DUBLIN, January 20, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/mzr343/vertical_farming) has announced the addition of the "Vertical Farming Market by Functional Device - Global Forecast to 2020" report to their offering.
The vertical farming market is estimated to exhibit high growth potential till 2020. The total market is expected to reach USD 3.88 Billion by 2020 from USD 1.01 Billion in 2015, at a CAGR of 30.7% between 2015 and 2020.
The major driving factors for the growth of market are need for high quality of food without the use of pesticides, no crop failures due to weather, increasing urban population, diminishing cultivable land, and ability to grow crops all year round.
Hydroponics is the largest market for growth mechanism segment of the vertical farming market. Low requirement of water, stable and high yields, and no requirement of soil are the major drivers for the growth of the hydroponics market. Hydroponics also enables the grower to control the nutrition levels in their entirety, thus preventing nutrient wastage and lowering costs.
The market for lettuce crop type segment of vertical farming market held the largest market. The large market share can be attributed to the fact that lettuce being a leafy vegetable is highly suitable for vertical farming as it has a low harvest cycle. Increasing health concerns are driving the demand for green vegetables as they are considered nutritious as well as healthy. The market for peppers and chilies are expected to grow at the highest rate during the forecast period.
The APAC region is expected to hold the largest market share in 2020, and Europe is expected to grow at the highest CAGR during the forecast period. The continuous increase in urban population, less availability of agri-land, requirement of high quality of food with low environmental impact, and government initiatives are driving the growth of these markets.
High initial investments and limitations on the variety of crops grown are restraining factors for the vertical farming market.
- American Hydroponics
- Everlight Electronics
- Green Sense Farms
- Hort Americas
- Illumitex, Inc.
- Koninklijke Philips N.V
- Moflo Aeroponics
- Sky Green
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Vertical Farming Market, By Functional Device
8 Vertical Farming Market, By Growth Mechanism
9 Vertical Farming Market, By Crop Type
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
For more information visit http://www.researchandmarkets.com/research/mzr343/vertical_farming
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SOURCE Research and Markets