Vertical Farming Market Trend | Demand and Import/Export Details up to 2031 | AeroFarms, Illumitex, Inc.,
The global vertical farming market size was US$ 3.5 billion in 2021. The global vertical farming market is forecast to grow to US$ 13.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2022 to 2030
Factors Influencing the Market
Demand for the vertical farming industry is expected to grow rapidly during the forecast period due to the growing popularity of organic foods. Furthermore, the vertically stacked arrangement of these farms reduces the need for additional construction activity and land. Furthermore, it declines the amount of intervention demanded by machines during traditional farming. Thus, efficient vertical space utilization and resource allocationwill drive the vertical farming industry forward. Farmers are focusing more on environmentally friendly production of fresh fruits and vegetables. Governments around the world are now encouraging organic pesticide with the aim to promote sustainable food production. These factors are expected to drive the growth of the vertical farming market during the study period. The high investment required in vertical farming may limit the growth of the market. On the contrary, the rapidly growing global population and rising demand for food will also contribute to the growth of the vertical farming market during the study period.
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Additionally, included in this study are the market’s significant accomplishments, studies and upgrades, new product introductions, a local boom, fierce competition against the norm, and local scale. The business report analysis and insights contain the boom in producer guidance sales, percentage, supply, opportunity, problems, and improvement restraints.
Along with R&D, new product launches, mergers and acquisitions, agreements, collaborations, partnerships, joint ventures, and the local improvement of basic competition operating within the market on a global and local scale, the studies also include major strategic trends.
Regional Analysis
The Asia-Pacific vertical farming market is forecast to grow at the highest growth rate, owing to the rapidly growing demand for fertile agricultural land. Furthermore, the rising popularity of urban farming in developing countries will also contribute to the growth of the global vertical farming market.
The availability of highly populous countries like China and India, combined with the growing urbanization, will decline the rate of fertile lands in the coming years. Thus, it will highly surge the need for urban farming. Moreover, the global vertical farming industry is expected to experience huge growth potential due to the growing expansion of genetically modified crop technology.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant impact on the global vertical industries. The production facilities have been halted due to the global slowdown and unavailability of labor. Moreover, the COVID-19 outbreak has resulted in a significant and long-term decline in manufacturing utilization, travel bans, and facility closures. Thus, it slowed down the growth of the vertical farming market.
Competitors in the Market
• AeroFarms
• Illumitex, Inc.
• American Hydroponics
• Koninklijke Philips N.V.
• AeroFarms LLC
• Sky Greens Pte. Ltd
• Illumitex Inc
• Everlight Electronics Co. Ltd
• Hort Americas
• Agrilution GmbH
• American Hydroponics Systems Inc.
• Urban Crop Solutions Inc.
• Vertical Farm Systems
• Other Prominent Players
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Market Segmentation
The global vertical farming market segmentation focuses on Component, Structure, Mechanism, Crop Type, and Region.
By Component:
• Hardware
o Lighting
Grow Lights
Grow Light Reflectors
Grow Light Ballasts
• Hydroponic Components
o Pumps and Irrigation
o Meters and Solutions
o Water Filters
o Others (include Timer and Delivery System)
• Climate Control
o Ventilation Fans
o Air Purification/ Control
o Others (include Condenser and HVAC System)
• Sensors
o Temperature Sensors
o CO2 Sensors
o Nutrient Sensors
o PH Sensors
o Crop Sensors
o Others (Biosensors and Electronic Nose)
• Software
By Structure:
• Building Based
• Shipping Container-Based
By Mechanism:
• Hydroponics
• Aeroponics
• Aquaponics
By Crop Type:
• Lettuce
• Spinach
• Broccoli
• Cucumber
• Pepper
• Tomato
• Others
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
- Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
- Who are the key gamers and what are their strategies in the international Market?
- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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