The global vertical farming market is anticipated to grow significantly at a CAGR of 19.2% over the forecast period (2024-2031). The key aspect that drives the growth of the global vertical farming market is the need for sustainable farming options owing to the limited accessibility and expensive land. Numerous factors such as the growth of population along with its growing needs, earth erosion, different forms of contamination, elimination of natural sources owing to the rising cities, the advent of biofuels, restrictions imposed on food production techniques affected by customers, and the requirements of the better-quality food products with less chemical used are some of the factors that encourage the growth of the vertical farming market over the forecast period.
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Besides, the presence of the key players continuously innovating novel technologies also enhances market growth. Players such as AeroFarms LLC, Illumitex Inc., Koninklijke Philips N.V., Everlight Electronics Co. Ltd., Hort Americas, LLC, Signify Holding, Sky Greens Pte. Ltd., American Hydroponic Systems Inc., Vertical Farm Systems among others substantially contribute to the market growth. For instance, in January 2020, Freight Farms partnered with a France-based food services and facility management company Sodexo, for facilitating schools and universities in the US with the latest hydroponic vertical farming technology. Hence, this is likely to promote the adoption of vertical farming techniques and in turn, will enhance the growth of the market over the forecast period.
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Market Coverage
- Segment Covered- By Structure Type, Growth Mechanism, and Components
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- AeroFarms LLC, Illumitex Inc., Koninklijke Philips N.V., Everlight Electronics Co. Ltd., Hort Americas, LLC, Signify Holding, Sky Greens Pte. Ltd., American Hydroponic Systems Inc., Vertical Farm Systems among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in base year?
- Which segment/region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Vertical Farming Market – Segmentation
By Structure Type
- Building-based Vertical Farming
- Shipping Container-based Vertical Farming
By Growth Mechanism
- Aeroponics
- Hydroponics
- Aquaponics
By Component
- Sensors
- Lighting
- Climatic Controls
- Irrigation Component
- Building Material
- Other Components
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