The report offers insightful information about the market dynamics of the Vertical Farming Market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Vertical Farming Market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Vertical Farming Market.
The most significant advantage of vertical farming is that it does not depend on external climatic conditions. The practice of vertical farming is carried out in closed greenhouses or containers, where sensors and control systems regulate indoor conditions. This facilitates the adoption of vertical farming in areas with water scarcity and infertile soil conditions and can be adopted in urban areas. In addition, the adoption of vertical farming is expected to significantly reduce government expenditure on large irrigation projects. This is expected to boost revenue growth of vertical farming market.
Global vertical farming market size reached USD 3.09 Billion in 2021 and is expected to register a revenue CAGR of 23.5% during the forecast period, according to latest analysis by Emergen Research. Increase in global demand for food and rapid urbanization are expected to support market revenue growth during 2022-2030. In addition, the rapid climate change caused by global warming has adversely affected the weather patterns, causing irregular rainfall, drought, desertification, thereby reducing agricultural productivity. Increasing population is expected to lead to a rise in global demand for food, which is further expected to increase demand for alternative agriculture practices such as vertical farming to ensure food security. This is expected to further accelerate revenue growth of the market during the forecast period. Rapid increase in urbanization has led to increasing adoption of urban farming technology that involves large-scale agricultural production in the urban surroundings within confined spaces.
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Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in RD activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
Some major companies in global market report include AeroFarms, LLC, Agricool SAS, Sky Greens, Emirates Vertical Farming Farms, Freight Farms, Inc., Green Sense Farms Holdings, Inc., Heliospectra AB, LumiGrow, Inc., Signify Holding B.V., and Hydrofarm LLC.
Key Points of Vertical Farming Market:
- Extensive coverage of the analysis of the Vertical Farming market
- Key insights into the regional spread of the industry in key geographies
- Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
- Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Vertical Farming market
- Complete data about the key manufacturers and vendors in the Vertical Farming market
Emergen Research has segmented global vertical farming market on the basis of system, type, structure, equipment, and region:
- System Outlook (Revenue, USD Billion, 2019–2030)
- Hydroponics
- Aeroponics
- Aquaponics
- Type Outlook (Revenue, USD Billion, 2019–2030)
- Aggregate Systems
- Open System
- Closed System
- Liquid Systems
- Aggregate Systems
- Structure Outlook (Revenue, USD Billion, 2019–2030)
- Building-based
- Shipping Container-based
- Equipment Outlook (Revenue, USD Billion, 2019–2030)
- Heating Ventilation and Air Conditioning (HVAC)
- Light-emitting Diode (LED)
- Grow Lights
- Irrigation Systems
- Material Handling Equipment
- Control Systems
Some Key Highlights From the Report
- Building-based segment revenue is expected to expand at a substantially rapid CAGR during the forecast period owing to increasing urbanization and minimal availability of land in urban areas for agricultural practices.
- Control systems segment accounted for largest revenue share over the forecast period owing to increasing demand for intelligent control systems embedded in buildings and containers for controlling and optimizing the internal environment conditions to prolong productivity.
- North America is expected to register a steady revenue growth rate in vertical farming market over the forecast period owing to the robust presence of international and domestic enterprises providing vertical farming products such as AeroFarms, LLC, Freight Farms, Inc., Green Sense Farms Holdings, Inc., LumiGrow, Inc., and Hydrofarm LLC. among others in countries in the region.
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