Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others) and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2017-2023

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.

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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.

The global vertical farming market is segmented based on component, growth mechanism, and region. Based on component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others. The building material segment is bifurcated into glass greenhouse and plastic greenhouse. Based on growth mechanism, the market is categorized into hydroponics, aeroponics, and aquaponics. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, Netherlands, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).

Major companies profiled in the report include AeroFarm, FarmedHere, Illumitex, Inc., Koninklijke Philips N.V., Sky Green, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, Agrilution, and others.

Market Segmentation

By Component
Irrigation Component
Lighting
Sensor
Climate Control
Building Material
Others

By Growth Mechanism
Hydroponics
Aeroponics
Aquaponics

By Geography
North America
U.S.
Mexico
Canada
Europe
UK
Germany
France
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Singapore
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

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Posted by on Monday September 16 2019, 3:17 AM EDT. All trademarks acknowledged. Filed under Agriculture, Business & Financial Services, Business Services, Consumer & Retail, Environment, Featured Press Release, Household, Luxury Goods, Retail, Technology Hardware & Equipment. Comments and Trackbacks closed. Follow responses: RSS 2.0

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