.72% by 2024 Key players like Aerofarms, Agrilution, American Hydroponics, Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Illumitex, Inc., Koninklijke Philips

The global vertical farming market is expected to grow from USD 2,985.65 million 2017 to USD 16,553.65 million by the end of 2024 at a Compound Annual Growth Rate (CAGR) of 27.72%.

The factors attributing to the growth of the market are growing demand for high-quality organic food, increasing population leading to imbalances in food demand and supply, adoption of stabilized farming technique independent of climate condition, limited farming land to grow vegetables and fruits, and rapid development in the precision farming technologies. However, some factors such as lack of technical know-how, and limited variety of crops grown may hinder the market growth. The global vertical farming market is expected to showcase the opportunities such as market potential for vertical farming in apac, production of biopharmaceutical products, and large-scale vertical farming.

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The key players profiled in the global vertical farming market are Aerofarms, Agrilution, American Hydroponics, Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Illumitex, Inc., Koninklijke Philips N.V., Sky Greens, Urban Crops, and Vertical Farm Systems.

In the near future, the market may face the possible challenges in the growth due to high energy consumption, and high initial investments. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the global vertical farming market market.“Aquaponics: The highest growing growth mechanism for the global vertical farming market”

On the basis of growth mechanism, the global vertical farming market is studied across Aeroponics, Aquaponics, and Hydroponics. Among all these growth mechanism, the Aquaponics is projected to hold the largest market share while the Hydroponics has the potential to grow the market with the highest CAGR in the forecast period.“Sensors: The highest growing offering for the global vertical farming market”

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On the basis of offering, the global vertical farming market is studied across Climate Control, Hydroponics Components, Lighting, and Sensors. Among all these offering, the Sensors is projected to hold the largest market share while the Lighting has the potential to grow the market with the highest CAGR in the forecast period.“Building-Based Vertical Farms: The highest growing structure for the global vertical farming market”

On the basis of structure, the global vertical farming market is studied across Building-Based Vertical Farms and Shipping Container Vertical Farms. Among all these structure, the Building-Based Vertical Farms is projected to hold the largest market share while the Shipping Container Vertical Farms has the potential to grow the market with the highest CAGR in the forecast period.“Europe, Middle East & Africa: The highest growing geography for the global vertical farming market”

On the basis of geography, the global vertical farming market is studied across Americas, (United States, Brazil, Canada, Mexico, and Argentina) Europe, Middle East & Africa, (United Kingdom, Germany, France, Saudi Arabia, United Arab Emirates, Italy, and Russia) and Asia-Pacific (China, Japan, India, and Australia). Among all these geography, the Asia-Pacific is showing the maximum growth in the near future with the highest CAGR while the Europe, Middle East & Africa is dominating the market with highest market size.

“Aerofarms: The potential growing player for the global vertical farming market”

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The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on sulfuric acid offered by the key players in the global vertical farming market.
2. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments in the global vertical farming market.
3. Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets for the global vertical farming market.
4. Market Diversification: Provides detailed information about new products launches, untapped geographies, recent developments, and investments in the global vertical farming market.
5. Competitive Assessment & Intelligence: Provides exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global vertical farming market.

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