Vertical Farming Market Estimated to Flourish by 2027
Factors such as the rising population in urban locations, continuously shrinking arable lands, rapid fluctuations in rainfalls and temperatures, and the vast rise in global population are presenting a severe and urgent need for the development of farming techniques that can lead more crop yield as compared to conventional farming techniques. Owing to this, the global focus on innovative farming techniques such as vertical farming has significantly increased in the past few years.
This report provides a vast overview of the overall scope of development of the market in today’s scenario and forecasts the state of the market and its numerous elements over the period between 2017 and 2027. The report provides a comprehensive account of the factors that will either drive or restrain the growth prospects of the market, trends that represent consumer preferences, and the regulations affecting several decisions pertaining to the overall development of the market. An overview of growth prospects of the entities discussed as the segments of the market is also included in the report.
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Global Vertical Farming Market: Drivers and Restraints
Multiple benefits of this new-age farming technique, including flexibility of space needed to begin farming, requisition of very less space for farming, and only moderately high cost incurred in installation of associated systems and easy maintenance are working in favor of the market. More crop yield per unit of land, cost effective production, and soil-less and highly controlled nature of the farming are also working in favor of the market. This farming technique can ensure a year round supply of organic products that are completely free of fertilizers and contaminants.
Global Vertical Farming Market: Segmentation
The report segments the global vertical farming market on the basis of criteria such as structure, crop type, model, and geography. Based on structure, the report segments the market into shipping containers and buildings. On the basis of crop type, the market has been segmented into vegetables, herbs, and other sub segments. Herbs witness growth at a fast pace and are often used in small quantities in food preparations and for a number of medicinal purposes. Thus farming herbs could be one of the most preferred applications of thee vertical farming technology. Vegetables are also fast growing plants and can be effectively growth through vertical farming all year long. Other plants that can be grown in vertical farms include fruits, spices, flowers, and ornamental plants.
Global Vertical Farming Market: Regional Outlook
The report examines the market for vertical farming across regions such as Europe, North America, Asia Pacific, Middle East, and Africa, and Latin America. Of these, the markets in regions such as North America and Europe are witnessing rapid traction. Factors such as early adoption of advanced farming techniques, presence of several recreational farmers and gardeners, and increased demand for organic products are driving the market for vertical farming in these regions. The market in Asia Pacific is also expected to present promising growth opportunities to the global vertical farming market owing to the vast rise in population and the constantly reducing arable lands owing to the massive rise in infrastructure development activities and urban dwellings.
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Global Vertical Farming Market: Competitive Dynamics
The report presents a comprehensive analysis of the competitive landscape of the global vertical farming market. Along with the current state of the key businesses in the market, the report also predicts the future of these businesses based on factors such as mergers and acquisitions, market share analysis, recent development, and a detailed SWOT analysis to understand the opportunities and threats faced by the businesses along with their strengths and weaknesses. Some of the leading companies operating in the global vertical farming market are Green Sense Farms LLC, Illumitex, Inc., BrightFarms, Urban Crops, Everlight Electronics Co., Ltd., AeroFarms, Koninklijke Philips N.V., Neofarms, and Sky Greens.
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