DUBLIN--(BUSINESS WIRE)--The "Vertical Farming Market by Component: Global Opportunity Analysis and Industry Forecast, 2017-2023" report has been added to Research and Markets' offering.
The global vertical farming market was valued at $1.5 billion in 2016, and is projected to reach $6.4billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023.
Vertical farming is a nontraditional method to grow crops, which enables ease of harvesting, no effect of climate, high yield, minimal usage of pesticides, less area requirement, and less water consumption. For instance, one hectare of vertical farming is equivalent to nine hectares of traditional outdoor farming, and saves nearly 200 tons of water on a daily basis.
Aeroponics, a growth mechanism of vertical farming uses mist, mixed with vital nutrients, water, and oxygen and directs it to the open roots of the plants for their growth. This growth mechanism is a closed-loop system that uses approximately 95% less water than field farming. This technique does not use pesticides in addition to zero harmful waste production in the environment. The controlled environment of aeroponics has the capability to produce approximately 70% more yield as compared to traditional agriculture.
The demand for vertical farming is expected to increase rapidly across the globe during the forecast period, owing to various factors such as rise in popularity of organic food, increase in urban population, and decrease on arable land. However, high initial investments and involvement of nascent technology hamper the market growth.
Companies Mentioned
- AeroFarm
- FarmedHere
- Illumitex, Inc.
- Koninklijke Philips N.V.
- Sky Green
- Everlight Electronics
- Green Sense Farms
- American Hydroponics
- Hort Americas
-
Agrilution
Key Topics Covered:
Chapter 1 - Introduction
Chapter 2 - Executive Summary
Chapter 3 - Market Overview
Chapter 4 - Global Vertical Farming Market, By Component
Chapter 5 - Global Vertical Farming Market, By Growth Mechanism
Chapter 6 - Global Vertical Farming Market, By Geography
Chapter 7 - Related Industry Insights
Chapter 8 - Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/m5g3fw/vertical_farming
