Agriculture & Forestry Industry Market News

Vertical farming market revenue will reach $8 billion by 2024 illuminated by new report

Agriculture Market Research

Traditional agriculture makes it challenging to attain profitability and distances customers from their food. With the growing population, an upsurging requirement of food for the global population is going to spur the demand for agriculture produce. This will lead to an increase in the demand for new and efficient agricultural trends. The tendency of vertical farming to use less space and to high yields is going to bring a hike in the demand of this technique in the urban areas.

As per the report "Vertical Farming Market Make an Inquiry about this news By Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Others), By growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Industry trends, Estimation & forecast, 2016 - 2024." the global vertical farming market was valued at $1.47 billion in 2016, and is projected to reach $8 billion by 2024, growing at a CAGR of 20.1% from 2017 to 2024. In 2016, the lighting segment generated the highest revenue share in the global vertical farming market.

Among major Asia-Pacific market was the highest revenue generating market valued at $720 million in 2016.

To know more about the report, visit at…al-farming-market Make an Inquiry about this news

Owing to high efficacy, the lighting devices segment will dominate the vertical farming market

Smart or precision agriculture is rapidly emerging as a technology that will help farmers to enhance the deliverables in agriculture.