According to the new market research report “Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering (Hardware, Software, and Service), Crop Type, and Geography – Global Forecast to 2022”, the vertical farming market is estimated to be valued at USD 5.80 Billion by 2022, growing at a CAGR of 24.8% between 2016 and 2022. The factors driving the growth of the vertical farming market include high quality food with no use of pesticides, less dependency on the weather for production, growing urban population, increase in the year around production of the crops, and reduced impact on the environment.
Lighting devices are expected to lead the vertical farming market
Lighting as a hardware device, in terms of value, expected to grow at the highest rate between 2016 and 2022. The factor for its growth is that traditional lighting system would be replaced by LED lighting system. LED lighting produces dual band color spectrum at the same time, which is highly efficient and generates low heat. Hence, farmers or growers are shifting to LED lighting systems.
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Hydroponics growth mechanism is expected to grow at the highest rate in the vertical farming market between 2016 and 2022
The vertical farming market for hydroponics growth mechanism is expected to grow at the highest CAGR between 2016 and 2022. This growth is attributed to the fact that hydroponics are a less complex method to implement. Moreover, growing crops indoor by using hydroponics eliminates the use of equipment used in traditional farming, thus reducing the burning of fossil fuels thereby reducing the emission of gases, which are harmful to the environment. Hence, there would be a significant reduction in air pollution and CO2 emission that cause climatic changes. Considering all these factors, many farmers or growers are adopting the vertical farming technology.
Asia-Pacific (APAC) is estimated to hold the largest share of the vertical farming market by 2022
The vertical farming market in Asia-Pacific (APAC) is expected to have the largest share by 2022 owing to the increase in population and limited fertile agriculture land. China has a tremendous potential in this market, China is investing a significant amount of effort for developing vertical farming systems to feed its urban population. Japan is one of the key countries in which over 150 plant factories are equipped with artificial lights in operational form.
Major players involved in the development of the vertical farming market are Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore) among others.