With regard to the growing world population and the rise in the demand for food sufficiency, the limited land resources won’t be sufficient to cater to the current and future demands. Such a situation has led to a stronger emphasis on opting for alternative farming techniques, vertical farming being one of them. In this unconventional farming method, food products are grown in vertically stacked layers by using artificial lighting. The global vertical farming market is expected to grow over $6.81 billion by 2022 at a double digit CAGR through the forecast period.
The option to customize the growing environment, all year round food supply, and minimum overheads and costs are some of the factors responsible for the growth of this market. However, the market consists of certain challenges as well which are inhibiting the overall growth for the market, such as limited market scope, lack of awareness, and high initial investment requirement.
In the technique of vertical farming, the components and fixtures are combined with different growth mechanisms. These components are lighting components, hydroponic components, climate controls, and sensing devices.
The emerging need of sustainable farming operations, decreasing arable land and scarcity of natural resources enabled the introduction of vertical farming at the global level. The market largely comprises of growth mechanisms, components and fixtures required for the viable vertical farming operations.
The growth in the market is accredited to the overall cost effectiveness of the technology, increasing global food demand and the customization option provided to the users. The global vertical farming market is expected to grow at a CAGR of 27.77% through 2015 to 2022.
The report is a compilation of the different segments of global vertical farming market, including market breakdown by the components, growth mechanisms, and different geographical areas. Herein the revenue generated from the growth mechanism, namely: Aeroponics, hydroponics & others; and components, namely: lighting, hydroponic, climate controls, and sensing components is tracked to calculate the overall market size.
While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the vertical farming systems. It also includes the key participants involved in the industry at the relevant sections.
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The report puts special emphasis on the market share of the components employed in vertical farming, owing to the changing paradigms in the industry. In spite of this, due to the high capital investment and lack of government support, a majority of potential new entrants resist from adopting vertical farming methods.
The reports further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry. This segment also focuses on the evolving key trends and value chain of vertical farming industry.
The most often used strategy for developing a better hold on to the market has been through product launches, followed by partnerships & collaborations. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific, and Rest of the World (ROW). Each geography details the individual push and pull forces in addition to the key players from that region.
The prominent players operating in the global vertical farming market are Aerofarms, Illumitex, Koninklijke Philips, Everlight Electronics, and FarmedHere among others.
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