BIS Research Study Highlights the Global Vertical Farming Market to Reach $19.86 Billion by 2026
The detailed study is a compilation of 91 Market Data Tables and 23 Figures spread through 169 Pages and in-depth TOC on Global Vertical Farming Market – Analysis and Forecast, 2021-2026
USP of the Report:
Analyst's Take on the Market:
According to Rakhi Tanwar, Principal Analyst, BIS Research, "Vertical farming has the capability of revolutionizing the global agricultural industry. Through advanced farming techniques, year-round food production can be done, and thus, agricultural production can be increased, and global food demand can be efficiently managed."
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Key Companies Operating in the Market and Competition Landscape
Key companies operating in the market include AeroFarms, AppHarvest, Vertical Harvest, CropOne, Plenty Unlimited Inc., AmHydro., Kalera, Heliospectra AB, Hort Americas, Signify Holding (Koninklijke Philips N.V), OSRAM GmbH., Valoya, EVERLIGHT ELECTRONICS CO., LTD., Sky Greens, and SPREAD Co., Ltd.
The companies that are profiled in the report have been selected based on a selective pool of players, primarily Tier-1 (which holds 50%-60% of the market), mid-segment players (comprise of 30-40% share), and small and emerging companies (holds the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research and development initiatives, along with a domestic and international presence in the global vertical farming market.
The competitive benchmarking gives an insight into the competitive strength of the key players operating in the market. For instance, the market is dominated by organizations with a primary focus on advancing the agriculture sector. Companies such as AeroFarms, SPREAD Co., Ltd, Plenty Unlimited Inc., EVERLIGHT ELECTRONICS CO., LTD., Signify Holdings (Koninklijke Philips n.v), Heliospectra AB are developing end-use products by collaborating with smaller companies offering innovative and advanced technologies.
Market Segmentation of the Global Vertical Farming Market
Mechanism: Vertical farming can be done by various mechanisms, such as hydroponics, aquaponics, and aeroponics. Hydroponics helps plants grow in water, aeroponics helps grow plants suspended in air, and aquaponics is an exceptional combination of hydroponics and fish farming in an integrated system. It requires both water and fish to grow the plants.
The hydroponics segment is the largest in the global vertical farming market. Hydroponic farms optimize plant growth, offer local fresh produce, and minimize the use of water, space, transport, and pesticides. Also, hydroponics can be used in a greenhouse using natural light, and most commonly, using LED lights to save space. Owing to such a wide range of advantages offered by hydroponics, its demand is increasing across the globe.
Product: There is a wide range of products (components) used in vertical farming including, lighting devices, hydroponic components, climate control devices, sensing devices, and others. The demand for lighting devices is likely to witness positive growth in developed and developing countries. This growth is mainly due to the advantages of lighting devices such as propagating young plants, cultivating healthier crops, and pesticide-free crops. Also, the production of crops can be increased by using vertical farming lighting to light multiple layers of crops, attaining a higher yield with a smaller footprint.
Region: The North America region is expected to dominate the global vertical farming market during the forecast period. The high agricultural growth in this region, along with the increased emphasis on smart farming and digitization in agriculture, is expected to boost the development of vertical farming in the region.
The U.S. is a major player in the North America vertical farming market. The U.S. is dominated by the key players of vertical farming, including AeroFarms, Plenty Unlimited Inc., Bowery Farming, Gotham Greens, among others. The country witnessed the production of a wide range of green vegetables, such as kale, arugula, lettuce, and pak choi. In 2019, there were more than 2,000 vertical farms in the U.S., out of which 60% of the market was driven by small- to medium-scale companies.
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