Chicago, June 16, 2022 (GLOBE NEWSWIRE) — According to the new market research report from MarketsandMarkets™, the “vertical agricultural market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building Based Vertical Farm and Shipping Container Based Vertical Farm), Crop Type, Supply and Region – Global Forecast until 2026″, expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period. The major driving factors for the vertical farming market growth include the high yield associated with vertical farming as compared to conventional farming, year-round agricultural production regardless of weather conditions, advancements in light-emitting diode (LED) technology and the requirement for minimal resources.
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Hardware is expected to be the dominant vertical farming market segment over the forecast period
In the vertical farming market, hardware is the dominating segment in terms of market share throughout the forecast period. Vertical farming is a form of controlled-environment farming practice performed indoors with an artificial environment created to promote crop growth. Sunlight, necessary for the photosynthesis process, is replaced by artificial lights in vertical farming. Hydroponics, one of the technologies of vertical farming, is the process of growing crops without soil, where a continuous supply of water with necessary nutrients is provided to the roots of crops. Similarly, to create an environment conducive to growth, climate control systems are installed, while to track and monitor crop growth, sensors are installed. The companies that manufacture these hardware components are careful to develop products that are perfectly suited for growing indoor crops.
In Asia-Pacific, companies involved in vertical farming are investing and expanding their operations to other countries. For example, in November 2019, Sustenir (Singapore), an agri-tech company, launched a 30,000 square foot hydroponic vertical growing facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited land availability for agriculture. Products from conventional agriculture are not enough to meet local demand and the country is therefore highly dependent on imported products. Similar is the case with Singapore. To decrease reliance on imported food and reduce food waste in the transportation process, growing a significant amount of food locally, in a limited space, is the solution offered by vertical farming, driving the expansion of farms by corporations of this region.
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244 – Tables
53 – Numbers
240 – pages
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Based on the growth mechanism, the vertical farming market has been segmented into hydroponics, aeroponics and aquaponics. These growth mechanisms do not include land use, allowing farmers to establish indoor farms and practice agriculture anywhere, regardless of climate. In countries where the climate remains cold at most of the year and where the quality of the soil is not favorable for agriculture, these mechanisms have evolved as an effective substitute for traditional or conventional agricultural methods.
Based on the structure, vertical farming is carried out mainly in two structures: vertical farms based on buildings and vertical farms based on shipping containers. The deep truss is another structure used in vertical farming. However, this structure has limited adoption; therefore, only qualitative information is provided for the same.
Main market players
- Signify (Netherlands),
- Osram (Germany),
- Freight Farms (USA),
- AeroFarms (USA),
- sky Greens (Singapore),
- Spread (Japan),
- Many (USA),
- Valoya (Finland),
- Everlight Electronics (Taiwan),
- Heliospectra AB (Sweden),
- Green Sense Farms (USA),
- Agrilution (Germany),
- American Hydroponics (USA),
- Urban Crop Solutions (Belgium)
The vertical farming market is generally classified into two types of crops – vegetables and fruits – with market figures given for lettuce, pepper, broccoli, cucumber, spinach, tomato, strawberry, pomegranate and others. The others segment includes eggplant, kale, Swiss chard, basil and oregano. Lettuce is widely grown in vertical farming. It is quick and easy to grow, has consistent demand throughout the year, and comes in a wide variety, allowing farmers to change produce without switching to an entirely new crop.
Precision Agriculture Market by Technology (Orientation, Remote Sensing, and Variable Rate Technology), Supply, Application, and Region (Americas, Europe, Asia-Pacific, Rest of the World) (2022-2030)