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Vertical Farming Market Worth $9.96 Billion By 2025 Owing To Increased Use Of Internet Of Things (IoT) Sensors For Producing Crops | Grand View Research, Inc.

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Vertical Farming Market Worth $9.96 Billion By 2025 Owing To Increased Use Of Internet Of Things (IoT) Sensors For Producing Crops | Grand View Research, Inc.

March 01
11:16 2021
Vertical Farming Market Worth $9.96 Billion By 2025 Owing To Increased Use Of Internet Of Things (IoT) Sensors For Producing Crops | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
The continued growth in global population and food demand, coupled with the increasing urbanization, has created the challenge of hygienic and effective crop production, which has led to the emergence of vertical farming as an answer to all these issues.

The global vertical farming market size is projected to reach USD 9.96 billion by the year 2025, advancing at a substantial CAGR of 21.3% over the forecast period, as per an expansive study by Grand View Research, Inc. Vertical farming, as the name suggests, involves the production of crops on vertically inclined surfaces, with the preferred structure to carry out such farming being shipping containers, buildings and skyscrapers, and repurposed warehouses. The continued increase in the implementation of Internet of Things (IoT) sensors in crop production is likely to spur the market demand over the forecast period. The obtained information is stored on the cloud and analyzed to perform the necessary actions. Additionally, the growing prevalence of automation in agriculture, as well as increasing use of big data and predictive analytics for maximizing yields, are expected to create a favorable environment for the industry growth.

Vertical farming is effective in ensuring stability in crop production and maintaining reliability even in adverse climatic conditions. It provides multiple benefits over traditional farming techniques, such as less water utilization, reduced need of agrochemicals, and low dependence on agricultural labors. Additionally, a recent independent estimate has shown that a 30-storied building with a 5-acre basal area can effectively produce an equivalent of 2,400 acres of traditional horizontal farming. Vertical farming makes use of metal reflectors and artificial lighting to maximize natural sunlight. The increased awareness regarding the environmental and health effects of pesticides and other non-natural substances that are used for increasing agricultural production have encouraged the consumers to adopt organic foods. The use of artificial lighting helps in extending the hours of natural daylight, which helps to improve the health, growth rate, and yield of the plants. Artificial lighting such as high-pressure sodium lighting and LED lighting can extend the availability of crops throughout a season.

The vertical farming market is broadly segmented on the basis of structure, offering, growing mechanism, and the type of crops grown. The notable structures utilized for vertical farming include buildings, and shipping containers. The various mechanisms for crop growth that have been adopted include hydroponics, aquaponics, and aeroponics. The major offerings in the vertical farming industry include lighting, sensors, hydroponic components, and climate control. Some of the most commonly grown vegetables, herbs, and fruits in vertical farming systems globally include strawberry, lettuce, bell and chili peppers, tomato, cucumber, and leafy greens, among others. Market players involved in vertical farming are spread across the globe, with some notable ones being Everlight Electronics Co., Ltd. (Taiwan); Green Sense Farms, AeroFarms, Illumitex, BrightFarms, and American Hydroponics (all based in the US).

Vertical Farming Market Report Highlights

1        Vertical farming offers a number of advantages to growers and producers, allowing the year-round growth of a variety of crops, as well as acting as an effective means to mitigate the future demand for food products

2        Indoor farming can protect crops from extreme weather conditions through the usage of techniques such as controlled environment agriculture technology, where the facilities use artificial environmental and light control, and fertigation

3        As per the World Urbanization Prospects report put out by the United Nations for 2018, 68% of the global population is anticipated to live in urban areas by 2050, as an effect of the continued urbanization, and this will have a significant impact on food demand; vertical farming is expected to offer answers to such a challenge over the coming years

4        The shipping container structural segment is expected to remain dominant over the forecast period in the vertical farming market, owing to such structures being easy to transport, as well as decreasing prices. Moreover, shipping container-based farming utilizes 95% less water than traditional cultivation with drip irrigation

5        With regards to offering, the climate control segment is expected to expand at a substantial CAGR over the forecast period, as the crop growth can be controlled by monitoring and adjusting the concentration of minerals

6        The aeroponics segment is expected to witness considerable growth over the forecast period, as it facilitates faster growth in plants, under normal conditions; the hydroponics system, which involves plant growth in the absence of soil, has also witnessed heavy demand in recent years

7        The vertical farming market in Europe is expected to witness significant growth through 2028 owing to expansion of small-scale and commercial vertical farms; additionally, the European environment agency has carried out several initiatives to build vertical farms as a way to tackle the continuous population growth and climate change in the region, thus aiding the industry growth

8        Industry competitors are diving into partnerships, acquisitions, as well as increased investments in R&D, as a means to garner higher share in the market, while also offering new techniques to growers and producers

9        BrightFarms announced in October 2020 that it had secured substantial funding to expand its innovative indoor farming operations across the United States; such developments have aided in the fruitful growth of the overall vertical farming industry

10In April 2020, AeroFarms announced that it would be building an indoor vertical farm spanning 90,000 square foot in Abu Dhabi, UAE, implementing the company’s proprietary technology, while also employing more than 60 horticulturists, engineers, and data scientists

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Vertical Farming Market Segmentation

Grand View Research has segmented the global vertical farming market on the basis of structure, offering, growing mechanism, fruits, vegetables & herbs, and region:

Vertical Farming Structure Outlook (Revenue, USD Million, 2014 – 2025)

  • Shipping Container

  • Building-based

Vertical Farming Offering Outlook (Revenue, USD Million, 2014 – 2025)

  • Lighting

  • Hydroponic Components

  • Climate Control

  • Sensors

Vertical Farming Growing Mechanism Outlook (Revenue, USD Million, 2014 – 2025)

  • Hydroponics

  • Aeroponics

  • Aquaponics

Vertical Farming Fruits, Vegetables & Herbs Outlook (Revenue, USD Million, 2014 – 2025)

  • Tomato

  • Lettuce

  • Bell & Chili Peppers

  • Strawberry

  • Cucumber

  • Leafy Greens (excluding lettuce)

  • Herbs

  • Others

Vertical Farming Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East and Africa (MEA)

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/4355/ibb

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Vertical Farming Produce Market – https://www.grandviewresearch.com/industry-analysis/vertical-farming-produce-market

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