Global Vertical Farming Market 2017-2023 - Industry Insights by Hardware Type, Structure, Growth Mechanism & Crop Type

Dublin, March 27, 2018 -- The "Global Vertical Farming Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Hardware Type (Lighting, Hydroponics Components, Climate Control and Sensors), by Structure, by Growth Mechanism, by Crop Type" report has been added to ResearchAndMarkets.com's offering

Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops.

Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetables among the consumers in the developing countries are expected to boost the growth of the vertical farming market during the forecast period. of the vertical farming is also known as urban farming or indoor farming.

Insights on market segments

As per the findings of research, lettuce, spinach, broccoli, cucumber, and pepper are the major types of crops that are grown through vertical farming technique. These crops contributed around 80% to the vertical farming market in 2016. The market for spinach is likely to register the highest growth during the forecast period. Hydroponics growth mechanism accounted for the largest revenue share in 2016, as it does not require any soil and offers solutions where water can be reused for growing crops, making this mechanism highly preferable among crop producers.

North America to remain the largest market throughout the forecast period

North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years. The region is witnessing a growing inclination towards this farming technology.

Growing focus towards efficient production of fruits and vegetables

The growing inclination towards efficient production of fruits and vegetables in environment friendly conditions, irrespective of climatic conditions, is driving the growth of vertical farming market. It minimizes the transportation time of fresh foods starting from harvesting, till it reaches the consumers, which is one of the major factors boosting the growth for this market.

Growing production of biopharmaceutical products

The vertical farming market is gaining traction as many pharmaceutical companies are adopting this type of farming to produce a variety of medicinal plants used in biopharmaceutical products. Companies are developing their own patented products from raw seed and further provide proprietary products to the medicinal, nutraceutical and cosmetic industries, which helps them in expanding their customer base.

High investment in the vertical farming

High price of farmscraper is adversely impacting the growth of vertical farming industry. Most of the hardware used in the industry are very costly, due to their advanced features such as enabled lights and temperature control. The cost of organic pesticides is also increasing, which is driving the total cost of investment. The high cost of hardware makes it difficult for small and mid-sized enterprises to implement them, which is hindering the growth of the vertical farming market. The rising water cost along with increasing electricity price is also hindering the growth of the market, across the globe.

Highly consolidated market

The vertical farming industry is moderately competitive, with players offering advanced technology solutions to cultivate specific crops. Some of the major players in the industry are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc., and Vertical Farm Systems.

Key Topics Covered:

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Market Definition
4.1.1 By Component
4.1.1.1 Hardware
4.1.1.1.1 Lighting
4.1.1.1.1.1 Grow lights
4.1.1.1.1.2 Grow light reflectors
4.1.1.1.1.3 Grow light ballasts
4.1.1.1.2 Hydroponics component
4.1.1.1.2.1 Water filters
4.1.1.1.2.2 Meters and solutions
4.1.1.1.2.3 Pumps and irrigation
4.1.1.1.2.4 Others
4.1.1.1.3 Climate control
4.1.1.1.3.1 Ventilation fans
4.1.1.1.3.2 Air purification/control
4.1.1.1.3.3 Others
4.1.1.1.4 Sensors
4.1.1.1.4.1 Temperature sensors
4.1.1.1.4.2 PH sensors
4.1.1.1.4.3 CO2 sensors
4.1.1.1.4.4 Crop sensors
4.1.1.1.4.5 Nutrient sensors
4.1.1.1.4.6 Others
4.1.1.2 Software
4.1.2 By Structure
4.1.2.1 Building based
4.1.2.2 Shipping container
4.1.3 By Growth Mechanism
4.1.3.1 Hydroponics
4.1.3.2 Aeroponics
4.1.3.3 Aquaponics
4.1.4 By Crop Type
4.1.4.1 Lettuce
4.1.4.2 Spinach
4.1.4.3 Broccoli
4.1.4.4 Cucumber
4.1.4.5 Pepper
4.1.4.6 Tomato
4.1.4.7 Others
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increasing adoption of organic foods
4.2.1.2 Rising urban population
4.2.1.3 Growing focus towards environment friendly production of fresh fruits and vegetables
4.2.1.4 Impact analysis of drivers on market forecast
4.2.2 Restraints
4.2.2.1 High initial investments in vertical farming
4.2.2.2 Limitations on the variety of crops grown
4.2.2.3 Impact analysis of restraints on market forecast
4.2.3 Opportunities
4.2.3.1 Growing usage of IoT sensors in producing crops
4.2.3.2 Growing production of biopharmaceutical products
4.2.3.3 Growing demand of vertical farming in APAC
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Rivalry
4.3.5 Threat of Substitutes

Chapter 5. Market Size and Forecast by Component
5.1 Hardware
5.1.1 Lighting
5.1.1.1 Global vertical farming lighting market, by type
5.1.1.2 Global vertical farming lighting market, by region
5.1.2 Hydroponics Component
5.1.2.1 Global vertical farming hydroponics component market, by type
5.1.2.2 Global vertical farming hydroponics component market, by region
5.1.3 Sensors
5.1.3.1 Global vertical farming sensors market, by type
5.1.3.2 Global vertical farming sensors market, by region
5.1.4 Climate Control
5.1.4.1 Global vertical farming climate control market, by type
5.1.4.2 Global vertical farming climate control market, by region
5.2 Software
5.2.1 Global Vertical Farming Software Market, by Region

Chapter 6. Market Size and Forecast by Structure
6.1 Building-Based Vertical Farms Market, by Region
6.2 Shipping-Container Vertical Farm Market, by Region

Chapter 7. Market Size and Forecast by Growth Mechanism
7.1 Hydroponics Market, by Region
7.2 Aeroponics Market, by Region
7.3 Aquaponics Market, by Region

Chapter 8. Market Size and Forecast by Crop Type
8.1 Global Vertical Farming Market for Lettuce, by Region
8.2 Global Vertical Farming Market for Pepper, by Region
8.3 Global Vertical Farming Market for Broccoli, by Region
8.4 Global Vertical Farming Market for Cucumber, by Region
8.5 Global Vertical Farming Market for Spinach, by Region
8.6 Global Vertical Farming Market for Tomato, by Region
8.7 Global Vertical Farming Market for Other Crops, by Region

Chapter 9. Market Size and Forecast by Geography

Chapter 10. Competitive Landscape
10.1 Recent Activities of Major Players
10.2 Global Strategic Developments
10.2.1 Partnership
10.2.2 Product Launch
10.2.3 Others

Chapter 11. Company Profiles

• AeroFarms LLC
• Agrilution GmbH
• American Hydroponic Systems Inc.
• Everlight Electronics Co., Ltd.
• Hort Americas, LLC
• Illumitex Inc.
• Koninklijke Philips N.V.
• Sky Greens PTE. LTD.
• Urban Crops Solutions Inc.
• Vertical Farm Systems

For more information about this report visit https://www.researchandmarkets.com/research/c4ztj9/global_vertical?w=12

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