Vertical Farming Market forecast
MarketStudyReport.com Adds New Vertical Farming Market 2017 – 2024 research report providing information and data By Product, By Application, By Technology, Industry Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast spreading across 225 Pages with table and figures in it.
Vertical Farming Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 27% to 2024.
Vertical farming market is relatively providing impetus for growth in indoor farming sector due to the advent of LED lights and growth mechanism such as aeroponics, hydroponics etc. Low labor costs, location of vertical farms closer to consumer bases, accessibility to fresh produce, zero pesticides usage are the key vertical farming market dynamics sprouting up the growth. Vertical Farming Market size will cross USD 13 billion by 2024 according to a new research report.
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In terms of technology, hydroponics will continue to hold lion’s share by 2024, However aeroponics and aquaponics growth mechanism are likely to exhibit rapid gains during the forecast period taking up the market share of hydroponics. Less usage of water in comparison with hydroponics and traditional farming methods will spur the market for aeroponics expertise. Rising adoption of small scale aquaponics systems among farmers due to its cost benefits is playing a vital role in the growth of aquaponics technology.
In terms of applications, growing crops in indoor environments such as warehouses, shipping containers and parking areas will account for more than 70% share in 2024 due to space constraints in various urban cities. The burgeoning practice of controlled-environment agriculture (CEA) is set to revolutionize the indoor vertical farming market. Vertical farming in outdoor environments such as skyscrapers, barren lands, desserts etc. is also gaining acceptance though slow on the uptake.
Vertical farming product market consist of fruits, vegetables &herbs, equipment, and aquatic species. Lettuce dominates the overall fruit, vegetables and herbs market. Leafy greens and other herbs are the fastest growing crop types. Raising crab and fish in vertical stacked layers is also being touted as a viable way to farm. Tilapia is one of the most edible fish and dominates the aquatic species segment of the vertical farming product market. Lightning systems will capture the major share in vertical farming equipment market till 2024.
Declining food self-sufficiency rates and arable land in Singapore, China, Japan has led the vertical farming market in Asia-Pacific to grow at a rapid pace. Asia-Pacific vertical farming market is foreseen to surpass USD 4 billion by 2024. Asia’s government is supporting indoor agriculture industry more than any other government globally. The support ranges from national policy initiatives to subsidies. Lack of space in urban environments and water scarcity in Middle East who wants to reduce the reliance on food imports will push for the adoption of vertical farming concept in the region. Netherlands, Belgium, Germany and U.K. are the major European countries opting for vertical farming and constitutes major share of overall European region.
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Vertical farming market is at a nascent stage with key players such as General Hydroponics, Aerofarms, Plantagon International AB, Urban Crop Solutions, Sky Greens, Green Spirit Farms, Spread co Ltd, Mirai Co.Ltd., American Hydroponics etc. Major organizations that deal in equipment, specifically for vertical farming are EVERLIGHT ELECTRONICS CO., LTD (Taiwan), illumitex (Texas), and Koninklijke Philips NV (Netherlands). The costs of production differ based on the crop grown, technology leveraged, and installing equipment. Vertical farming produce is served to the end-consumer through various supermarkets, grocery stores, online stores and restaurant cafes etc.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Vertical Farming Market Industry Insights
Chapter 4 Vertical Farming Market, By Product
Chapter 5 Vertical Farming Market, By Technology
Chapter 6. Vertical Farming Market, By Application
Chapter 6 Vertical Farming Market, By Region
Chapter 7 Company Profiles
Global Smart Farming Industry Market Analysis & Forecast 2018-2023
In the Global Smart Farming Industry Market Analysis & Forecast 2018-2023, the revenue is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2023, growing at a CAGR of XX% between 2018 and 2023. The production is estimated at XX million in 2017 and is forecasted to reach XX million by the end of 2023, growing at a CAGR of XX% between 2018 and 2023.
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