NEW YORK, Feb.1, 2016 /PRNewswire/ -- The vertical farming market is expected to reach USD 3.88 billion by 2020, at a CAGR of 30.7% between 2015 and 2020. The major driving factors for the vertical farming market are need for high quality of food with no use of pesticides, no crop failures related to weather, increasing urban population, and growth in the year round production of crops.
"Lighting & hydroponic components dominates the functional devices segment of vertical farming market during the forecast period between 2015 and 2020"
The lighting component is expected to dominate the functional device segment of vertical farming market as traditional lighting systems are being replaced by energy-efficient LEDs designed to accelerate plant growth by emitting electromagnetic spectrum ideal for photosynthesis. Hydroponics held the second-largest market size and has many advantages such as no need of soil, low cost of water because of recycling, lower nutrition costs owing to low wastage, which ensures stable and high yields.
"The APAC held the largest market share during the forecast period between 2015 and 2020"
The factors such as continuous growth in urban population, low availability of cultivable land, demand for high quality food, and government incentives in countries such as China, Singapore, and Japan are driving the vertical farming market in the APAC region.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is given below as:
- By Company Type: Tier 1 – 20 %, Tier 2 – 35% and Tier 3 – 45%
- By Designation: C level – 80%, Director level – 20%
- By Region: North America – 50%, Europe – 30%, APAC – 10%, RoW – 10%
The geographic segmentation covers four major regions of the world, namely, the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The report also profiles major players in the Situational Awareness market. The major players in this market include Aerofarms (U.S.), FarmedHere (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore).
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