Northbrook, IL 60062 -- (SBWIRE) -- 10/13/2023 -- The Vertical Farming Market is expected to grow from USD 5.1 billion in 2023 to USD 15.3 billion by 2028; it is expected to grow at a CAGR of 24.7% during the forecast period according to a new report by MarketsandMarkets™. Multiple factors are propelling the expansion of the vertical farming market. These include the dwindling availability of agricultural land due to urbanization, deforestation, and climate change, creating a need for more efficient food production methods like vertical farming. Technological advancements such as LED lighting and hydroponics have enhanced the efficiency and cost-effectiveness of vertical farming practices. Government support and investor interest have also contributed to the market's growth.
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The adoption of sensors in vertical farms is likely to witness rapid growth from 2023 to 2028.
The adoption of sensors in vertical farms is witnessing rapid growth for several reasons. Sensors offer valuable insights into various aspects of farming operations, including plant growth, water quality, air quality, energy usage, and yield. By monitoring plant growth and development, sensors enable farmers to detect potential issues early on. They also ensure optimal nutrient levels by monitoring water quality and preventing the spread of pests and diseases by monitoring air quality. Furthermore, sensors allow farmers to track energy consumption and optimize resource usage, reducing costs and improving efficiency. By tracking yield, sensors help farmers enhance production and strive for continuous improvement.
Aeroponics technique-based vertical farming is expected to offer lucrative growth opportunities during the forecast period.
The surging adoption of aeroponics techniques in vertical farming can be attributed to several key factors. One of the primary reasons is the efficiency that aeroponics offers compared to traditional methods like soil-based farming. Aeroponics requires less water and nutrients, making it a more resource-efficient approach, and it can be implemented in smaller spaces, maximizing land utilization. Another significant driver is the productivity advantage of aeroponics. Aeroponics promotes faster and healthier growth by providing plants with increased access to oxygen and nutrients through precise misting, resulting in higher crop yields.
Shipping container-based vertical farms are likely to witness higher growth during the forecast period.
The market for shipping container-based vertical farms is likely to register a higher CAGR due to their sustainability and efficiency. Shipping container-based vertical farms use less water and land than traditional farming methods, recycle water for irrigation, and produce minimal waste. Despite their small size, these farms can yield significant food, making them ideal for urban areas with limited land availability. The container's-controlled environment allows farmers to maximize crop yields and produce high-quality produce. Notable companies are pioneering the shipping container vertical farm industry. For instance, Freight Farms designs and operates these farms worldwide. They have already set up their farms in more than 20 countries and have plans for future growth. Another company, Local Roots, operates a network of shipping container vertical farms throughout the United States, providing fresh produce to local businesses.
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Asia Pacific is likely to witness the highest growth in the vertical farming market by 2028 due to the rapidly growing population and escalating urbanization in the region.
The Asia Pacific region is witnessing a surge in the adoption of vertical farming due to various factors. The rapid population growth, with the region accommodating over 60% of the global population, places immense strain on traditional farming methods that are already struggling to meet current and future food demands. Additionally, the escalating urbanization in the region leads to decreased available agricultural land as more individuals migrate to cities, heightening food scarcity and insecurity concerns. Moreover, climate change further compounds these challenges as extreme weather events like droughts and floods disrupt crop production, making it even more challenging to fulfill the region's food requirements. The vertical farming industry in the Asia Pacific region is primarily led by key countries such as China, Japan, and South Korea. China, being the world's most populous country and experiencing rapid economic growth, faces a growing demand for food. Vertical farming is seen as a viable solution to meet this demand. Japan, with its dense population and limited agricultural land, emphasizes sustainable agriculture and recognizes vertical farming as a way to fulfill the country's food needs. Similarly, South Korea, also dealing with high population density and limited arable land, grapples with the challenges of climate change impacting food production.
Key Players
The report profiles key players in the vertical farming companies and analyzes their market shares. Signify (Netherlands), ams-OSRAM AG (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), and Heliospectra AB (Sweden), Green Sense Farms (US) are dominant players in the vertical farming market.