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Vertical Farming Market Size ($19,864.8Mn by 2028) Lead by Precision Farming Technologies (24.4% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com

The Insight Partners
·7 min read

The Vertical Farming Market Size and Growth is anticipated to extent $19,864.8 Million by 2028 from $4,300.2 Million in 2021 to grow at 24.4% CAGR from 2021 to 2028 Driven by rapid developments in precision farming technologies, benefits of vertical farming compared to conventional farming, increasing demand for sustainable agricultural ecosystems, mounting demand for food, propelled by the rising global population.

New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The new research study on the Vertical Farming Market Size and Forecast to 2028 By Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics) and Component (Lighting, Sensor, Climate Control, Irrigation Component, Building Material, and Others) with Impact Assessment of COVID-19 Pandemic and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00007018

Vertical farming Market: Competitive Landscape and Key Developments
Agrilution Systems GmBh; Aerofarms, LLC; Eden Green Technology; Elevate; iFarm; OSRAM; Plenty Unlimited Inc.; Square Mile Farms Ltd.; Sky Greens; and Vertical Farm Systems are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global vertical farming market and its ecosystem.

In 2021, AeroFarms announced that it will be expanding its footprint in St. Louis, Missouri, US, with an indoor vertical farm spread over 150,000 sq. ft. The expansion would provide AeroFarms a rapid access to retail partners across the Midwest in the US.

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Over the years, the vertical farming market has picked up significant momentum. The rising awareness pertaining to the benefits offered by vertical farming has emerged as the key factor driving this growth. Since vertical farming does not depend on weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. It also enables them to yield more in a small area. Compared to conventional farming, vertical farming yields ~240-times greater outcome while requiring 99% less land and 98% less water. The rise of next-generation, AI-powered vertical farming technologies that have been a noticeable help in reducing the consumption of both land and water is boosting the growth of this market substantially.

North America led the vertical farming market in 2020. The regional market is projected to remain seated as the highest revenue generator in the global vertical farming market, with the US and Canada each holding sizable market shares. These countries have heavily invested in modern agricultural practices, resulting in increased uptake of vertical farming technique. Moreover, North America has been enormously responsive toward implementing the latest technological advancements, such as integration of advanced technologies including IoT and AI in vertical farming. With increasing awareness regarding the benefits of vertical farming, the market in this region is growing substantially. The surge in the use of vertical farming for cultivating medicinal herbs and plants is also aiding this regional market. In May 2019, a Canadian licensed recreational and medicinal marijuana producer selected LumiGrow Inc. as their LED lighting partner for their six-acre greenhouse cannabis expansion project.

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At present, precision agriculture technologies that include automatic steering, yield monitoring, remote sensing, in-field electronic sensors, section and row control on planters, and spatial data management are the most popular trends in the vertical farming market. With the augmenting demand for food, farmers and agriculturists are increasingly shifting toward precision farming in a bid to improve time management, reduce water and chemical usage, improve yield, and produce healthier crops. Precision farming allows them to maximize yields by tapping GPS, data analytics, and other applications. Maps created from the data guide the farmers about the use of seeds, water, fertilizers, and pesticides in every area as well as suitable time to harvest. The increasing awareness and knowledge about precision farming, especially in remote areas, is likely to have a positive impact on the vertical farming market during the forecast period.

Vertical Farming Market: Component Overview
Based on component, the vertical farming market is segmented into lighting, sensor, climate control, irrigation component, building material, and others. The lighting segment led the market with a share of 39.8% in 2020. Further, it is expected to garner 37.3% market share by 2028. Light-emitting diode (LED) lights, high-intensity discharge lights, and fluorescent lamps are among the lighting types used for vertical farming. Among this, LED lights are the most widely used lighting for vertical farming. The unique properties of LED lights—such as energy-efficiency, low heat generation, compact size, and lifespan up to 50,000—encourage the adoption of LEDs. These lights are cost effective and their light intensity can be controlled to suit different plants and crops, which are among the major advantages of LEDs. Moreover, these lights can separate dissipated heat from the illumination source, which becomes an important characteristics for high-intensity LEDs. This type of decoupling rules out the risk of plant overheating, thus allowing the placement of LEDs near plant canopies. However, the cost of LED light bulbs is higher than the other two types lighting technologies—fluorescent lamps and high-intensity discharge lights.

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Key Questions to Request for Vertical Farming Market:

  • What are reasons behind vertical farming market growth?

  • What are market opportunities for vertical farming market?

  • Which growth mechanism is expected to dominate the market in the forecast period?

  • Which region has dominated the vertical farming market?

  • Which are the major companies in the vertical farming market?

  • Which are the major components for Vertical Farming?





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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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