The Vertical Farming Market is projected to reach value of USD 30.0 Billion by 2031 and growing at a CAGR of 20.23% over the forecast period (2024-2031), according to the SNS Insider report. This growth is driven by the growing demand for sustainable agriculture solutions amidst a shrinking global arable landmass.
Market analysis
Vertical farming offers an alternative, enabling the cultivation of crops in vertically stacked layers within controlled environments, maximizing yield per square foot and minimizing resource usage. The increasing demand for fresh, high-quality food in urban areas, is drive vertical farming market. Vertical farms offer a solution by producing crops locally, reducing transportation costs and carbon footprint. Vertical farms allow for year-round production regardless of weather conditions, ensuring a consistent supply of fresh produce.
The vertical farming market faces certain challenges. The high cost of setting up and operating vertical farms remains a significant hurdle. Installation costs can be substantial, including expenses for lighting, climate control systems, and specialized equipment. The energy consumption of vertical farms can be high, impacting operational costs.
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Top Companies Featured in Vertical Farming Market Report:
- Agrilution GmbH
- Aerofarm
- Brightfarms Inc.
- Everlight Electronics Co. Ltd.
- Freight Farms
- GrowUp Urban Farms Ltd.
- Green Sense Farms LLC
- Vertical Farm Systems
- 4D BIOS INC.
- HORT AMERICAS
- ILLUMITEX INC.
- KONINKLIJKE PHILIPS N.V
Technological Advancements Enhance Efficiency
The Integration of robotics and artificial intelligence (AI) is revolutionizing the vertical farming industry. AI-powered tools and applications help manage environmental conditions such as temperature, light, and water, optimizing plant growth. Robots are used for tasks such as pollination, harvesting, and vertical movement of farms, improving efficiency and reducing labour costs. Big data analytics and the Internet of Things (IoT) further improvr operational efficiency by providing real-time data insights for informed decision-making. These technological advancements are enabling vertical farms to increase crop yields, improve crop health, and optimize resource utilization.
Recent Developments
The recent advancements in sensor technology hold immense potential for the vertical farming. For instance, Panasonic’s time-of-flight (TOF) image sensor with avalanche photodiode (APD) pixels offers highly precise 3D information, facilitating efficient plant monitoring and growth analysis.
The VL53L3CX sensor by STMicroelectronics is a multi-object range time-of-flight sensor useful for various applications within vertical farms, including automated harvesting and object detection.
Vertical Farming Industry Segmentation as Follows:
By Structure
- Shipping Container
- Building-based
The shipping container segment dominates the market, accounting for Revenue share of more than 51% in 2023. This dominance is due to the ease of transportation and deployment of containerized farms, making them ideal for establishing vertical farms in urban areas with limited space. The comparatively lower cost of acquiring used shipping containers facilitates market entry for new players.
By Growing Mechanism
- Hydroponics
- Aeroponics
- Aquaponics
The Hydroponics segment holds the largest market share due to its low installation costs and ease of operation. This method Reduce the need for soil, replacing it with a mineral solution that directly nourishes plant roots. Furthermore, hydroponics minimizes the risk of soil-borne diseases, Results to higher yields.
The aquaponics segment is anticipated to growing with significant growth due to its sustainable and chemical-free approach. This method integrates fish farming with hydroponics, utilizing fish waste as a nutrient-rich source for plant growth. The aeroponics, where plant roots are misted with a nutrient solution in a controlled environment, is expected to gain traction due to its efficient water usage and high yield potential.
By Component
- Hardware
- Software
- Services
By Crop Category
- Fruits Vegetables, & Herbs
- Flowers & Ornamentals
- Others
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Impact of Global Disruptions
The Russia-Ukraine war has disrupted global supply chains, impacting on the cost of raw materials required for vertical farm construction. This can lead to project delays and potentially hinder market growth in the short term. the long-term outlook remains positive, as the war has further emphasized the need for self-sufficiency and sustainable food production methods, potentially accelerating the adoption of vertical farming technologies in the future. due to economic uncertainty, Businesses may become more cautious about investing in new technologies.
Regional analysis
The Asia Pacific region is expected to remain the dominant force in the vertical farming market. This dominance is primarily driven a growing population and a shrinking landmass dedicated to agriculture. With limited arable land available, countries in this region are increasingly turning to vertical farming as a solution to ensure food security for their burgeoning populations. The government initiatives promoting sustainable agriculture practices are further propelling the adoption of vertical farming technologies.
Europe is anticipated to witness significant growth in the vertical farming market due to its progressive approach towards sustainable agriculture. The increasing use of genetically modified crops, with advancements in robotics and nanotechnology, is drive the European vertical farming sector.
North America is a prominent region in the vertical farming market, characterized by a strong presence of leading technology companies and research institutions. This region is at the forefront of developing cutting-edge solutions for vertical farming, including AI-powered climate control systems, automation technologies, and advanced sensor integration. The presence of a robust venture capital ecosystem further facilitates investment in innovative vertical farming startups.
Key Takeaways from the Vertical Farming Market Study
- The global vertical farming market is projected to reach USD 30 billion by 2031, driven by factors like rising demand for sustainable agriculture solutions and technological advancements.
- The report analyses the market across various segments, including structure, growing mechanism, and region, providing insights into the dominant trends and growth opportunities.
- The study highlights key regional developments, with Asia Pacific leading the market and Europe showcasing a strong focus on innovation.
- The report acknowledges the challenges faced by the industry, such as high setup costs and economic disruptions, while emphasizing the long-term potential of vertical farming for ensuring food security and resource efficiency.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Vertical Farming Market Segmentation, By Structure
9. Vertical Farming Market Segmentation, By Component
10. Vertical Farming Market Segmentation, By Growing Mechanism
11. Vertical Farming Market Segmentation, By Crop Category
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
Continued….
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