On technology basis, vertical farming market is bifurcated into hydroponics, aeroponics and aquaponics. Aeroponics shows CAGR of around 28.5% over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.
Low availability of land and fluctuating weather conditions will lead vertical farming market to generate a sizable revenue over the next seven years. Of late, the issues of excess population, water conservation, crop production, and recycling have been plaguing the world, on the grounds of which vertical farming has been garnering traction as a feasible solution for these problems. Being the latest phenomenon in urban farming, vertical farming is secured with biosecurity procedures that prevent pest attacks on crops and restrict plant disease. Additionally, there is no concept of seasonal crop or run-offs, which eliminates crop spoilage and transport costs, thereby fueling vertical farming industry expansion. A report by Global Market Insights, Inc., states that vertical farming market size stood at a modest USD 2 billion in 2017.
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Vertical farming essentially involves plants being grown in vertical layers, stacked one after the other in warehouses, barren lands, deserts, high-rise buildings, and shipping containers. Given that it reduces the necessity of pesticides, sprays, and herbicides in cropping systems and helps farmers deliver their produce on time, vertical farming market is expected to massively proliferate the farming domain in the ensuing years.
Vertical Farming Market based on application, there are indoor and outdoor vertical farms. Indoor vertical farming is extensively practiced in parking, warehouses, shipping containers, controlled environment agriculture (CEA), etc. It plays a vital role in meeting the rising food demand, primarily in the emerging economies, as indoor vertical farming applications help produce 75 times more food per square foot as compared to the traditional farming.
Vertical Farming Market based on regional basis, Asia Pacific shows the 30% growth rate and is expected to be the largest market for vertical farming by the end of the forecast period. According to a report by the UN, in Asian cities with more than or equal to 500,000 inhabitants are projected to increase by 30% by the end of 2030.
The foremost players in vertical farming market are Plantagon International, American Hydroponics, Sky Greens, Mirai, Urban Crop Solutions, Koninklijke Philips N.V, Green Spirits Farms, Spread Co., etc. There are many equipment manufacturers present in market such as Illumitex, Inc., Everlight Electronics Co. Ltd., etc.
Browse key industry insights spread across 270 pages with 217 market data tables & 34 figures & charts from the report, “Vertical Farming Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/vertical-farming-market
Glimpse of Table of Content (ToC)
Chapter 3. Vertical Farming Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Innovation & sustainability
3.4.1. Patent analysis
3.4.2. Technology landscape
3.5. Industry impact forces
3.5.1. Growth drivers
188.8.131.52. Soaring population levels leading to imbalances in food demand and supply
184.108.40.206. Scarcity of farming land: A major natural resource
220.127.116.11. Stabilized crop production irrespective of climatic changes
18.104.22.168. Conservation and recycling of natural resources
3.5.2. Industry pitfalls & challenges
22.214.171.124. Higher initial investments
126.96.36.199. Lack of technical acumen
188.8.131.52. Limitations on the variety of crops grown
184.108.40.206. High energy consumption (light, air conditioning)
3.6. Regulatory landscape
3.7. Growth potential analysis
3.8. Competitive landscape, 2017
3.8.1. Company market share, 2017
3.8.2. Strategy dashboard
3.9. Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Industry rivalry
3.10. Regional price trends
3.10.1. Cost structure analysis
220.127.116.11. R&D cost
18.104.22.168. Manufacturing & equipment cost
22.214.171.124. Raw material cost
126.96.36.199. Distribution cost
188.8.131.52. Operating cost
184.108.40.206. Miscellaneous cost
3.10.2. Price by product
3.10.3. Price by technology
3.10.4. Price by application
3.11. PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/vertical-farming-market
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