Vertical Farming Market Predicted to Grow at a CAGR of 24.2% in Near Future

The number of people living in cities rose to 4.2 billion in 2018 and is further expected to reach 6.7 billion by 2050, as per the World Urbanization Prospects 2018 report published by the United Nations Department of Economic and Social Affairs. This migration from rural to urban areas is owed to the increasing population worldwide and growing government emphasis on smart cities. Farmlands are unable to provide adequate amounts of crops to cater to the rising number of people.



Hence, there is a dire need for alternate farming techniques, one of which is vertical farming. This farming method makes use of indoor farming techniques and the controlled-environment agriculture (CEA) technology. The production of food through this method is done on vertically inclined surfaces. The crops are stacked in vertical layers, which are integrated into structures such as skyscrapers and shipping containers. 

Vertical farming facilitates the growth of crops in any climate and region, even under extreme temperatures, across the globe. The major crops grown through this process include spinach and lettuce. In 2016, the vertical farming market valued $1.4 billion, and it is projected to grow at a CAGR of 24.2% in the coming years. The two types of structures used for vertical farming are shipping containers and building-based vertical farms. 


In the near future, building-based vertical farming is predicted to witness a CAGR of 24.6%, as it provides nearly eight times more growing area than single-level farming. It also ensures food security for a city over a long period of time and is cost efficient.

The research offers the global vertical farming market size for the period 2013–2023.

GLOBAL VERTICAL FARMING MARKET
By Component
  • Hardware
    • Lighting
      • Grow Lights
      • Grow Light Reflectors
      • Grow Light Ballasts
    • Hydroponic Components
      • Pumps and Irrigation
      • Meters and Solutions
      • Water Filters
      • Others (includes Timer and Delivery System)
    • Climate Control
      • Ventilation Fans
      • Air Purification/ Control 
      • Others (includes Condenser and HVAC System)
    • Sensors
      • Temperature Sensors
      • CO2 Sensors
      • Nutrient Sensors
      • PH Sensors
      • Crop Sensors
      • Others (Biosensors and Electronics Nose)
  • Software
By Structure 
  • Building Based Vertical Farms
  • Shipping Container Based Vertical Farms
By Growth Mechanism
  • Hydroponics
  • Aeroponics
  • Aquaponics
By Crop Type
  • Lettuce
  • Spinach
  • Broccoli
  • Cucumber
  • Pepper
  • Tomato
  • Others (includes Strawberry and Pomegranate)
By Geography
  • North America
    • By Component
    • By Structure
    • By Growth Mechanism
    • By Crop Type
    • By Country
      • U.S
      • Canada
      • Rest of North America
  • Europe
    • By Component
    • By Structure
    • By Growth Mechanism
    • By Crop Type
    • By Country
      • The U.K.
      • Netherland
      • Sweden
      • France
      • Rest of Europe
  • Asia-Pacific
    • By Component
    • By Structure
    • By Growth Mechanism
    • By Crop Type
    • By Country
      • Japan
      • China
      • Singapore
      • Taiwan
      • Rest of Asia-Pacific
  • Latin America
    • By Component
    • By Structure
    • By Growth Mechanism
    • By Crop Type
    • By Country
      • Brazil
      • Rest of Latin America
  • MEA
    • By Component
    • By Structure
    • By Growth Mechanism
    • By Crop Type
    • By Country
      • South Africa
      • Rest of MEA
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