The global Vertical Farming Market is expected to reach USD 9.9 billion by 2025 owing to rise in use of IoT (Internet of Things) for agriculture and crop production. A vertical farm ensures the sustainability of cities by addressing food security to the ever-increasing population. It is rather a simple concept of urban farming. Many cities across the globe have adopted the models of vertical farming. There can be three types or multiple models of vertical farming, viz, vertical farming carried on old warehouses and buildings; the second type takes place on rooftops, old buildings and residential structures and the third type takes place on multi-storeyed building, restaurants and retail stores.
The success of vertical farming is proportional to the size of vertical farming mentioned above. Vertical farming techniques hence encourage the city dwellers to opt for eco-friendly farming practices by following correct methods of waste disposal.
Vertical farming industry is driven by factors such as rise in automation and increasing use of big data analytics to maximize the yield of production. Rise in urbanization and rising demand for high quality foods coupled with novel techniques of farming is likely to fuel the market growth in the near future. Use of several mechanisms to optimize the crop yield under suitable climatic conditions is expected to propel the market growth in the forecast period. However, cost of investment and availability of fewer crop varieties coupled with dearth of technical proficiency are likely to restrain the market growth in the forecast period up to 2025.
Vertical farming market is segmented based on structure, which includes building-based and shipping container. By offering, the vertical farming industry segmentation includes hydroponic components, lighting, sensors, and climate control. By mechanism, the vertical farming market segmentation includes aeroponics, hydroponics, and aquaponics. Hydroponic system accounts for a significant market share in the forecast period since it is widely used and it eliminates the need for pesticides and artificial ripening agents, which further improves the nutrition in vegetables.
Geographic segmentation for vertical farming industry includes North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. Asia-Pacific vertical farming market is expected to gain a significant market share in the forecast period due to rise in population and limited availability of fertile land. The key players in the vertical farming industry include Bright Farms, Everlight Electronics Co Ltd, Koninklijke, Aerofarms, IllumitexInc, Sky Greens and Green Sense Farms.
Vertical Farming Structure Outlook (Revenue, USD Million; 2014 - 2025)
• Shipping container
Vertical Farming Offering Outlook (Revenue, USD Million; 2014 - 2025)
• Hydroponic components
• Climate control
Vertical Farming Growing Mechanism Outlook (Revenue, USD Million; 2014 - 2025)
Vertical Farming Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa (MEA)
Research Support Specialist, USA