The Global Vertical Farming Market size is estimated to be USD 2.77 billion in 2019 and is predicted to reach USD 30.58 billion by 2030 with a CAGR of 24.4% from 2020-2030.
Vertical Farming is a method of growing plants in vertically arranged layers. The method can use soil, aeroponic or hydroponic growing techniques. This practice done in an non-arable land or a land with challenging environment. For instance: this method is very helpful in mountainside villages, deserts and others. Most methods in vertical farming need less water requirement. Vertical farming performed either in natural light or artificial lights. The sources of artificial lights are often LED lights or light obtained from other renewable sources like solar powers.
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Top Companies: 4D Bios Inc., Amhydro (American Hydroponics), Hort Americas, Koninklijke Philips N.V., Sky Greens, AeroFarms, Everlight Electronics Co., Ltd., Urban Crop Solutions, Agrilution and others.
The global vertical farming market share is analyzed on the basis of structure, component, growth mechanism and geography. On the basis of structure, the market is segmented into Building-based Vertical Farms and Container-based Vertical Farms. On the basis of component, the market is divided into Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Glass Greenhouse, Plastic Greenhouse, and Others. On the basis of growth mechanism, the market is divided into Hydroponics, Aeroponics, and Aquaponics. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to represent the major market share owing to the increased demand of organic food, and increased awareness towards organic farming over the forecast period. Furthermore, reduction in agricultural fields and minimum use of agricultural equipments and technological advancement are expected to accelerate the growth of vertical farming market. Asia Pacific is expected to show a significant growth due to the presence of developing economies and most of the countries agriculture based economies. Moreover, changing food patterns and government initiatives to further promote the vertical farming is anticipated the market growth.
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