New York
City, 16 March 2020 : According to a new study published by Polaris Market Research the
worldwide Vertical
Farming market is anticipated to reach over USD 11,905
million by 2026. In 2017, the shipping container dominated the global market,
in terms of revenue. Asia-Pacific is expected to be the leading contributor to
the global market revenue during the forecast period.
The growing population worldwide
has resulted in significant increase in food demand. Vertical farming is
increasingly being used to meet the high-demand for food crops. The factors
driving the growth of vertical farming market include ability to produce high
quality crops throughout the year, lesser use of water for crop cultivation,
and lower dependency on weather conditions. Organic and chemical free
crops can be grown with the help of vertical farming in artificially controlled
environments, which further increases its adoption. Other factors driving the
market include growing urban population, and reduced environmental pollution.
However, high initial investment and crop production of limited varieties
restrict the growth of vertical farming market.
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Asia-Pacific generated the highest
revenue of $835 million in 2017, and is expected to lead the global market
throughout the forecast period. This is owing to significant growth of
population in the region. Lack of fertile land, Strong technical expertise in
agricultural practices, and established R&D institutes in China and Japan
further supplement the market growth.
The
growing mechanisms used for vertical farming include hydroponics, aquaponics,
and aeroponics. In 2017, hydroponics accounted for the largest share in the
global market, and was estimated at USD 1,086 million in 2017, registering a
CAGR of 23.3% during the forecast period. Hydroponics is a process of growing
plants where the traditional soil medium is replaced by nutrient and mineral
rich water solution. Hydroponics offer benefits such as availability of crops
throughout the year, faster plant growth, and eliminate the growth of
pesticides.
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On the basis of offerings, the
market is segmented into lighting solutions, sensors, climate control, and
hydroponic components. In 2017, the lighting solutions accounted for the major
share in the global market. Lighting solutions are used to provide uniform
lighting conditions suitable for plant growth. The leading market players
offering lighting solutions for vertical farming include Koninklijke Philips
N.V., Illumitex, Inc., and Everlight Electronics Co. Ltd.
The well-known companies profiled
in the report include BrightFarms, Agrilution, Everlight Electronics Co., Ltd.,
American Hydroponics, Freight Farms, Illumitex, Inc., and Vertical Farm Systems
among others. These companies launch new products and collaborate with other
market leaders to innovate and launch new products to meet the increasing needs
and requirements of consumers.
About Polaris Market Research
Polaris Market Research is a global
market research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email:
sales@polarismarketresearch.com
Web:
www.polarismarketresearch.com
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