Vertical Farming Market- High Investment in the Vertical Farming
GLOBAL
VERTICAL FARMING MARKET
By Component
By Component
·
Hardware
o Lighting
§ Grow
Lights
§ Grow
Light Reflectors
§ Grow
Light Ballasts
o Hydroponic
Components
§ Pumps and
Irrigation
§ Meters
and Solutions
§ Water
Filters
§ Others
(includes Timer and Delivery System)
o Climate
Control
§ Ventilation
Fans
§ Air
Purification/ Control
§ Others
(includes Condenser and HVAC System)
o Sensors
§ Temperature
Sensors
§ CO2
Sensors
§ Nutrient
Sensors
§ PH
Sensors
§ Crop
Sensors
§ Others
(Biosensors and Electronics Nose)
·
Software
Global is expected
to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of
increasing awareness levels among consumers and rising disposable income,
leading to the consumption of high value crops. Adoption of organic foods,
rising urban population, growing focus towards efficient production of fresh
fruits and vegetables among the consumers in the developing countries are
expected to boost the growth of the vertical farming market during the forecast
period. of the vertical farming is also known as urban farming or indoor
farming.
Insights
on market segments
As per
the findings of research, lettuce, spinach, broccoli, cucumber, and pepper are
the major types of crops that are grown through vertical farming technique.
These crops contributed around 80% to the vertical farming market in 2016. The
market for spinach is likely to register the highest growth during the forecast
period. Hydroponics growth mechanism accounted for the largest revenue share in
2016, as it does not require any soil and offers solutions where water can be
reused for growing crops, making this mechanism highly preferable among crop
producers.
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North
America to remain the largest market throughout the forecast period
North
America is projected to remain the largest vertical farming market throughout
the period of analysis. Although small residential urban farming in the region
has been around for decades, commercial urban farming has gained traction in
the last few years. The region is witnessing a growing inclination towards this
farming technology.
Highly
consolidated market
The
vertical farming industry is moderately competitive, with players offering
advanced technology solutions to cultivate specific crops. Some of the major
players in the industry are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens
Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas,
Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc.,
and Vertical Farm Systems.
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