Worldwide vertical farming market is projected to amass over US $11,905 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The exponentially growing population around the world has led to significant rise in the demand for food. Vertical farming is being used extensively to meet the high demand for food crops. The leading factors propelling the growth of the global vertical farming market are the capability to produce high quality crops all year round, lower dependency on weather conditions, and lesser water usage for crop cultivation. Organic, chemical free crops can be grown through vertical farming within artificially controlled environments, and this further augment its adoption. According to the latest report, other important factors pushing the product demand include the increasing urban population and reduced environmental pollution. On the other hand, high initial investment, as well as production of limited varieties of crops, are said to the impede the growth of the vertical farming market.
A comprehensive analysis of the global vertical farming market in view of the critical market drivers, current market dynamics, and future prospects has been detailed in the report. The report also elaborates various market challenges and opportunities that influence the scope of commercialization of this business sphere.
The global vertical farming market is bifurcated into two significant structure types including shipping container vertical farms and building-based vertical farms. According to the report, the shipping container vertical farms segment dominated the market worldwide in terms of revenue, in 2017.
The vertical farming market includes a wide array of offerings such as sensors, climate control, lighting solutions, and hydroponic components. The lighting solutions segment held the major share in the global vertical farming market in the year 2017. The well-known companies for lighting solutions include Everlight Electronics Co. Ltd., Koninklijke Philips N.V., and Illumitex, Inc.
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In terms of growing mechanisms, the global vertical farming market is segmented into hydroponics, aquaponics, and aeroponics. The hydroponics segment bagged the largest share of the worldwide market in the year 2017. The segment was evaluated at US $1,086 million in 2017 and is anticipated to grow at a 23.3 percent CAGR throughout the forecast timeframe. Hydroponics render benefits like faster plant growth, availability of crops for the entire year, and reduction in the growth of pesticides.
On the basis of regional segmentation, the worldwide vertical farming market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The North America market consists of the United States, Mexico, and Canada, whereas the European market comprises the United Kingdom, France, Germany, Russia, Italy, and Spain. The LATAM region covers Brazil, and the Asia Pacific region is fragmented into India, China, Japan, and Singapore. As per the data compiled by the market researchers, the APAC region created the highest revenue of US $835 million in the year 2017 and is likely to become the leading contributor to the overall market revenue over the forecast timeline. The regional growth is triggered by the considerable rise in population, absence of fertile land, established research & development institutes in Japan and China, as well as strong technical knowhow in agricultural activities.
The leading players of the global vertical farming market profiled in the report include Agrilution, American Hydroponics, Everlight Electronics Co. Ltd., BrightFarms, Freight Farms, Vertical Farm Systems, and Illumitex Inc. among others. These companies are focusing on introducing new products, besides partnering with other market leaders, in a bid to meet the growing requirements of consumers.