March 30, 2020
As per the report ‘North America Vertical Farming Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America vertical farming market is estimated to cross USD 3.9 billion by 2024.
Continuous crop production throughout the year to meet the demands of the ever-growing population is expected to play a key role in augmenting the growth of vertical farming market in North America over the forecast timeline Control over plant and crop growth environment and high stability in crop yield are encouraging the adoption of vertical farming techniques.
Vertical farming ensures optimal nutrient absorption by the plants and eliminates the uncertainties associated with traditional agricultural practices. This factor coupled with the economic benefits through the preservation and reusage of natural resources such as soil and water will bolster the market growth in the forthcoming years. Moreover, vertical farming offers high organic yields and low pesticide use to improve consumer health, thereby enhancing the market outlook.
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Based on the product type, fruits, vegetables, and herbs segment is anticipated to account for a significant market share with a CAGR of 30% during the analysis period. As per the report, lettuce and leafy greens will attain a substantial share in the region. Tilapia from the aquatic species segment is expected to witness the fastest growth rate.
Based on technology, the market is bifurcated into hydroponics technology and aquaponics technology. Hydroponic technology is presumed to attain 50% market share by the end of 2024. The growth can be attributed to the low requirement of space and soil as compared to other conventional cultivation methods.
Major players operating in North America vertical farming market are Green Sense Farms, Hort Americas, Koninklijke Philips, Illumitex, and Urban Crops Solutions.
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