PORTLAND, Oregon, November 14, 2018 /PRNewswire/ --
Growing popularity of organic food, rapid urbanization, and depleting rate of arable land for traditional agriculture are expected to boost the growth of the global vertical farming market
Allied Market Research recently published a report, titled, "Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others) and by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2017-2025". The report provides in-depth study of the key winning strategies, industry dynamics, market size & estimations, top investment pockets, and competitive landscape. According to the report, the global vertical farming market was pegged at $1.78 billion in 2017 and is estimated to reach $10.25 billion by 2025, registering a CAGR of 24.4% during 2017-2025.
Increase in consumption of organic food and limited availability of arable land for traditional agriculture drive the growth of the global vertical farming market. However, high initial investment and nascent stage of technologies that are used in vertical farming hamper the market growth. On the contrary, increase in urban population and growing awareness of vertical farming are expected to create lucrative opportunities for the market players in future.
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Lighting segment to retain its lead through 2025
Among components, the lighting segment held the largest share in 2017, contributing about 25.4% of the total revenue, owing to the benefits offered by LED lights over the traditional lighting system, especially cost. However, the climate control segment is expected to register the fastest CAGR of 27.2% during the forecast period, owing to improved food security, disease-free environment, and reduced food wastage. The report also analyzes several components including irrigation component, sensor, building material, and others.
Aeroponics segment to manifest fastest CAGR through 2025
The aeroponics segment is expected to register the fastest CAGR of 24.9% during the forecast period, owing to its environment-friendly nature and high crop yield. However, the hydroponics segment held the largest share in 2017, contributing about 41% of the total revenue, owing to its capability to produce more nutritious eatables using less space. In addition, the aquaponics segment would grow at a steady rate during the study period.
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Asia-Pacific holds the lion's share in the industry
Asia-Pacific region is expected to dominate the global vertical farming market. In 2017, the region garnered more than one-third of the market share, owing to rise in urban population, limited availability of cultivable land, and supportive government initiatives. However, Europe would portray the fastest growth, registering a CAGR of 25.7% during the forecast period, owing to rise in temperature and frequent occurrence of extreme weather events. The other region analyzed in the report include Latin America, Middle East and Africa (LAMEA).
Major market players
The report analyzes the leading companies of the global vertical farming market, including AeroFarm, Illumitex, Inc., Sky Green, Green Sense Farms, Hort Americas, FarmedHere, Koninklijke Philips N.V., Everlight Electronics, American Hydroponics, and Agrilution. These players have adopted several marketing strategies such as partnerships, mergers & acquisitions, collaboration, and new product launch to maintain their leading position in the market.
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