Pune, India, April 12, 2022 (GLOBE NEWSWIRE) — The vertical farming market size was USD 3.47 billion in 2021. The market is projected to grow from USD 4.16 billion in 2022 to USD 20.91 billion in 2029 at a CAGR of 25.9% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Vertical Farming Market Share, 2022-2029.” Factors such as growing inclination towards climate control technology & lesser amount of water & energy being implemented towards irrigation will further push the market volume at a higher growth rate.
Industry Development
- February 2020: Illumitex Inc. announced launching an AI platform that is based on artificial intelligence and visualization for monitoring and controlling the farming environment.
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Drivers & Restraints
Declining Arable land & Rapidly Rising Water Crisis to Augment Market Growth
Factors such as increasing challenges of land availability for food production coupled with growing demand for adapting vertical farms worldwide will boost the vertical farming market growth during the forecast period. Additionally, scarcity of arable lands, rising urbanization, and limiting water supplies will increase the footprint of the market. Shifting practice from traditional agricultural practices and integration of robotic and artificial intelligence will fuel the growth of the market.
However, the higher cost of initial investment will hinder the growth of the market during the forecast period.
Vertical Farming Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 25.9 % |
| 2029 Value Projection | USD 20.91 billion |
| Base Year | 2021 |
| Vertical Farming Market Size in 2021 | USD 3.47 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 140 |
| Segments covered | By Type; By Structure; By Component; Regional |
| Vertical Farming Market Growth Drivers | Declining Arable Land and Growing Water Crisis to Drive the Market Growth |
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Vertical Farming Market Segmentation Analysis
Based on type, the market can be divided into hydroponics, aeroponics, and aquaponics.
By structure, the market can be broken down into shipping-container and building-based.
With respect to component, the market can be segmented into lighting system, irrigation and fertigation system, climate control, sensors, others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights
North America to Exert Dominance Owing to Increase Adoption of Robotics & Automation Technologies
Factors such as the increasing number of vertical farms across the U.S. and the rising adoption of robotics and automation practices will increase the vertical farming market share during the forecast period. Additionally, increasing demand for organic, rich, and fresh quality foods coupled with the legalization of cannabis within the U.S. and Canada will increase the footprint of the market in the region.
Europe will witness significant market share in terms of global contribution owing to rising investments by agri-tech startups towards expanding business products and business presence worldwide. Increasing adoption of advanced solutions such as cloud technology among the prominent players will boost the presence of the market during the forecast period.
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Companies Profiled in Vertical Farming Market Report:
- AeroFarms (U.S.)
- BrightFarms (U.S.)
- Plenty Unlimited Inc. (U.S.)
- Freight Farms, Inc. (U.S.)
- OSRAM Licht AG (Germany)
- Urban Crop Solutions (Europe)
- Heliospectra AB (Sweden)
- Everlight Electronics Co. Ltd. (Taiwan)
- Signify (The Netherlands)
- Sky Greens (Singapore)
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Major Points from Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Vertical Farming Key Players Market Share Insights and Analysis, 2021
- Global Vertical Farming Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Hydroponics
- Aeroponics
- Aquaponics
- By Structure (USD)
- Building-based Vertical Farms
- Shipping Container Vertical Farms
- By Component (USD)
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others (Building Material, HVAC systems, shelves and Racks, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Vertical Farming Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Hydroponics
- Aeroponics
- Aquaponics
- By Structure (USD)
- Building-based Vertical Farms
- Shipping Container Vertical Farms
- By Component (USD)
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others (Building Material, HVAC systems, shelves and Racks, etc.)
- By Country (USD)
TOC Continued…!
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