Vertical Farming Market to 2028 – COVID-19 Impact and Global Analysis – by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics) and Component (Lighting, Sensor, Climate Control, Irrigation Component, Building Material, and Others)

Description:

According to the latest research report titled “Vertical Farming Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Growth Mechanism and Component,” the market is projected to reach US$ 19,864.8 million by 2028 from US$ 4,300.2 million in 2021; it is estimated to grow at a CAGR of 24.4% from 2021 to 2028. Vertical farming is one of the modern farming practices wherein the plants are cultivated in a closed environment without the use of soil. Crops are grown in artificial conditions with controlled temperature, humidity, and lights, among other parameters. Nutrients required for the growth of plants are added to water and are circulated or sprayed on the roots of the plants. The vertical farming consists of three techniques—hydroponics, aquaponics, and aeroponics. Moreover, with advancements in technologies, vertical farming operators are now deploying artificial intelligence (AI) and the Internet of Things (IoT) in farms for improving the overall efficiency of various operations.

Market Overview:

Over the years, the vertical farming market has picked up significant momentum. The rising awareness pertaining to the benefits offered by vertical farming has emerged as the key factor driving this growth. Since vertical farming does not depend on weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. It also enables them to yield more in a small area. Compared to conventional farming, vertical farming yields ~240-times greater outcome while requiring 99% less land and 98% less water. The rise of next-generation, AI-powered vertical farming technologies that have been a noticeable help in reducing the consumption of both land and water is boosting the growth of this market substantially.

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Vertical Farming Market Insights

Benefits of Vertical Farming Over Conventional Farming

The vertical farming market has picked up significant momentum over the years. The rising awareness pertaining to the benefits of vertical farming is a key factor driving this growth. Since

vertical farming is independent of weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Moreover, it enables them to yield more in a small area. Compared to conventional farming, vertical farming yields ~240-times greater while requiring 99% less land and 98% less water. The emergence of next-generation, AI-powered vertical farming technologies that can help reduce the consumption of land and water further is boosting the growth of this market substantially. Moreover, increasing demand for sustainable agricultural ecosystems will continue to boost the demand for vertical farming in the coming years. Technological advancements have enabled the use of controlled environmental resources and agriculturally unsuitable sites, mainly skyscrapers, shipping containers, and vacant warehouses. Ascending focus on recapturing evaporated water and recycling products, in a bid to reduce wastage, is also projected to augment the vertical farming market proliferation in the coming years.

Component-Based Market Insights

Light-emitting diode (LED) lights, high-intensity discharge lights, and fluorescent lamps are among the lighting types used for vertical farming. Among this, LED lights are the most widely used lighting for vertical farming. The unique properties of LED lights—such as energy-efficiency, low heat generation, compact size, and lifespan up to 50,000—encourage the adoption of LEDs. These lights are cost effective and their light intensity can be controlled to suit different plants and crops, which are among the major advantages of LEDs. Moreover, these lights can separate dissipated heat from the illumination source, which becomes an important characteristic for high-intensity LEDs. This type of decoupling rules out the risk of plant overheating, thus allowing the placement of LEDs near plant canopies. However, the cost of LED light bulbs is higher than the other two types lighting technologies—fluorescent lamps and high-intensity discharge lights

Vertical Farming Market,

by Component – 2020 and 2028 (%)       

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Strategic Insights

Players operating in the vertical farming market adopt strategies such as mergers and acquisitions to maintain their positions in the market. A few of developments by key players are listed below:

• In August 2021, AeroFarms announced that it will be expanding its footprint in St. Louis, Missouri, US, with an indoor vertical farm spread over the area of 150,000 ft². The expansion would provide AeroFarms a rapid access to retail partners across the Midwest in the US.

vertical farming market has been segmented

• Vertical Farming Market – by Growth Mechanism
  • Hydroponics
  • Aeroponics
  • Aquaponics
• Vertical Farming Market – by Component
  • Lighting
  • Sensor
  • Climate Control
  • Irrigation Component
  • Building Material
  • Others

List Of Companies:-

• Eden Green Technology
• Elevate Farms Inc.
• iFarm
• OSRAM GmbH
• Plenty Unlimited Inc.
• Sky Greens
• Vertical Farm Systems
• Square Mile Farms
• Agrilution
• AeroFarms

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