What’s Driving the Vertical Farming Market Trends? | Top Key Players are Mirai, Spread, Illumitex, Inc., Everlight Electronics., Koninklijke Philips, American Hydroponics, Sky Greens, General Hydroponics

Vertical Farming Market in product segment is predicted to grow significantly in the coming years. This segment includes equipment such as lightning systems, pumps & irrigation systems, sensors, tanks, meters, etc. All of these are necessary to support crop growth, provide controlled environment and for farms monitoring. Fruits, vegetables & herbs shows the around 33% CAGR from 2017 to 2024. This segment includes tomatoes, lettuce, bell & chili peppers, strawberry, etc.

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On technology basis, vertical farming market is bifurcated into hydroponics, aeroponics and aquaponics. Aeroponics shows CAGR of around 28.5% over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.

According to world bank in 1961 arable land across the globe is 0.371 ha per person which reduces to 0.194 ha per person by 2015. United Nations also predicted that world population will reach 9 billion by 2050. Feeding this soaring population would require raising the overall food production with a smaller rural labor workforce. Rapidly changing climatic conditions effect crop yields in traditional farming. Vertical farming is best suitable alternative for the problems all of the arising problems mentioned above. Although high initial investments, lack of technical acumen in this field and high consumption of energy will restrain the growth of vertical farming market in future.

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
• Mirai
• Spread
• Illumitex, Inc.
• Everlight Electronics.
• Koninklijke Philips

Chapter 3. Vertical Farming market Insights

3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Innovation & sustainability
3.4.1. Patent analysis
3.4.2. Technology landscape
3.5. Industry impact forces
3.5.1. Growth drivers
3.5.1.1. Soaring population levels leading to imbalances in food demand and supply
3.5.1.2. Scarcity of farming land: A major natural resource
3.5.1.3. Stabilized crop production irrespective of climatic changes
3.5.1.4. Conservation and recycling of natural resources
3.5.2. Industry pitfalls & challenges
3.5.2.1. Higher initial investments
3.5.2.2. Lack of technical acumen
3.5.2.3. Limitations on the variety of crops grown
3.5.2.4. High energy consumption (light, air conditioning)
3.6. Regulatory landscape
3.6.1. U.S.
3.6.2. Europe
3.6.3. China
3.7. Growth potential analysis
3.8. Competitive landscape, 2017
3.8.1. Company market share, 2017
3.8.2. Strategy dashboard
3.9. Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Industry rivalry
3.10. Regional price trends
3.10.1. Cost structure analysis
3.10.1.1. R&D cost
3.10.1.2. Manufacturing & equipment cost
3.10.1.3. Raw material cost
3.10.1.4. Distribution cost
3.10.1.5. Operating cost
3.10.1.6. Miscellaneous cost
3.10.2. Price by product
3.10.3. Price by technology
3.10.4. Price by application
3.11. PESTEL analysis

Based on application, there are indoor and outdoor vertical farming market. Indoor vertical farming is extensively practiced in parking, warehouses, shipping containers, controlled environment agriculture (CEA), etc. It plays a vital role in meeting the rising food demand, primarily in the emerging economies, as indoor vertical farming applications help produce 75 times more food per square foot as compared to the traditional farming.

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On regional basis, Asia Pacific shows the 30% growth rate and is expected to be the largest industry for vertical farming market by the end of the forecast period. According to a report by the UN, in Asian cities with more than or equal to 500,000 inhabitants are projected to increase by 30% by the end of 2030.

Growing population and surge in demand of food security owing to arable land scarcity are the reasons constituting towards the vertical farming market growth over the predicted time. Vertical farming is an innovative practice of growing crops in vertically stacked layers. Nutritious fruits & vegetables with high yields are grown throughout the year using this method. This farming has various advantages over traditional methods such as minimal dependency on soil fertility, weather conditions and low water utilization. In coming years majority of the food produce is anticipated to come from higher yields instead of farmland expansion which can easily be achieved through vertical farming. The above-mentioned facts are expected to continue and will drive the market growth over the forecast time period. According to a new research report, Vertical Farming Market will surpass USD 13 billion by 2024.

The companies are banking on innovative technologies to compete in the vertical farming 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.

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:

www.gminsights.com/industry-analysis/vertical-farming-market

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