Vertical Farming Market Size & Share Sees Big Growth by 2024
Sarasota, FL -- (SBWIRE) -- 02/14/2018 -- Global Vertical Farming Market: Overview
A practice of cultivating food and medicinal plants in layers that are stacked vertically or surfaces that are inclined vertically or are integrated into other structures such as a skyscraper, used warehouse, or shipping container is known as vertical farming. It provides high quality fresh and nutritious food without depending on high soil fertility, favorable weather, skilled labor, and high water usage. Vertical farming ensures stability in the crop production and is reliable for a year even if the climate changes. The vertical farming consists of the modern ideas of indoor farming techniques coupled with controlled-environment agriculture technology in the controlled environmental factors. In this farming technique, natural sunlight can be enhanced with the help of metal reflectors and artificial lighting.
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Global Vertical Farming Market: Growth Factors
Factors, which are influencing the vertical farming market, are a decrease in arable land, climb in popularity of organic food, and increase in urban population. Increasing awareness among people regarding the significance of alternative farming due to increasing population and less accessibility to agricultural lands that are fertile is the key factor that is expected to spur the industry demand. The Recent commercialization of indoor farming and exponential growth in the urban population is fuelling the market growth. In order to overcome such challenges sack gardens and vertically stacked wooden crates are helping a lot. However, huge capital investment, limited access to water and land, and involvement of promising technology may hamper the market growth.
Global Vertical Farming Market: Segmentation
The vertical farming market is globally segmented into growth mechanism, component, and geography. On the basis of growth mechanism, the market is segregated into aeroponics, aquaponics, and hydroponics. The hydroponics is the leading segment among others since it helps in reducing the risk of soil organisms causing diseases. Based on the component, the market is classified into climate control, building material, lighting, irrigation component, sensor, and others. Region-wise, the vertical farming market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Vertical Farming Market: Regional Analysis
The European region seems to be favorable for the growth of vertical farming due to the availability of water in the Southern and Central region. Genetically modified crop technology is successfully applied in the European regional market which may give rise to the global vertical farming market growth. Significant acceptance of the nanotechnology and robotics in the vertical farming is anticipated to fuel the market in future. Nanotechnology will assist in improving food packaging and crop life from pest and other diseases. The European environmental agency has implemented certain regulations for producing food in the undesirable environmental condition in order to meet the requirements of the continuous rising population. Organic food is highly consumed in the North America which positively impacts the vertical farming market.
Global Vertical Farming Market: Competitive Players
Key market players that are involved in the global vertical farming market are Hort Americas, Everlight Electronics, Agrilution, Illumitex, Inc., American Hydroponics, AeroFarm, Green Sense Farms, Koninklijke Philips N.V., FarmedHere, and Sky Green.
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Global Vertical Farming Market: Regional Segment Analysis
The Middle East and Africa
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