DUBLIN--(BUSINESS WIRE)--The "Global Vertical Farming Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Hardware Type (Lighting, Hydroponics Components, Climate Control and Sensors), by Structure, by Growth Mechanism, by Crop Type" report has been added to ResearchAndMarkets.com's offering.
Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops.
Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetables among the consumers in the developing countries are expected to boost the growth of the vertical farming market during the forecast period. of the vertical farming is also known as urban farming or indoor farming.
According to the research findings, lettuce, spinach, broccoli, cucumber, and pepper are the major types of crops that are grown through vertical farming technique. These crops contributed around 80% to the vertical farming market in 2016. The market for spinach is likely to register the highest growth during the forecast period. Hydroponics growth mechanism accounted for the largest revenue share in 2016, as it does not require any soil and offers solutions where water can be reused for growing crops, making this mechanism highly preferable among crop producers.
North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years. The region is witnessing a growing inclination towards this farming technology.
The vertical farming industry is moderately competitive, with players offering advanced technology solutions to cultivate specific crops. Some of the major players in the industry are 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., and Vertical Farm Systems.
Market Dynamics
Drivers
- Increasing Adoption of Organic Foods
- Rising Urban Population
- Growing Focus Towards Environment Friendly Production of Fresh Fruits and Vegetables
- Impact Analysis of Drivers on Market Forecast
Restraints
- High Initial Investments in Vertical Farming
- Limitations on the Variety of Crops Grown
- Impact Analysis of Restraints on Market Forecast
Opportunities
- Growing Usage of IoT Sensors in Producing Crops
- Growing Production of Biopharmaceutical Products
- Growing Demand of Vertical Farming in APAC
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
Chapter 5. Market Size and Forecast by Component
Chapter 6. Market Size and Forecast by Structure
Chapter 7. Market Size and Forecast by Growth Mechanism
Chapter 8. Market Size and Forecast by Crop Type
Chapter 9. Market Size and Forecast by Geography
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
- Koninklijke Philips N.V.
- AeroFarms LLC
- Sky Greens PTE. LTD.
- Illumitex Inc.
- Everlight Electronics Co., Ltd.
- Agrilution GmbH
- American Hydroponic Systems Inc.
- Urban Crops Solutions Inc.
- Vertical Farm Systems
- Hort Americas, LLC
For more information about this report visit https://www.researchandmarkets.com/research/h9lkcg/2017_global?w=4
