The global Vertical Farming Market size is anticipated to reach USD 9.96 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 21.3% over the forecast period. Increased use of Internet of Things (IoT) sensors for producing crops is likely to spur the market demand over the forecast period. Information obtained from the sensors is stored on the cloud and analyzed to perform the required actions. Growing automation in agriculture and increasing use of big data and predictive analytics for maximizing yields are also likely to drive the market.
Vertical farming is effective in ensuring the stability
in the crop production and maintaining reliability even in adverse climatic
conditions. It provides multiple benefits over traditional farming technique,
such as less use of water, lesser need of agrochemicals, and low dependence on
agricultural labors. Vertical farming makes use of metal reflectors and
artificial lighting to maximize natural sunlight.
Genetically modified organisms and environmental and
health effects of pesticides and other non-natural substances that are used for
increasing agricultural production have encouraged the consumers to adopt
organic foods. According to the Organic Trade Association, the U.S. organic
industry sales increased by around 11% in 2018, owing to increased investment
in infrastructure and education. As per the Organic Foods Production Act of
1990, the handlers and growers of organic products need to comply with the
regulations.
Artificial lighting helps in extending the hours of the
natural daylight, which further increases the health, growth rate, and yield of
the plants. Artificial lighting such as high-pressure sodium lighting and LED
lighting can extend the availability of crops (throughout a season). LED
lighting systems produce dual-band color spectrum and generate low heat. They
are anticipated to witness significant growth over the forecast period.
Hydroponic system is a method of growing plants without
soil. A hydroponic system eliminates the need for pesticides and artificial
ripening agents and helps in producing nutritionally-rich vegetables. However,
factors such as high initial investment and fewer crop varieties are likely to
restrain the market growth.
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Further key findings from the study
suggest:
- Escalating production of biopharmaceutical products
is anticipated to drive the market
- The building-based segment is expected to register a
CAGR of 23.6% in terms of revenue over the projected period
- The climate control segment is expected to expand at
a high CAGR over the forecast period as the crop growth can be controlled
by monitoring and adjusting the concentration of minerals
- The aeroponics segment is expected to witness
considerable growth over the forecast period, as the aeroponics facilitate
faster growth in plants (under normal conditions)
- The market in Europe is expected to witness
significant growth over the forecast period owing to expansion of
small-scale and commercial vertical farms
- Key players of the market include BrightFarms
(U.S.), Everlight Electronics Co., Ltd. (Taiwan), and Green Sense Farms,
LLC (U.S.).
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