Northbrook, IL 60062 -- (SBWIRE) -- 12/02/2022 -- The vertical farming market was valued at USD 2.9 billion in 2020, and it is expected to register a CAGR of 25.0% from 2021 to 2026 to reach USD 9.7 billion.
The growth opportunities for the market players include cultivation through vertical farming and potential market opportunities in Asia Pacific and the Middle East. However, lack of skilled workforce and technical know-how and limited crop range are the factors restraining the market growth.
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Key Market Players:
Some of the key players in the vertical farming market includes Signify (Netherlands), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Osram (Germany), Everlight Electronics (Taiwan), Heliospectra AB (Sweden).These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to further expand their presence in the vertical farming market.
US is expected to be the leading country-level market in North America as large number of market leaders are headquartered in the country
The US held the major share of the North American vertical farming market in 2020 and similar trend is expected to be continued by 2026. The US is expected to be the leading country-level market in North America as market leaders or key players of vertical farming are headquartered in the country. Increasing number of vertical farms and partnerships among companies are helping to boost vertical farming market in US. Furthermore, the country is a potential market for farming, owing to the continuous demand for agricultural products.
Based on growth mechanism, hydroponics segment likely to dominate vertical farming market by 2026
Hydroponics segment is expected to keep its dominance during the forecast period mainly due to simple installation and cost-effective vertical farm setup. In the hydroponics system, mineral nutrients dissolved in water are fed directly to the plant's roots due to which the plant grows mostly upward, thereby promoting quicker growth, faster harvest, and higher yield.
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Building-based vertical farms to dominate overall vertical farming market during the forecast period
Countries with unsupported crop environment are early adopters of building-based vertical farms leading to a large-scale adoption of these type of farms. Region that has struggled to grow crops due to a large hostile desert landscape, this new farming method has improved the system of farming in the countries such UAE and GCC Countries. Furthermore, adopting such an approach provide greater access to safe, nutritious, and affordable food. Regarding key components of vertical farming, LEDs are being offered by the pioneers of the lighting market. For example, companies such as Signify (Netherlands) offer LED lighting solutions for building-based vertical farms.