What’s Driving the Vertical Farming Market Trends? | Major Vendors includes Mirai, Spread, Illumitex, Inc., Everlight Electronics., Koninklijke Philips, American Hydroponics, Sky Greens, General Hydroponics
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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.
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
• Illumitex, Inc.
• Everlight Electronics.
• Koninklijke Philips
Based on application, there are indoor and outdoor vertical farms. 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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Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC market. Indeed, APAC accounted for 30% of the overall market share in 2017.
Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming market in the years to come. 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 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:
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