4-July-2019: The global vertical
farming market size is anticipated to reach USD 9.96
billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 21.3% over the forecast period. Increased use of
Internet of Things (IoT) sensors for producing crops is likely to spur the
market demand over the forecast period. Information obtained from the sensors
is stored on the cloud and analyzed to perform the required actions. Growing
automation in agriculture and increasing use of big data and predictive
analytics for maximizing yields are also likely to drive the market.
Vertical farming is
effective in ensuring the stability in the crop production and maintaining
reliability even in adverse climatic conditions. It provides multiple benefits
over traditional farming technique, such as less use of water, lesser need of
agrochemicals, and low dependence on agricultural labors. Vertical farming
makes use of metal reflectors and artificial lighting to maximize natural
sunlight.
Genetically
modified organisms and environmental and health effects of pesticides and other
non-natural substances that are used for increasing agricultural production
have encouraged the consumers to adopt organic foods. According to the Organic
Trade Association, the U.S. organic industry sales increased by around 11% in
2018, owing to increased investment in infrastructure and education. As per the
Organic Foods Production Act of 1990, the handlers and growers of organic
products need to comply with the regulations.
Artificial lighting
helps in extending the hours of the natural daylight, which further increases
the health, growth rate, and yield of the plants. Artificial lighting such as
high-pressure sodium lighting and LED lighting can extend the availability of
crops (throughout a season). LED lighting systems produce dual-band color
spectrum and generate low heat. They are anticipated to witness significant
growth over the forecast period.
Hydroponic system
is a method of growing plants without soil. A hydroponic system eliminates the
need for pesticides and artificial ripening agents and helps in producing
nutritionally-rich vegetables. However, factors such as high initial investment
and fewer crop varieties are likely to restrain the market growth.
In
depth research report on Vertical Farming Market
Further key findings from the study suggest:
·
Escalating production of biopharmaceutical products is
anticipated to drive the market
·
The building-based segment is expected to register a CAGR of
23.6% in terms of revenue over the projected period
·
The climate control segment is expected to expand at a high
CAGR over the forecast period as the crop growth can be controlled by
monitoring and adjusting the concentration of minerals
·
The aeroponics segment is expected to witness considerable
growth over the forecast period, as the aeroponics facilitate faster growth in
plants (under normal conditions)
·
The market in Europe is expected to witness significant
growth over the forecast period owing to expansion of small-scale and
commercial vertical farms
·
Key players of the market include BrightFarms (U.S.),
Everlight Electronics Co., Ltd. (Taiwan), and Green Sense Farms, LLC (U.S.).
Grand View Research
has segmented the global vertical farming market on the basis of structure,
offering, fruits, vegetables & herbs:
Vertical Farming Structure Outlook (Revenue, USD Million,
2014 - 2025)
·
Shipping Container
·
Building-based
Vertical Farming Offering Outlook (Revenue, USD Million, 2014
- 2025)
·
Lighting
·
Hydroponic Components
·
Climate Control
·
Sensors
Vertical Farming Fruits, Vegetables & Herbs Outlook
(Revenue, USD Million, 2014 - 2025)
·
Tomato
·
Lettuce
·
Bell & Chili Peppers
·
Strawberry
·
Cucumber
·
Leafy Greens (excluding lettuce)
·
Herbs
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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