SAN FRANCISCO, May 16, 2019 /PRNewswire/ -- The global vertical farming market size is anticipated to reach USD 9.96 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 21.3% 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.
Key suggestions from the report:
- Escalating production of biopharmaceutical products is anticipated to drive the market
- The building-based segment is expected to register a CAGR of 23.6% in terms of revenue over the projected period
- The climate control segment is expected to expand at a high CAGR over the forecast period as the crop growth can be controlled by monitoring and adjusting the concentration of minerals
- The aeroponics segment is expected to witness considerable growth over the forecast period, as the aeroponics facilitate faster growth in plants (under normal conditions)
- The market in Europe is expected to witness significant growth over the forecast period owing to expansion of small-scale and commercial vertical farms
- Key players of the market include BrightFarms (U.S.), Everlight Electronics Co., Ltd. (Taiwan), and Green Sense Farms, LLC (U.S.).
Read 120 page research report with TOC on "Vertical Farming Market Analysis Report By Offering (Lighting, Climate Control), By Growing Mechanism (Hydroponics, Aquaponics), By Structure, By Fruits, Vegetables & Herbs, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/vertical-farming-market
Vertical farming is effective in ensuring the stability in the crop production and maintaining reliability even in adverse climatic conditions. It provides multiple benefits over traditional farming technique, such as less use of water, lesser need of 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 the consumers to adopt organic foods. According to the Organic Trade Association, the U.S. organic industry sales increased by around 11% in 2018, 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 the 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 dual-band color spectrum and generate low heat. They are anticipated to witness significant growth over the forecast period.
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.
Grand View Research has segmented the global vertical farming market on the basis of structure, offering, growing mechanism, fruits, vegetables & herbs, and region:
- Vertical Farming Structure Outlook (Revenue, USD Million, 2014 - 2025)
- Shipping Container
- Vertical Farming Offering Outlook (Revenue, USD Million, 2014 - 2025)
- Hydroponic Components
- Climate Control
- Vertical Farming Growing Mechanism Outlook (Revenue, USD Million, 2014 - 2025)
- Vertical Farming Fruits, Vegetables & Herbs Outlook (Revenue, USD Million, 2014 - 2025)
- Bell & Chili Peppers
- Leafy Greens (excluding lettuce)
- Vertical Farming Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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