Vertical Farming Market Overview:
Vertical Farming Market Growth is transforming agriculture by using cutting-edge technology like LED lighting, hydroponics, and aeroponics to grow crops in stacked layers. This approach offers a viable substitute for conventional farming while addressing issues including scarce arable land, climate change, and urbanization. Growing crops in stacked layers or on vertically inclined surfaces is a novel farming approach that has the potential to address a number of issues facing traditional agriculture, such as the scarcity of arable land, the effects of climate change, and the requirement for year-round food production.
The market for vertical farming is expected to reach a valuation of around $86.7 billion by 2024, with a compound annual growth rate (CAGR) of 24.1% during the next ten years. Numerous factors, such as the growing global population, urbanization, and growing awareness of the negative environmental effects of old farming practices, are responsible for this remarkable growth. By using less water, requiring fewer pesticides, and emitting less carbon dioxide and money during transportation, vertical farming provides a sustainable option.
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Key Drivers
Technological Advancements: Technological advancements in LED lighting, hydroponics, aeroponics, and aquaponics have substantially improved vertical farm output and efficiency. Produce of higher quality and yields can be achieved by precisely controlling environmental conditions, which is made possible by these technologies.
Urbanization: The demand for fresh, locally sourced vegetables is rising as more and more people live in urban areas around the world. Crops can be grown vertically in urban environments, cutting down on the amount of time food travels from farm to table and guaranteeing fresher supply.
Sustainability: Vertical farming uses up to 95% less water than traditional agriculture and significantly reduces the need for chemical pesticides and fertilizers. By growing crops in controlled environments, vertical farms can also mitigate the effects of extreme weather conditions and climate change.
Government Support and Policies: Governments around the world are recognizing the potential of vertical farming to enhance food security and sustainability. Policies and subsidies aimed at promoting vertical farming are encouraging investments in this sector.
Key Components
Hydroponics: Growing plants without soil, using nutrient-rich water solutions. This method allows for precise control over plant nutrition and water usage.
Aeroponics: Roots are suspended in the air and misted with nutrient solutions, promoting rapid growth and reducing water consumption.
Aquaponics: Combines hydroponics with aquaculture, creating a symbiotic environment where fish and plants benefit from each other's presence.
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Main Advantages for Organizations Participated
- In order to determine the dominant vertical farming market opportunity, this study offers a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vertical farming market analysis from 2024 to 2035.
- Together with information on the main drivers, obstacles, and opportunities, the market study is provided.
- Porter's five forces study emphasizes how powerful suppliers and buyers can be in helping stakeholders forge profitable business decisions and build stronger supplier-buyer networks.
- Determining the current market prospects involves a thorough examination of the vertical farming industry segmentation.
- Each region's major nations are mapped based on how much money they bring in from the worldwide market.
- Market player positioning makes benchmarking easier and gives a clear picture of each participant's current standing.
- The research analyzes market trends for vertical farming on a regional and worldwide scale, as well as the major competitors, market segments, application areas, and growth strategies.
Market Segmentations:
By Farming Type
- Hydroponics
- Aeroponics
- Aquaponics
By Structure
- Building-based Vertical Farms
- Shipping Container-based Vertical Farms
By Technology
- Lighting (LED, Fluorescent, HPS, etc.)
- Climate Control (HVAC, Dehumidifiers, etc.)
- Sensors (pH sensors, Nutrient sensors, etc.)
- Irrigation Systems
- Software (Farm Management Software, Data Analytics, etc.)
Review of Analysts
The market for vertical farming is expanding due to a number of causes, including the growing popularity of organic food—healthy food that doesn't use pesticides—making the best use of vertical space, and minimizing the effect of weather on productivity. Population growth causes the gap between supply and demand for food to widen. Therefore, it is anticipated that in the near future, there will be a greater need for alternative agricultural methods like vertical farming.
In addition, dietary preferences have evolved as a result of globalization, changes in the workforce, and increases in per capita wealth in developing nations. These patterns have created a need for fresh agricultural technologies as well as the integration of those advances into traditional agricultural practices.
Because more LED lighting systems are being used in vertical farming, the irrigation component segment behind the lighting devices segment in market share. However, because of the advantages in terms of economics and environmental sustainability, the hydroponics segment leads the market. Aeroponics has the fastest growth rate because end users are becoming more knowledgeable about plant development.
Market Geographically Analysis:
The statistics of key regions, including North America, Europe, Asia Pacific, South America, and MEA, are included in the analysis of the vertical farming market.
According to industry statistics for vertical farming, Europe's market was valued at USD 2.76 billion in 2023 and is projected to grow at a compound annual growth rate of 23.4% to reach USD 33.42 billion by 2035.
Many prospects are presented by the European vertical farming business, which is being pushed by urbanization, sustainability ideals, and technological improvements. The need for fresh produce that is produced locally is increasing as cities grow, which makes vertical farming an appealing alternative.
Numerous significant trends are influencing the growth of the APAC vertical farming industry. The use of controlled environment agriculture (CEA) techniques to maximize crop output in urban areas with limited arable land is one notable development.
Top Leading Key Companies Involved in Research Report are:
- Ero Farms (U.S.)
- Illumitex, Inc. (U.S.)
- American Hydroponics (U.S.)
- Agrilution GmbH
- Brightfarms Inc.
- Everlight Electronics Co., Ltd.
- Freight Farms
- GrowUp Urban Farms Ltd.
- Green Sense Farms, LLC
- Vertical Farm Systems.
Commonly Asked Questions?
Q1. What are the global vertical farming market's forthcoming trends?
Q2. What is the vertical farming market's most popular application?
Q3. In terms of vertical farming, which region has the biggest market?
Q4: How big is the vertical farming market expected to be?
Q5. Which businesses dominate the vertical farming market share?
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