Among the biggest opportunities for the vertical farming market players are the increasing utilization of internet of things (IoT) sensors for the production of crops. The vertical farming industry is shifting toward the implementation of complex sensors for the automated production of crops, in order to increase the yield and also reduce the wastage of water during the farming process. The information collected from the sensors is used for analysis, thereby leading to improved production cycles and processes.
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On the basis of growth mechanism, the vertical farming market is categorized into hydroponics, aeroponics, and aquaponics. Amongst these, the hydroponics category accounted for the largest market share, in terms of revenue, historically. The aquaponics category is expected to register the highest CAGR in the future. This is attributed to this growth mechanism’s useful characteristic of combining aquaculture and hydroponics together, in order to develop a closed-loop system, which allows for the efficient production of different types of crops.
Based on structure, the vertical farming market is divided into the shipping container and building-based categories. Of these, the building-based category registered the larger market share, in terms of revenue, in the past. This category, on account of the growing unavailability of agricultural land, as a result of the ever-increasing population and large-scale urbanization, is also expected to record faster growth, as compared to the shipping container category. Its ability to provide almost eight times more farming area than single-level farming is another factor contributing toward the rapid adoption of building-based vertical farming.
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Globally, the Asia-Pacific (APAC) region is forecast to record the fastest growth in the vertical farming market in the coming years. The major factor contributing toward this rapid advance would be the rapid reduction in the fertile agricultural land in this region. In densely populated countries, such as India and China, the available farming land is witnessing a massive reduction, owing to the burgeoning population level. Furthermore, the increase in the per capita income in these countries is causing rapid progress in the market.
Therefore, the market, due to the decreasing farming area and ballooning demand for organic food items, is expected to witness significant growth in the coming years.
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