CHICAGO, July 31, 2024 /PRNewswire/ --
The Vertical Farming Market is estimated
to be USD 5.6 billion in 2024 and is
projected to reach USD 13.7 billion
by 2029 at a CAGR of 19.7% from 2024 to 2029 according to a new
report by MarketsandMarkets™. Agriculture IoT and AI
technology, high urbanization, and a push for the necessity of
vertical farming by consumers are prominent drivers for the
vertical farming market. These factors include; scarcity of land
especially one that is suitable for cultivation, climatic change,
and an increasing demand for fresh and organically grown fruits and
vegetables. Thus, more governments' support and investment and the
concerns about food security, driving the vertical farming
market.
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Browse in-depth TOC on "Vertical Farming
Market"
110 – Tables
70 – Figures
250 – Pages
Vertical Farming Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 5.6
billion
|
Estimated Value by
2029
|
$ 13.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By offering, growth
mechanism, structure, crop type, and region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
High start-up
costs
|
Key Market
Opportunities
|
Reduced environmental
impact from agriculture by the adoption of vertical
farming
|
Key Market
Drivers
|
Year-round crop
production irrespective of weather conditions
|
Hardware segment to account for the largest market share in
the forecasted year.
The hardware segment is claimed to have the biggest share in the
vertical farm market owing to their role as a necessity for
managing climate for plant crops. This segment consists of the
lighting, water and nutrient supply, environmental control and
other instruments, which are important in the hydroponic system.
Amongst these, the most profound has been observed in the area of
lighting; LED lighting systems are crucial in providing the right
light intensities needed for the growth of plants while conserving
energy to the maximum. Additionally, an advanced means for
controlling climate parameters such as temperature, humidity and
CO2 level ensures optimum growing conditions all year round.
Therefore, with the fresh food and local, sustainable products
gaining interest constantly, the hardware solutions market should
also continue to rise steadily thus confirming the key role played
by the hardware segment on the vertical farming market.
Building-based vertical farms likely to dominate the overall
market between 2024 and 2029.
There are several reasons why the building based vertical farm
structures has been made to dominant the main actors of the overall
vertical farm market. First of all, they allow being placed in any
location no matter what climatic conditions in this area or outside
are. This makes them particularly adequate for any country or part
of the world that faces issues of conventional farming such as
deserts or cities. Second of all, high efficiency is peculiar to
the building-based VFs because those constructions may fit the use
of water, space, and energies in the best way. Such farms can
therefore be able to generate more yields per unit of area and this
is because of vertical stacking.
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North America is expected to
hold the significant share of the vertical farming market during
the forecast period.
North America is anticipated to
have significant market share in vertical farming
industry owing to several factors, which would increase the
acceptance and feasibility of this concept. This growth is
attributed specifically to the emerging market pull for fresh
localized produce, which is in line with the farm-to-table concept
that is steadily gaining ground the world over. The U. S remains
the most dominant in this market because of the strong support in
funding for vertical farming technologies, favorable regulatory
framework, and higher economic status to support venture capital
funding. Also, issues like population density, limited availability
of land for cultivation, and changes in climate over the years make
vertical farming the best solution in the region. Biologging
industry leaders such as AeroFarms and Plenty are at the forefront
of revolutionizing hydroponics and automating them, a factor that
will impact the growth of the sector. As such, these factors render
the North American region relevant to continue dominating the
Vertical Farming industry.
The key companies that offer vertical farming
companies include Signify (Netherlands), Freight Farms (US), AeroFarms
(US), Sky Greens (Singapore),
Spread (Japan), Plenty (US),
Valoya (Finland), Osram
(Germany), Everlight Electronics
(Taiwan), and Heliospectra AB
(Sweden).
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