Vertical Farming Market : Study on Top Players | Green Spirit Farm, Sky Greens, Aerofarms, Mirai Co. Ltd., Plantagon International, General Hydroponics, American Hydroponics, Urban Crop Solutions, Spread Co.
Vertical farming market is expected to register substantial traction in the years ahead, amidst burgeoning urbanization, soaring population, depleted soil, and climate change. Hostile weather, along with intensive farming has signified the importance of vertical farming. Modern agriculture uses a range of chemical products and toxic levels of agrochemicals that have posed significant health risks. As if that were not enough, it is predicted that earth’s population will zoom to 9.7 bn by 2050, thereby necessitating the requirement of arable land.
Amid this scenario, stakeholders expect vertical farming to transpire into a climate-friendly, resource-saving and weather-resistant technology. Prominently, the artificial control of temperature, humidity, light and gases has made producing food indoor conveniently possible.
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Engineering the approach of vertical farming to food production would reduce spoilage and world’s seemingly damaged ecosystem may be repaired. Stakeholders envisage vertical farming in urban areas to be a norm which would help reverse current trends in global climate change.
Accordingly, creation of sustainable urban environment is set to boost vertical farming market size. In light of it, stakeholders have upped investments in green infrastructure. Considering these aspects, Global Market Insights, Inc. predicts vertical farming market size to exceed US$ 22 bn by 2026.
Technologies that vertical farming often utilize—aeroponics, hydroponics, and aquaponics— have optimized growth potential of crops. Aeroponics, for instance, provides right amount of water and nutrients, with humidity and temperature fine-tuned. Apparently, aeroponics technology recycles water and nutrients with 0 or minimal waste. As such, aeroponics is anticipated to account for substantial share in vertical farming market.
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Amid robust prevalence of indoor farming, outdoor farming demand is also projected to surge for it notably uses hydroponics technique. The modern technology helps plant grow without soil and uses subtle 10% of the water for growing plants. When it comes to indoor farming, innocuous innovation like LED bulbs have helped make indoor farms economically viable by dramatically reducing heat waste and propelling energy efficiency. Moreover, artificially created temperatures and light have allowed crops to grow year-round. The breakthrough of indoor and outdoor farming is slated to fuel vertical farming market revenue.
Besides, vertical farming has helped farmers minimize their geographic footprint to produce more on less land. The shortened supply chain has reduced dependence on fossil fuels to transport produce, thereby fueling vertical farming trends. Shifting production from ground to the air has helped save space and asserted the concept of reliable harvest where there are no seasonal crops and no crop losses. Stakeholders are eager to invest in these advanced and space-saving systems.
The advent of agriculture has brought about expansion of Europe vertical farming market size.
The governments perceive vertical farming to blur lines between agriculture and technology. Governments are exhorting private entities to enthuse investments in the landscape, thereby fueling vertical farming market forecast.
Governments and private entities are minimizing the threshold to make an overarching impact throughout Europe—and across the globe. For instance, a UK-based e-grocer Ocado has poured in over US$ 20 mn in indoor vertical farming. The investment is expected to help Europe meet the ever-increasing food demand and help curb climate change.
Profound interest in vertical farming and proliferation in investment has instilled confidence among stakeholders as they anticipate vertical farming to help agriculture achieve sustainability in the environmental, economic and societal landscapes. In pursuit of sustainability, leading companies such as Aero Farms, Plantagon International and America Hydroponics are gearing to bolster vertical farming market size.
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