December 20, 2019
According to the research report titled ‘Vertical Farming Market Size By Product (Equipment [Lighting Systems, Pumps & Irrigation Systems, Tanks, Sensors, Pipes, Climate Controllers, Meters & Solutions], Fruits, Vegetables & Herbs [Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens], Aquatic Species [Tilapia, Bass, Trout, Salmon, Crab]), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2026’, available with Market Study Report LLC, the global vertical farming market is expected to exceed USD 22 billion by the year 2026.
Growing population, in consort with rising demand for food are major factors driving the vertical farming market. Rising concerns over conservation of the environment is leading to adoption of sustainable farming techniques which in turn is aiding the expansion of the market. Escalating investments in green infrastructure, coupled with technological advancements in hydroponics, aquaponics, and aeroponics are also augmenting the market outlook.
As per product, aquatic species vertical farming market is expected to grow with a CAGR of 24% during the period of 2019-2026, as it is used for breeding of tilapia, prawns, brass, and trout. Aquatic species are primarily cultivated using aquaponics technique.
Elaborating on technology, aeroponics segment will grow substantially since cultivation happens under mist environment conditions resulting into high quality products. The technology requires less soil and water for crop cultivation.
Based on application spectrum, outdoor vertical farming market will register considerable growth during the estimated timeframe. Adoption of hydroponic technique in outdoor vertical farming helps to develop crops without soil and uses just 10% of water as compared to conventional farming techniques.
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Considering the geographical landscape, Europe vertical farming market is projected to expand momentously during the forecast period, due to rising adoption of sustainable agricultural techniques. Favorable government policies which encourage vertical farming have motivated private companies to invest in industry. Rising food demand, and the need to fight climate change will boost the regional market growth.
The prominent companies operating in vertical farming market are MOFLO Aeroponics, Everlight Electronics Co. Ltd., Agrilution GmbH, American Hydroponics, Sky Greens, Green Sense Farms, Indoor Harvest Corp., Urban Crop Solutions, and AeroFarms among others.
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