The global vertical farming market size will touch USD 6.5 billion at a favorable 20% CAGR by 2024, states the latest Market Research Future (MRFR) report.
Use of LEDs in Vertical Farming to Boost Market Growth
The use of light-emitting diodes (LEDs) in vertical farming will boost market growth over the forecast period. LEDs are now cost-effective and effective enough for cutting the total farming cost for the growers. Innovations in the LED technology lately are supporting the vertical farming market growth. In fact artificial lighting is indeed a pre-requisite for indoor farming applications.
Key players profiled in the global vertical farming market report include Urban Crop Solutions (Belgium), Hort Americas (U.S.), Sky Greens (Singapore), Illumitex, Inc. (U.S.), Indoor Harvest Corporation (U.S.), Aerofarms (U.S.), Agrilution (Germany), Everlight Electronics Co. (Taiwan), and Koninklijke Philips N.V. (Netherlands).
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Lower Installation Cost of Hydroponics Technology to offer Robust Opportunities
The lower installation cost of hydroponics technology will offer robust opportunities for the market during the forecast period. The growing conditions of hydroponics technology can be monitored consistently and controlled for ensuring correct chemical composition for better growth. This uses less water over traditional farming techniques and does not use soil, thus eliminating pests, weeds, and others and also cut down labor costs. Besides, there are no limitations to set up a hydroponics system on rural agricultural land that will improve its accessibility and also eliminate the need for complex distribution network.
The COVID-19 outbreak possessed a positive impact on the global vertical farming market. The pandemic bolsters the demand for locally-grown greens, boosting the need for vertical farming. Investors are finding this business attractive for the farms offering organic vegetables and fruits while consuming less water as well as per unit area of land over conventional farming. Short supply chain systems, localization, and increased production capacity prove in being more robust during the current crisis.
Hydroponics segment by technology will dominate the market over the forecast period.
Building-based indoor vertical farming by structure will lead the market over the forecast period.
Tomato by crop type will spearhead the market over the forecast period.
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North America to Command Vertical Farming Market
North America will command the vertical farming market over the forecast period. The growing need for rich quality fresh and organic food, legalization of the use of Cannabis in the US and Canada, increasing investments to bring developments and technological advances, the need for food supply against the growing population, non-governmental organizations and governments promoting vertical farming owning to its multiple benefits concerning food security, decreasing arable land in this region, the growing popularity of organic foods, adoption of new technological solutions, rising employment generation, and increasing population are fuelling the vertical farming market growth in the region.
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