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Vertical Farming Market Growing at a CAGR of 24.8% and Expected to Reach $5.8 Billion by 2022 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

28 Jun, 2019, 15:30 GMT

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CHICAGO, June 28, 2019 /PRNewswire/ --According to the new market research report "Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering (Hardware, Software, and Service), Crop Type, and Geography - Global Forecast to 2022", published by MarketsandMarkets™, the Vertical Farming Market is estimated to be valued at USD 5.8 billion by 2022, growing at a CAGR of 24.8% between 2016 and 2022. The factors driving the growth of the vertical farming market include high quality food with no use of pesticides, less dependency on the weather for production, growing urban population, increase in the year around production of the crops, and reduced impact on the environment.

Ask for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221795343

Hydroponics growth mechanism is expected to dominate the vertical farming market between 2016 and 2022

Hydroponics is a technology of growing plants in a soilless medium or an aquatic-based environment, and is the most widely used growth mechanism in vertical farms. Exposure to risks, such as climatic changes, soil contamination, limited space in urban areas, and most importantly, low availability of water, have resulted in shortage in food production. The need to overcome these shortcoming in food production will drive the market for vertical farming in the coming years.

Building based vertical farming market to grow at the highest rate during the forecast period

Vertical farming in abandoned building is a growing trend. For example, "The Plant" vertical farm in Chicago   is providing an alternate use of abandoned buildings.  New building constructions are also being used in vertical farms, such as the new multi-storey vertical farm being attached to an existing parking lot. Such projects are going to increase in number and drive the vertical farming market in the future.

Climate control devices will be the fastest growing hardware segment of vertical farming market

Climate control in indoor farms play a crucial role in increasing yield. To ensure a protected growth environment, several factors, which influence the climate need to be controlled at the advanced level. Totally enclosed growing facilities control all aspects of the indoor climate with heaters, chillers, air-conditioning units, humidifiers, dehumidifiers, air movement fans, full-spectrum artificial lighting, CO2 enrichment, computer-integrated controllers, and sensors that continually monitor and adjust the environment automatically. These demands will drive the need for climate control devices and boost the vertical farming market in the forecast period.

Asia-Pacific (APAC) is estimated to hold the largest share of the vertical farming market by 2022

The vertical farming market in Asia-Pacific (APAC) is expected to have the largest share by 2022 owing to the increase in population and limited fertile agriculture land. There are numerous farms in Japan, Singapore, Taiwan, and other such technologically-advanced countries which is driving the market in the region. Japan is one of the key countries in which over 150 plant factories are equipped with artificial lights in operational form.

Browse in-depth TOC on "Vertical Farming Market"

80 – Tables

76 – Figures

173 – Pages

Request Sample pages of the Report:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=221795343

Major players involved in the development of the vertical farming market are Aerofarms (US), Urban Crop (Belgium), Koninklijke Philips N.V. (Signify) (The Netherlands), Illumitex, Inc. (US), and Sky Greens (Singapore) among others.

Please Explore Relevant Reports:

Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023

LED Grow Light Market by Wattage, Type of Installation (New, Retrofit), Spectrum (Partial, Full), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Research, and Others), and Geography - Forecast to 2020

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/vertical-farming-market.asp 
Visit Our Web Site: https://www.marketsandmarkets.com

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