The growing demand for organic food and the scarcity of natural resources are driving the demand for the market
Market Size – USD 2.90 billion in 2019, Market Growth - CAGR of 20.1%, Market Trends – Increasing utilization of hydroponics method.
VANCOUVER, B.C., Oct. 28, 2020 /PRNewswire/ -- The Global Vertical Farming Market will be worth USD 11.71 Billion by 2027, according to a current analysis by Emergen Research. The growth of the market is driven by the surging demand for organic food products among consumers. Growing environmental concerns, such as the depletion of soil quality and groundwater due to the application of chemical-based solutions, have increased the vertical farming system's adoption.
The reduction in the prices of the light-emitting diode (LED) and the technological advancement in the LEDs help in the vertical farming sector growth. The scarcity of space in densely populated countries has resulted in the increasing adoption of the vertical farming method. The advantages of growing crops close to urban areas and lower transportation costs are expected to fuel the vertical farming market's growth over the forecast period.
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Key Highlights From The Report
- In March 2020, an expansion of collaboration between Signify and Planet Farms, an operator of vertical farms based in Italy, Europe. The collaboration is expected to boost the quality and yield of the crops with the help of the Philips GreenPower LED production.
- Shipping container-based vertical farms held the largest market share of 63.5% in 2019 due to the scarcity of arable lands. Moreover, the ease of transportation and less requirement of land for the installation of the shipping container is expected to drive the growth of the segment.
- The hydroponics segment is projected to grow with the fastest CAGR of 20.2% over the forecast period due to the ease of operation and low installation cost.
- The lighting segment accounted for the largest market share of the vertical farming market in 2019 as the lighting devices help the rapid growth of the plant. The LED lighting technology is increasingly being used by horticulture farmers due to the enhanced efficiency and long lifespan of the technologically advanced LEDs.
- The Asia Pacific region held the largest market share of the vertical farming market in 2019 due to the growing demand for food owing to the rising global population. The scarcity of arable lands in the densely populated countries is also a driving factor for the region's growth.
- Key participants include Freight Farms, Signify, Osram, Aerofarms, BrightFarms, Everlight Electronics, HELIOSPECTRA AB, Illumitex, Inc., AGRICOOL, and SKY GREENS, among others.
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Emergen Research has segmented the Global Vertical Farming Market on the basis of structure, growth mechanisms, offering, and region:
- Structure Outlook (Revenue, USD Billion; 2017-2027)
- Growth Mechanisms Outlook (Revenue, USD Billion; 2017-2027)
- Offering Outlook (Revenue, USD Billion; 2017-2027)
- Climate Control
- Hydroponic Components
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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