Vertical farming is effective in ensuring stability in crop production and maintaining reliability even in adverse climatic conditions. It provides multiple benefits over the traditional farming technique, such as less use of water, the lesser need for agrochemicals, and low dependence on agricultural labor. Vertical farming makes use of metal reflectors and artificial lighting to maximize natural sunlight.
The vertical
farming market is witnessing significant advancements, marked by the
adoption of innovative technologies, including sensors and cameras, to increase
yields and enhance resource efficiency. Vertical farming efficiently addresses the
challenges of limited space and environmental constraints. It offers a reliable
solution by ensuring stable crop production, even during unfavorable weather
conditions. Compared to traditional farming methods, vertical farming provides
numerous advantages, including reduced water usage, decreased reliance on
agrochemicals, and decreased dependency on agricultural labor. As a result,
vertical farming is emerging as a promising alternative to meet the growing
needs of urban populations.
List of Key Players
of Vertical Farming Market
·
AeroFarms (U.S.)
·
Illumitex, Inc.
(U.S.)
·
American
Hydroponics (U.S.)
·
Agrilution GmbH
·
Brightfarms Inc.
·
Everlight
Electronics Co., Ltd.
·
Freight Farms
·
GrowUp Urban Farms
Ltd.
·
Green Sense Farms,
LLC
·
Vertical Farm
Systems
Related
Press Release@ https://www.grandviewresearch.com/press-release/global-vertical-farming-market
Vertical
Farming Market Report Highlights
- The escalating production of biopharmaceutical
products is anticipated to drive the market
- The shipping container segment accounted for the
largest market share in 2022. Shipping container-based farming uses less
water than traditional farming with drip irrigation. Shipping containers
can be easily stacked, modified, recycled, and refurbished at a lower
cost. Additionally, the excess availability of unused shipping containers
across the region will likely influence segment growth over the forecast
period
- The hardware segment accounted the largest market
share in 2022. The hardware plays a significant role in maintaining the
environment of the indoor farms. The segment is further categorized into
climate control systems, lighting systems, sensors, and irrigation
systems, which enables the cultivation of indoor-grown crops
- The fruits vegetables, & herbs segment is
also expected to have considerable growth over the forecast period. The
increasing cultivation of commonly grown fruits and vegetables in
greenhouses is driving the segment growth. Crops grown in vertical farming
provide maximum profit to companies involved in their cultivation
- Based on offering, the climate control segment is
expected to witness high growth over the forecast period as the growth of
crops can be controlled by monitoring and adjusting the concentrations of
minerals
- By growing mechanism, the aeroponics segment is
expected to observe considerable growth over the forecast period as the
aeroponics facilitate fast growth in plants (under normal conditions)
- The North American regional market is expected to
witness significant growth over the forecast period owing to the expansion
of small-scale, commercial vertical farms
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Vertical Farming Market Report Scope
|
Report
Attribute |
Details |
|
Market size value in 2023 |
USD 6.92 billion |
|
Revenue forecast in 2030 |
USD 24.95 billion |
|
Growth rate |
CAGR of 20.1% from 2023 to 2030 |
|
Actual Data |
2017 - 2023 |
|
Forecast period |
2024 - 2030 |
Top
Trends in the Future of Food:
·
AI &
automation:
Automated systems and robots are taking over repetitive tasks, including
harvesting, planting, and monitoring plant health. This helps in increasing
efficiency and reducing labor costs. Advanced data analytics and sensors enable
real-time monitoring of humidity, temperature, and nutrient levels, thereby
ensuring optimal plant health.
·
Integration
with Renewables: Vertical
farms strive to power their operations with renewable sources of energy,
including solar and wind power. The integration with such renewable sources
will help reduce the carbon footprint of the farms and align them with a
greener food system.
·
Resource use
Optimization: Advancements
in aeroponics and hydroponics
help minimize water consumption to a significant extent, compared to
traditional methods. In addition, closed-loop systems are being formulated to
capture and reuse water and essential nutrients.
·
Beyond Greens:
While
leafy greens are the most common vertically grown crops, research is underway
to cultivate herbs, fruits, and a few flowering plants using a vertical farming
approach.
Recent
Developments
·
In March 2023, BrightFarms, a pioneer in
the indoor farming industry, is growing by establishing four additional
regional greenhouse centers that introduce sustainably farmed leafy greens to a
broader audience in the Eastern and Central United States. The newly built
greenhouse centers are expected to meet the rising demand for organic food and
initiate distribution to retailers by 2024. With this expansion, the company is
expecting 10x revenue growth by 2024.
·
In February 2023, AeroFarms and Public
Investment Fund (PIF), a wealth funding body of Saudi Arabia, announced a joint
venture to establish indoor vertical farms in the Middle East and Saudi Arabia.
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