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Vertical Farming Market

P&S Market Research-Vertical Farming Market report

Global Vertical Farming Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Hardware Type (Lighting, Hydroponics Components, Climate Control and Sensors), by Structure (Building-Based Vertical Farming and Shipping Container Vertical Farming), by Growth Mechanism (Aeroponics, Hydroponics and Aquaponics), by Crop Type (Lettuce, Pepper, Broccoli, Cucumber, Spinach, Tomato and Others)

Published: April 2017
Report Code: IM10830
Available Format: excel
Category : Automation

Market Overview

Vertical farming is the method of producing food in the form of used warehouse, skyscraper, shipping container and vertically stacked layers. The global vertical farming market is expected to witness a CAGR of 24.2% during the forecast period, to reach $6,372.5 million by 2023. Vertical farming uses the method devised by indoor farming techniques and controlled-environment agriculture (CEA) technology. Commercial growers prefer using vertical farming solutions to involve less manpower and high efficiency LED to ensure minimum power usage.

The aeroponics growth mechanism is expected to grow at the fastest rate in this industry, during the forecast period. The building-based structure is expected to account for a larger part of the market compared to shipping container vertical farm market, during the forecast period. The building-based structure functions as a community garden hub that incorporates hydroponics and vertical farming in an outward tree-like design. It helps in providing huge cost savings and food security to a city for a long period of time.

Lighting has been the largest revenue generating hardware for the global vertical farming market. The vertical farming system possesses external environment factors and completely controls the environment. Also, this system controls the environmental conditions in an enclosed covering and protects the food from pest or predator attacks. This ensures that the farms where crops are grown are independent and do not require fertile arable land. It also helps in growing the farms in any climatic region across the globe, even at extreme temperatures. Vertical farming is increasing the demand for organic food, faster than the domestic supply, since consumers see organically grown food as a healthier and more nutritious option over conventionally grown products.

 

GLOBAL VERTICAL FARMING MARKET BY HARDWARE TYPE $M (2013-2023)

Market Dynamics

The global vertical farming market has been significantly growing, owing to its benefits provided to the commercial growers to grow affordable and fresh crops. This system is developed with the help of seven layers stacked shelfs, which facilitates growth of organic foods.

Trends

Increasing acceptance of hydroponics technique for the growth of crops is observed to be a key trend in the vertical farming market. Hydroponics is the process in which plants are grown without the use of soil. In this system, all the essential nutrients required by the plants to grow are supplied in the system by using a variety of different media, such as passive and active systems. Hydroponics helps the commercial growers of vertical farming in growing food in the areas where traditional agriculture is not possible.

With the utilization of hydroponics method, vertical farming helps the crops to develop in remote areas, such as in Bermuda. With so little space accessible for planting, Bermudians have shifted to hydroponic structures, which take around 20% of the land, ordinarily required for yield development. This permits the purchasers of this area to recognize year-round yield and have an immediate access of the same. In Russia, where reaping seasons are of shorter length, vertical farming utilizes hydroponic nurseries, where light and temperature can be controlled to produce a large variety of yields. The usage of hydroponics in vertical farming offers the commercial growers the advantage of shorter gathering time. Plants developed using this method have direct access to water and supplements. These do not compel the vertical farming system to create broader root frameworks. This spares time and creates more beneficial, lusher plants in about a fraction of time compared to conventional farming system.

Growth Drivers

The increasing demand for organic foods is driving the growth of the global vertical farming market. The system helps in producing organic foods which are grown without the use of any artificial fertilizers and genetically modified organisms. Vertical farming is done through factories that grow crops with LED lights instead of sunlight. Such factories are built with stacking frameworks for attaining maximum space productivity. The commercial growers sidestep the need for maintenance of supplement rich soil by eliminating the use of soil inside and out. They feed plants specifically with the help of hydroponic, aeroponic and aquaponic techniques.

Moreover, the system helps in reducing operational costs for the commercial growers and is one of the factors driving the global vertical farming market. The system requires manual labor for on-site harvesting, planting and packaging of the crops. This further helps in reducing labor costs and enhancing productivity. Also, it helps in reducing the transportation costs, since vertical farming systems can be introduced in any geographic location with water supplies and suitable power. The adoption of vertical farming helps in reducing energy usage as well. The use of highly efficient LED lighting technology helps in cutting power usage to obtain maximum growth of the plant. Photosynthetic wavelengths are managed with the computer in accordance with the period of crop growth. It helps in minimizing energy usage, while ensuring optimized crop yields. Vertical farming technology is cost competitive and provides an automated growing system, which provides automatic SMS alerts for any defaults.

Competitive Landscape

The research states that the global vertical farming market had a concentrated structure in 2016. Some of the key players in the global market include Koninklijke Philips N.V., Aerofarms, Sky Greens, Illumitex, Inc., Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Agrilution, American Hydroponics, Urban Crops and Vertical Farm Systems.

Scope for Customization

P&S Market Research offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:

  • Period of Analysis – Increase in the study period, including historic and forecast years
  • Geographical Analysis – Increase in country coverage
  • Segment Analysis – More granular coverage related to:
    • Region level market breakdown by crop type
    • Hydroponics component segmentation - “Others” can be further broken down into different components
  • Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
  • New custom report – A completely customized report can be provided on the market, specific to a region/ country/ segment

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