Looking at the disadvantages of traditional farming methods, vertical farms are sprouting up gradually across the globe. Vertical farming has emerged as a promising field in agriculture that involves growing crops indoors in layers or racks in the form of multistoried buildings. It allows controlling of the growing environment such as, temperature, humidity, gases, and light, among others. Looking at these advantages over traditional farming, the adoption of vertical farming is growing at a fast pace, thereby boosting the global market as well.
Driving Factors and Restraints
The major factors influencing the overall growth of the global vertical farming market are:
- Growing need for good-quality food without using pesticides
- Lesser number of crop failures due to weather
- Shrinking cultivable land
- Growing urban population
- Need for year-round crop production
Although the market is set to foresee a bright future ahead, higher initial investment costs, lack of technical knowledge about vertical farming, and lesser variety of crops are some of factors that may act as hindrances for the growth of this market. Moreover, conducting vertical farming on a large scale also poses a challenge in front of all the leading players involved in this market.
Market Predictions
The value of the global vertical farming market which was USD 1.01 Billion in 2015 is expected to reach USD 3.88 Billion by the end of 2020, growing at a CAGR of 30.7% during the forecast period. Among regions, Asia-Pacific is expected to hold the largest market share over the forecast period, whereas Europe is likely to grow at the highest CAGR, owing to the increasing urban population, rising need for better quality of food without any impact on environment, and government support and initiatives.
Among devices, the lighting segment holds the largest market share due to the growing adoption rate of LEDs. However, the market for climate control devices is expected to witness the highest CAGR over the forecast period. Based on mechanism, hydroponics holds the largest market share, whereas aeroponics segment is likely to grow at a fast pace between 2015 and 2020.
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Scope of the Research
The global market for vertical farming has been analyzed and predicted by breaking it down the following segments and sub-segments:
- Functional Device: Lighting, Hydroponic Components, Climate Control, Sensors
- Growth Mechanism: Aeroponics, Hydroponics, Others
- Geography: North America, Europe, Asia-Pacific, RoW
The leading players competing in the global market for vertical farming include Aerofarms (U.S.), FarmedHere (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore).
