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
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Vertical Farming is the latest development in farming, wherein all environmental factors are controlled. In the Vertical Farming process, foods and medicines are produced in vertically stacked layers, vertically inclined surfaces and/or in integrated structures like warehouses, shipping containers, skyscrapers,.
Vertical Farming uses a combination of indoor-farming techniques and Controlled-Environment-Agriculture (CEA).
Key Findings of the study:
- Global Vertical Farming Market will reach USD 7.48 billion by 2021
- Increasing consumer demand for organic foods, foods free from pesticides and genetically modified organisms (GMOs) is the major driving force of the market. The utility 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.
- The above factors accompanied 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 are predicted to exponentially boost market growth, which is reflected in the CAGR of more than 24%. High costs of lighting equipment and continuous maintenance requirement are the constraints faced by the Vertical Farming market.
- In 2016, North America led the global vertical farms market, taking the major chunk of the market. It is followed by Europe. Easier availability of technology coupled with infrastructure facilities is driving the market in these regions. Asia-Pacific is the fastest growing market because of the need to provide for the rapidly swelling population, with limited land availability. The market faces good growth in the Middle-East and Africa regions as an alternative to land farming techniques which are tough to implement in these regions.
- Major players involved in the development of the vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.
Global Vertical Farming Market Segmentation:
- By Growth Mechanism: Hydroponics, Aeroponics and Aquaponics
- By Structure: Building Based and Shipping Container
- By Offering: Hardware, Software and Service
- By Crop Type: Introduction
- By Geography: North America, Europe, APAC, Latin America and Middle East & Africa
- Key Players: Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.
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Scope of the report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
- A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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