Global Vertical Farming Market Size study & Forecast, by Type (Hydroponics, Aeroponics, Aquaponics), by Structure (Building-Based Vertical Farms, Shipping-Container Vertical Farms), by Component (Lighting System, Irrigation and Fertigation System, Climate

Global Vertical Farming Market Size study & Forecast, by Type (Hydroponics, Aeroponics, Aquaponics), by Structure (Building-Based Vertical Farms, Shipping-Container Vertical Farms), by Component (Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, Others) and Regional Analysis, 2023-2030

Global Vertical Farming Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Vertical farming is a method of growing crops in vertically stacked layers or inclined surfaces, often in controlled environments such as indoor facilities or high-rise buildings. This approach aims to maximize the use of vertical space, making it possible to grow crops in a smaller footprint compared to traditional horizontal farming. Vertical farming typically involves the use of hydroponics, aeroponics, or other soilless cultivation methods, as well as artificial lighting, temperature control, and automation systems to create optimal growing conditions. The key factors driving the market growth are the increase in popularity of organic foods, ease of crop monitoring and harvesting, potential for higher yields compared with conventional farming methods, and limited arable land that anticipated to create the lucrative demand for the market during the forecast period 2023-2030.

Additionally, growing urbanization is a significant factor supporting the growth of the vertical farming market. Urbanization often leads to the conversion of agricultural land into urban areas, reducing the availability of traditional farming space. Vertical farming allows for the efficient use of limited space in urban environments, as it can be implemented in buildings, warehouses, or even repurposed urban structures. According to The World Bank, in 2020, approximately 4.38 billion people that are around 55% of the world's population were living in urban areas. In addition, it is predicted that by 2045, around 6 million people are living in cities, an increase of 1.5 times annually. As a result, the growing urbanization is anticipated to support the market growth. Moreover, the ability to reduce the ecological footprint of agriculture and the viability of cultivating cannabis using vertical farming techniques are anticipated to create lucrative opportunities for the market over the projected year. However, the lack of a technically skilled workforce, choice of limited cultivable crops, and high initial capital investment requirements stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Vertical Farming Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing demand for locally grown and sustainably produced food, ongoing advancements in technology, including improvements in LED lighting, sensors, automation, supportive government initiatives, subsidies, and incentives that promote sustainable agriculture and local food production can significantly boost the growth of the vertical farming industry. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as rapid urbanization, limited arable land, growing population, food security concerns, and supportive government initiatives.

Major market player included in this report are:
AeroFarms (U.S.)
OSRAM GmbH (Germany)
Urban Crop Solutions (Europe)
Heliospectra AB (Sweden)
Everlight Electronics Co. Ltd. (Taiwan)
Signify Holding (Netherlands)
Sky Greens (Singapore)
BrightFarms. (U.S.)
Plenty Unlimited Inc. (U.S.)
Freight Farms, Inc. (U.S.)

Recent Developments in the Market:
 March 2023 – UP Vertical Farms has revolutionized conventional farming practices by introducing innovative solutions to address longstanding challenges. The company has unveiled a cutting-edge, high-density contactless vertical farm with a bold vision to become the epitome of sustainability in vertical farming by 2023. This pioneering solution not only accelerates production speed but also enhances yields and quality control, all while minimizing environmental impact.

Global Vertical Farming Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Type, Structure, Component, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Hydroponics
Aeroponics
Aquaponics
By Structure:
Building-Based Vertical Farms
Shipping-Container Vertical Farms
By Component:
Lighting System
Irrigation and Fertigation System
Climate Control
Sensors
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
AeroFarms (U.S.)
OSRAM GmbH (Germany)
Urban Crop Solutions (Europe)
Heliospectra AB (Sweden)
Everlight Electronics Co. Ltd. (Taiwan)
Signify Holding (Netherlands)
Sky Greens (Singapore)
BrightFarms. (U.S.)
Plenty Unlimited Inc. (U.S.)
Freight Farms, Inc. (U.S.)

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.