Vertical Farming | Harnessing the Potential to Address Global Food Challenges
The globalย vertical farming marketย size is expected to reach USD USD 24.95 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.1% from 2023 to 2030. Increased use of Internet of Things (IoT) sensors for producing crops is likely to spur market demand over the forecast period. Information obtained from the sensors is stored on the cloud and analyzed to perform the required actions. The growing automation in agriculture and increasing use ofย big dataย andย predictive analyticsย for maximizing yields are also likely to drive the market.
Vertical Farming Market Report Highlights
The escalating production of biopharmaceutical products is anticipated to drive the market
The shipping container segment accounted for the largest market share in 2022. Shipping container-based farming uses less water than traditional farming with drip irrigation. Shipping containers can be easily stacked, modified, recycled, and refurbished at a lower cost. Additionally, the excess availability of unused shipping containers across the region will likely influence segment growth over the forecast period
The hardware segment accounted the largest market share in 2022. The hardware plays a significant role in maintaining the environment of the indoor farms. The segment is further categorized into climate control systems, lighting systems, sensors, and irrigation systems, which enables the cultivation of indoor-grown crops
The fruits vegetables, & herbs segment is also expected to have considerable growth over the forecast period. The increasing cultivation of commonly grown fruits and vegetables in greenhouses is driving the segment growth. Crops grown in vertical farming provide maximum profit to companies involved in their cultivation
Based on offering, the climate control segment is expected to witness high growth over the forecast period as the growth of crops can be controlled by monitoring and adjusting the concentrations of minerals
By growing mechanism, the aeroponics segment is expected to observe considerable growth over the forecast period as the aeroponics facilitate fast growth in plants (under normal conditions)
The North American regional market is expected to witness significant growth over the forecast period owing to the expansion of small-scale, commercial vertical farms
For More Details or Sample Copy please visit link @: Vertical Farming Market Report
Vertical farming is effective in ensuring stability in crop production and maintaining reliability even in adverse climatic conditions. It provides multiple benefits over the traditional farming technique, such as less use of water, the lesser need for agrochemicals, and low dependence on agricultural labor. Vertical farming makes use of metal reflectors and artificial lighting to maximize natural sunlight.
Genetically modified organisms and the environmental and health effects of pesticides and other non-natural substances that are used for increasing agricultural production have encouraged consumers to adopt organic foods. According to the Organic Trade Association, the U.S. organic industry sales increased by around 5% in 2019 owing to the increased investment in infrastructure and education. As per the Organic Foods Production Act of 1990, the handlers and growers of organic products need to comply with the regulations.
Artificial lighting helps in extending the hours of natural daylight, which further increases the health, growth rate, and yield of the plants. Artificial lighting such as high-pressure sodium lighting andย LED lightingย can extend the availability of crops (throughout a season). LED lighting systems produce a dual-band color spectrum and generate low heat. They are anticipated to witness significant growth over the forecast period.
Aย hydroponicย system is a method of growing plants without soil. A hydroponic system eliminates the need for pesticides and artificial ripening agents and helps in producing nutritionally-rich vegetables. However, factors such as high initial investment and fewer crop varieties are likely to restrain the market growth.
