(Food-Beverage-News.Com, November 15, 2017 ) The Global Vertical Farming Market was valued at USD 2.5 billion in 2016 and is projected to be growing at a CAGR of 24.5%, to clench a market worth of USD 7.48 billion by 2021.
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, etc. Vertical Farming uses a combination of indoor-farming techniques and Controlled-Environment-Agriculture (CEA). Vertical Farming techniques control parameters like the amount of light, environmental factors like temperature, humidity, gases, etc., and fertigation factors which include application of fertilizers and other soil products. In some Vertical Farms, natural light is used in conjunction with artificial lighting and metal reflectors, similar to greenhouses.
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.
The Global Vertical Farming market is segmented by Growth Mechanism, Structure, Offering, Crop Type, and Geography. By the Growth Mechanism Type, the market is classified into Hydroponics, Aeroponics, and Aquaponics. By the Structure used, the market is separated into Buildings and Shipping Containers. By the type of Offering, the market is classified into Hardware, Software, and Service. The Vertical Farming market is further segmented on the basis of Crop Type and Geography.
The market is geographically divided into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. 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 are 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) • Sky Greens (Singapore) • Others
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