Vertical Farming Market Growing at 30.7% CAGR to 2020 Dominated by Lighting & Hydroponic Components
PUNE, India, January 19, 2016 /PRNewswire/ --
The vertical farming market is expected to hit USD 3.88 billion by 2020, at a CAGR of 30.7% between 2015 and 2020. Lighting & hydroponic components is set to dominate the functional devices segment of vertical farming market during the forecast period between 2015 and 2020. APAC held the largest market share during the forecast period.
Complete report on global vertical farming market spread across 173 pages, profiling 11 companies and supported with 91 tables and 56 figures is now available at http://www.reportsnreports.com/reports/457086-vertical-farming-market-by-functional-device-lighting-hydroponic-component-climate-control-and-sensors-growth-mechanism-aeroponics-hydroponics-and-others-and-by-geography-global-forecast-to-2020.html .
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.
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 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.
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.), Farmed Here (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore). Order a copy of Vertical Farming Market by Functional Device (Lighting, Hydroponic Component, Climate Control, and Sensors), Growth Mechanism (Aeroponics, Hydroponics, and Others) and by Geography - Global Forecast to 2020 research report at http://www.reportsnreports.com/purchase.aspx?name=457086 .
This report caters to the needs of leading companies, end users, and other related stakeholders in this market. Other parties that could benefit from the report include government bodies, environmental agencies, consulting firms, business development executives, C-level employees, and VPs. Our report would help you analyze new opportunities and potential revenue sources and enhance your decision -making process for new business strategies. The quantitative and qualitative information in the report along with our comprehensive analysis would help you gain an global vertical farming market.
On a related note, another research report on Precision Farming Software Market Global Forecast to 2020 says, the precision farming software market is expected to reach $1.77 billion by 2020, at a CAGR of 15.1% from 2014 and 2020. The precision farming software market, by geography, has been divided into four major segments that include the Americas, Europe, APAC, and RoW and regional analysis has further been done on the basis of countries. Companies like Deere & Company, Trimble Navigation, Ltd., Topcon Precision Agriculture, SST Development Group, Inc., Monsanto Company, Raven Industries, Inc., Dickey-John Corporation, Ag Leader Technology, AgJunction and CNH Industrial NV. have been profiled in this 174 pages research available at http://www.reportsnreports.com/reports/380335-precision-farming-software-services-market-by-software-web-cloud-based-services-consulting-maintenance-support-others-hardware-sensors-guidance-steering-gps-devices-others-application-geography-analysis-forecast-to-2020.html .
Explore more reports on semiconductors and electronics market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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