The vertical farming market is expected to grow at a CAGR of 24.8% from 2016 and reach USD 5.80 Billion by 2022. The base year used for study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the vertical farming market based on offering, growth mechanism, structure, crop type, and geography. It has been estimated that the lighting segment based on the hardware offering would hold a large share of the vertical farming market. However, the vertical farming market for climate control segment is expected to grow at the highest CAGR between 2016 and 2022.
Of all the major hardware offerings, the lighting device and hydroponic growth mechanism is expected to dominate the vertical farming market. The services segment is expected to witness high growth opportunities in the vertical farming market. The growing research and technological advancements related to robotics and automation in vertical farming is increasing the demand for consulting, integration, and support services.
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Among all the growth mechanisms, the hydroponics growth mechanism held the major share of the vertical farming market in 2015 as this is a widely adopted growth mechanism because of the less complexity in implementation. The aeroponics growth mechanism is expected to grow at the highest CAGR between 2016 and 2022. Aeroponics growth mechanism is advantageous as it facilitates faster plant growth, wherein more number of plants could be grown in lesser time than under normal conditions.
Target Audience:
- Technology providers
- Technology investors
- Technology standards organizations
- Forums, alliances, and associations, and government bodies
- Venture capitalists
- Private equity firms, analysts and strategic business planners, and others.
Market covered under this report:
This research report categorizes the overall vertical farming market on the basis of offering, structure, growth mechanism, crop type, and region.
Vertical Farming Market, By Offering
- Hardware
- Software
- Services
Vertical Farming Market, By Structure
- Building-based vertical farms
- Shipping container vertical farms
Vertical Farming Market, By Growth Mechanism
- Aeroponics
- Hydroponics
- Aquaponics
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The major players in this market include Aerofarms (U.S.), Koninklijke Philips N.V. (the Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore). These players have adopted various strategies such as new product developments, partnerships and contracts, and business expansions to cater to the needs of the vertical farming market.