The global Vertical Farming Market size is
anticipated to reach USD 21.15 billion by 2028, according to a new report by
Grand View Research, Inc. It is expected to expand at a CAGR of 23.6% 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 stability in
crop production and maintaining reliability even in adverse climatic
conditions. It provides multiple benefits over traditional farming techniques,
such as less use of water, the lesser need for 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 consumers to adopt organic
foods. According to the Organic Trade Association, the U.S. organic industry
sales increased by around 5% in 2019, 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
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 a dual-band color spectrum and generate low heat. They
are anticipated to witness significant growth over the forecast period.
The 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.
Related Press Release@ Vertical Farming Market Report
Vertical Farming Market Report
Highlights
- The escalating production of biopharmaceutical products is
anticipated to drive the market
- The building-based segment is expected to portray a high CAGR of
25.9% over the projected period
- The climate control segment is expected to witness a high CAGR over
the forecast period, as the growth of crops can be controlled by
monitoring and adjusting the concentrations of minerals
- The aeroponics segment is also expected to register considerable
growth over the forecast period, as the aeroponics facilitates fast growth
in plants (under normal conditions)
- North America is expected to register significant growth over the
forecast period, owing to the expansion of small-scale, commercial
vertical farms
- The key players of the market include BrightFarms (U.S.), Everlight
Electronics Co., Ltd. (Taiwan), and Green Sense Farms, LLC (U.S.)
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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