Vertical Farming Technologies Market to grow by USD 10.27 billion from 2022 to 2027 | Growing need to meet the rising demand for food products to drive the growth- Technavio

NEW YORK, Sept. 14, 2023 /PRNewswire/ -- The vertical farming technologies market is expected to grow by USD 10.27 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 25.14% during the forecast period. The market is segmented by application (hydroponics, aeroponics, and aquaponics), type (shipping container and building-based), and geography (Europe, APAC, North America, South America, and Middle East and Africa). The growing need to meet the rising demand for food products is a key factor driving market growth. Vertical farming technology is a revolutionary approach that allows for large quantities of food to be produced without the use of favorable climatic conditions. These smart technologies can be integrated into various systems to deliver maximum crop yields and greater crop rotation compared to field farming and other agricultural practices. Additionally, vertical farming technology can be used with a variety of farming systems with multi-tier designs and provide more space than single-tier systems. This, in turn, increases crop productivity and provides highly profitable farming operations for the end user. To meet the growing demand for food products, maximum crop yields and minimum overall costs offered by vertical farming technology are therefore helpful. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the vertical farming technologies market: 4D Bios Inc., AeroFarms LLC, Bowery Farming Inc., Eden Green Technology, Freight Farms Inc., Gronska Stadsodling, Grow Pod Solutions, GrowUp Farms Ltd., Hort Americas LLC, IGS Ltd., Indoor Urban Farming GmbH, Koninklijke Philips NV, Plenty Unlimited Inc., SANANBIO, Sky Greens, SPREAD Co. Ltd., Swegreens, Urban Crop Solutions, Vertical Future Ltd., and Vertical Farm Systems Pty Ltd
• Vertical Farming Technologies Market is fragmented in nature.
• Market to observe 23.35% YOY growth in 2023.

Market Dynamics:

Major Trend

• The growing inclination toward technologies that offer water-saving and energy-saving benefits is a major trend in the market.
• End users prefer agricultural technologies because they offer various benefits in water and energy usage.
• Furthermore, the use of high-performance LED lighting technology in vertical farming ensures minimal energy consumption for maximum plant growth.
• Additionally, vertical farming technology provides a closed farming system with the ability to control evaporation loss.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• The high initial cost is a significant challenge restricting market growth. 
• Vertical farming technology requires shelters that can adapt to the climate of the area as well as artificial lighting and heating systems due to climate change to be installed throughout the entire agricultural area.
• Furthermore, end users need to be fully aware of the effective use of vertical farming technologies.
• However, these technologies rely heavily on external inputs such as electricity, heat, and fuel.
• In some areas with high temperatures and humidity, operating costs are also high.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The hydroponics segment will account for a major share of the market's growth during the forecast period. Vertical hydroponic farming is a type of precision farming in which plants are grown in a mineral nutrient solution instead of in soil. In vertical hydroponic farming, water is the source of the production medium. Vertical hydroponic farming technology provides a controlled environment. In addition, this technology also helps carry out agricultural activities in poor soils and farms affected by frequent droughts and floods. In nutrient-poor lands prone to frequent droughts and floods, technology helps farmers operate their farms. Hence, these factors are expected to drive segment growth during the forecast period.

Get a glance at the market contribution of the segments, Request a Free Sample

Related Reports:

The Smart Agriculture Market size is estimated to grow at a CAGR of 9.23% between 2022 and 2027 and the size of the market is forecast to increase by USD 8,917.85 million. 

The Connected Agriculture Market size is estimated to grow by USD 4,148.92 million from 2023 to 2027 and the market's growth momentum will accelerate at a CAGR of 19%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Types

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio