Vertical Farming Market Thrives With Technological Advancements Like Robotics, Sensors, and Controlled Environments

Market Highlights:

According to Market Research Future Analysis, Vertical Farming Market has been valued at USD 6 billion by 2022 growing with 26% of CAGR during forecast period 2016 to 2022.

Vertical Farming is becoming popular and prevailed and its market size is accruing due to the rapid depletion of arable or fertile land and augmenting food demand attributed to the growing populace across the wold. Without any chemical intervention; Vertical Farming produces organic food (grains/vegetables/Fruit) only and leverage to the emerging trend of being health conscious; consumers are rapidly adopting organic food consumption trends. Rising demand for organic ingredients in functional food and beverages and personal care products has been playing a key role in the growth of the global Vertical Farming market. Besides growing popularity of organic food owing to their potential applications in food industries as well as pharmaceutical industries is supporting their market growth on the global level. Rising disposable income coupled with the governmental pressure or initiatives across the globe, to produce organic food sustainably, to maintain production levels and preserve the environment have been playing a key role in the organic cultivation eventually resulting in the market growth of Vertical Farming from the last few years.

Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period. Adversely, increasing investments transpired in to R&D activities by vendors or companies operating to develop with adept technology with unrivalled design and features coupled with technological advancement will provide impetus to the market growth depleting the issues such as federal budgeting etc. during the anticipated period.

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The key players in the global vertical farming market include Agrilution (Germany), Aerofarms (U.S.), Indoor Harvest Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Everlight Electronics co.(Taiwan), Illumitex, Inc. (U.S.), Sky Greens (Singapore), Hort Americas (U.S.), Urban Crop Solutions (Belgium) among others.

Industry / Innovation News around the World:

In May 2017, World’s first solar-powered, indoor vertical farm was operational in Philadelphia. Behind this are Future-farming experts of Metropolis Farms. Although the City hosts only about eight acres of urban farming due to lack of traditional agricultural land, Metropolis Farms seeks to take advantage of the urban jungle to provide a new model for local agriculture in the city. Metropolis Farms has installed a 500 kilowatt solar array composed of over 2,000 solar panels, which will be used to power the indoor vertical operation. The company plans to produce the equivalent of 660 acres of traditional farmland on less than 100,000 square

October 18, 2017
Agriculture and technology company ‘Local Grown Salads’ embarks upon Vertical Farming in collaboration with join handed (collaborates) with Canada South Science City and support from Unifor Skilled Trades.

October 03, 2017
Ikea, a furnishing company debuted an indoor farm that grows greens three times faster than a garden
Space10, Ikea's innovation lab, has designed a prototype of a mini-farm that can grow greens and herbs indoors.

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Segments:
For the purpose of this study, Market Research Future has segmented the market of vertical farming into component, type, crop type and region.
Component
• Hardware
• Software
• Services
Type
• Hydroponic
• Aeroponic
• Aquaponic
Crop Type
• Broccoli
• Spinach
• Cucumbers
• Tomatoes
• Lettuce
• Peppers
• Strawberries
• Others
Region
• North-America
• Europe
• Asia-Pacific
• RoW
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This release was published on openPR.