In terms of revenue, vertical farming market is growing at an unprecedented rate, and is projected to sustain in the coming years. This is attributed to decline in water levels, rise in urban population, and increase in demand of organic food globally.
Portland, OR -- (SBWIRE) -- 09/08/2017 -- Allied Market Research published a detailed report titled "Vertical Farming Market by Component and Growth Mechanism: Global Opportunity Analysis and Industry Forecast, 2017–2023". According to the expert analysis, the global vertical farming market with a value of $1.5 billion in 2016 is expected to garner $6.4 billion by 2023. It will exhibit a compound annual growth rate of 23.6% during the forecast period 2017–2023. The report presents a comprehensive analysis of the current and emerging market trends, market share analysis, and the factors impacting the dynamics of the market. Important statistical data, figures, charts, and tables are included to support the claims made in the report.
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Lack of cultivable land coupled with its high cost has led to the wide-scale adoption of the substitute of traditional farming methods- vertical farming. Vertical farming leads to a higher production rate of crops and medicinal plants with the negligible usage of pesticides and low usage of water and land. The popularity of organic food products has been on a rise owing to the increasing awareness of the source of food and also the use of pesticides and preservatives in the food that is consumed on a daily basis. With rapid urbanization and an increase in the amount of disposable income in hand, the global vertical farming market is set to flourish in the forecast period. The initial investment required for vertical farming is high, which acts as a major hurdle in the growth of the vertical farming market. There is a limitation to the crops that can be cultivated using vertical farming since the technologies used are still in their development phase.
The report segments the vertical farming market by the component, growth mechanism, and the geography. The component segment of the vertical farming market comprises of irrigation component, lighting, sensor, climate control, building material, and others. The building materials are further classified into glass greenhouse and plastic greenhouse. The growth mechanisms in vertical farming include hydroponics, aeroponics, and aquaponics. 42% of the share was contributed by the hydroponics segment in 2016. The key market trends, growth factors, and opportunities specific to the type of component and the growth mechanism have been studied as a part of the research report.
The presence of the vertical farming market has been analyzed across the globe in the regions of North America, Europe, Asia-Pacific, and LAMEA. The report presents insights on the global hydroponics and the global precision agriculture market.
The leading players in the global vertical farming market include Aerofarms, Agrilution, American Hydroponics, Everlight Electronics, Farmedhere, Green Sense Farms, Horti Americas, Illumitex, Koninklijke Philips N.V., and Sky Greens.
Key points to be considered
The quantitative and quantitative analysis is provided to give a deeper understanding of the global vertical farming market.
The organic food market accounted for nearly 5% of the overall food sales in America.
Based on the geography, the European vertical farming market is anticipated to grow at the highest CAGR during 2017–2023.
Aeroponics is expected to exhibit the highest CAGR among all growth mechanisms of the vertical farming market.
The report has profiled the key players and included their winning strategies and the business verticals that they operate in, to enable the potential investors to take informed decisions and invest their money wisely.
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