Agriculture & Forestry Industry Market News

Research delivers insight into the vertical farming market forecast 2018-2023

Agriculture Market Research

Vertical Farming Market By Components (Irrigation component, Lighting, Sensor, Climate control, Building material) By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics).

Global Vertical Farming Market was valued at USD 1.84 billion in the year 2017. Global Vertical Farming Market is further estimated to grow at a CAGR of 22.61% from 2018 to reach USD 6.25 Billion by the year 2023. The global population is increasing rapidly with increase in demand for food ultimately building pressure on the resources.

Implementing vertical farming i.e. growing food in skyscrapers might help overcome these problems. 

Green Sense Farms, LLC (U.S.), Illumitex, Inc.

(U.S.), American Hydroponics (U.S) and AeroFarms (U.S.) are some of the Key Players in the Global Vertical Farming market. Acquisitions, collaboration, and new product development are their key business strategy to gain market share.

APAC followed by North America region holds the highest market share in 2017 and is considered as the fastest growing market in the estimated period. The U.S. is the major market in 2017 at country level and it is further anticipated to grow at a steady pace in the next 5 years.

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Drivers

           Fast increasing global population and food consumption

           Returning farmland to nature

           Preservation of Water & Energy

Restrain

           Limited range of crops suitable for vertical farming

           High start-up costs

Opportunity

           Urban development

           Diminishing supplies of arable land and water.

Challenge

           Use of Artificial Lights

           Disputes with the USDA Organic Certification

In Global Vertical Farming Market of all the included components lighting device among irrigation component, sensor, climate control, building material and others and hydroponics as growth mechanism among aeroponics and hydroponics is expected to hold the highest market share during the estimated periodareThe growth is mainly due to Growing Population, speedy adoption of advanced farming, with increasing technological advancement in robotics and automation

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On the other hand, Shipping Container Vertical Farms by growth structure is expected to grow at the highest CAGR during the year 2017-2023. Majorly because they’re compact and self-contained, offers easiness of shipment, cheap and readily available.

Further, the global population is increasing rapidly with increase in demand for food ultimately building pressure on the resources. Implementing vertical farming i.e. growing food in skyscrapers might help overcome these problems. The global Vertical Farming market was valued at USD 1.5 billion in the year 2016.

The global Vertical Farming market is further estimated to grow at a CAGR of 21.65% from 2018 to reach USD 6.3 billion by the year 2023. APAC followed by North America region holds the highest market share in 2016 with North America region is considered as the fastest growing market in the forecasted period.

Green Sense Farms, LLC (U.S.), Illumitex, Inc. (U.S.), American Hydroponics (U.S) and AeroFarms (U.S.) are some of the Key Players in the Global Vertical Farming market.

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Key Benefits for Stakeholders

Vertical farming components Manufacturers, Distributors, and Retailers

Technology Standards Organizations, Forums, Alliances and Associations

End-use industries (Builders)

Technology investors and providers

By Components                                                

Irrigation component     

Lighting

Sensor 

Climate control  

Building material           

Others  

By Growth Mechanism                        

Aeroponics       

Hydroponics      

Aquaponics

By Growth Structure                                                   

Building-Based Vertical Farms    

Shipping Container Vertical Farms           

By Region

North America

Europe

Asia-Pacific

RoW

Key players

Aerofarms        

Illumitex, Inc.   

Koninklijke Philips N.V.  

Sky Greens      

Agrilution          

Everlight Electronics Co., Ltd.     

Green Sense Farms, LLC            

American Hydroponics   

Vertical Farm Systems   

Urban Crops

(Another brief information of 15 companies will be provided in the report)

News From

Genesis Market InsightsGenesis Market Insights
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