Sellbyville, DE -- (SBWire) -- 10/17/2018 --On technology basis, vertical farming market is bifurcated into hydroponics, aeroponics and aquaponics. Aeroponics shows CAGR of around 28.5% over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.
Based on application, there are indoor and outdoor vertical farms. Indoor vertical farming is extensively practiced in parking, warehouses, shipping containers, controlled environment agriculture (CEA), etc. It plays a vital role in meeting the rising food demand, primarily in the emerging economies, as indoor vertical farming applications help produce 75 times more food per square foot as compared to the traditional farming.
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Vertical Farming Market size will surpass USD 13 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing population and surge in demand of food security owing to arable land scarcity are the reasons constituting towards the vertical farming market growth over the predicted time. Vertical farming is an innovative practice of growing crops in vertically stacked layers. Nutritious fruits & vegetables with high yields are grown throughout the year using this method.
This farming has various advantages over traditional methods such as minimal dependency on soil fertility, weather conditions and low water utilization. In coming years majority of the food produce is anticipated to come from higher yields instead of farmland expansion which can easily be achieved through vertical farming. The above-mentioned facts are expected to continue and will drive the market growth over the forecast time period.
According to world bank in 1961 arable land across the globe is 0.371 ha per person which reduces to 0.194 ha per person by 2015. United Nations also predicted that world population will reach 9 billion by 2050. Feeding this soaring population would require raising the overall food production with a smaller rural labor workforce.
Rapidly changing climatic conditions effect crop yields in traditional farming. Vertical farming is best suitable alternative for the problems all of the arising problems mentioned above. Although high initial investments, lack of technical acumen in this field and high consumption of energy will restrain the growth of vertical farming market in future.
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Equipment holds largest share of about 38% in product segment of vertical farming market. This segment includes equipment such as lightning systems, pumps & irrigation systems, sensors, tanks, meters, etc. All of these are necessary to support crop growth, provide controlled environment and for farms monitoring. Fruits, vegetables & herbs shows the around 33% CAGR from 2017 to 2024. This segment includes tomatoes, lettuce, bell & chili peppers, strawberry, etc.
On regional basis, Asia Pacific shows the 30% growth rate and is expected to be the largest market for vertical farming by the end of the forecast period. According to a report by the UN, in Asian cities with more than or equal to 500,000 inhabitants are projected to increase by 30% by the end of 2030.
The foremost players in vertical farming market are Plantagon International, American Hydroponics, Sky Greens, Mirai, Urban Crop Solutions, Koninklijke Philips N.V, Green Spirits Farms, Spread Co., etc. There are many equipment manufacturers present in market such as Illumitex, Inc., Everlight Electronics Co. Ltd., etc.
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Vertical Farming Market to Hit US$13bn by 2024 : Sky Greens, Illumitex, AeroFarms, American Hydroponics, SPREAD and 15 Other Companies Profile
Based on product, the vertical farming market is segmented into aquatic species, equipment, fruits, vegetables & herbs.