Agriculture & Forestry Industry Market News

North America vertical farming market estimated to grow at a CAGR of 24% during 2016 to 2021 according to new research report

Agriculture Market Research

The North America Vertical Farming Market published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.

According to the report “North America Vertical Farming Market By Growth Mechanism (Hydroponics, Aeroponics And Aquaponics), By Structure (Building Based And Shipping Container), By Offering (Hardware, Software, And Service), By Crop Type And By Region – Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the North America Vertical Farming Market was worth USD 0.6 billion in 2016 and expected to be growing at a CAGR of 24%, to reach USD 1.76 billion by 2021. 

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Vertical Farming is the cutting-edge development in farming, wherein all environmental factors can be organized. In the Vertical Farming process, foods and medicines are produced in vertically arranged layers, vertically inclined surfaces or in integrated structures like warehouses, shipping containers, skyscrapers, etc

Vertical Farming techniques regulate parameters like the quantity of light, ecological factors like temperature, humidity, gases,., and soil nutrition factors which include the use of fertilizers and other soil products. In some Vertical Farms, natural light is used in concurrence with artificial lighting and metal reflectors, similar to greenhouses.

The North America Vertical Farming market sustained by the growth in use of technology such as Internet of Things (IoT) in Vertical Farming, rapidly expanding populace and increase in the annual production of crops. The efficacy of artificial lighting to enhance the yield, health and growth rate of plants coupled with lower dependency on weather for production is driving the market from the producer side.

Increasing consumer demand for organic foods, foods free from pesticides, organic foods and genetically modified organisms (GMOs) is the main driving force of the market. Extraordinary costs of lighting equipment and continuous maintenance requirement are the restraints faced by the Vertical Farming market.

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The North America Vertical Farming market is segmented by Growth Mechanism, Structure, Offering, Crop Type, and Geography. By the Growth Mechanism Type, the market is classified into Hydroponics, Aeroponics, and Aquaponics.

By the Structure used, the market is separated into Buildings and Shipping Containers. By the type of Offering, the market is classified into Hardware, Software, and Service.

The Vertical Farming market is further segmented on the basis of Crop Type and Geography.

The North America market has been geographically segmented into segmented into US and Canada. As of 2016, North America had the highest share in the global Vertical Farming Market.

Being a developed market, the feasibility of setting up a Vertical Farm combined with the technological prowess to do so have driven the market growth. High consumer awareness and the resulting high demand for organic foods is the key driving force in the North America Vertical Farming market.

The key players involved in the progress of the North America vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V.

(The Netherlands), and Sky Greens (Singapore) among others.

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