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Vertical Farming Market in Equipment segment to grow at 38% CAGR from 2018 to 2024

Author : Ronak Bora | Published Date : 2019-03-19 

Based on product, the vertical farming market is segmented into aquatic species, equipment, fruits, vegetables & herbs. Equipment segment includes atmosphere controllers, led grow lights, irrigation systems & pipes. This segment will show a 33% CAGR from 2018 to 2024 as these will help to monitor the farm atmosphere, help crop growth and control the amount of nutrients in solutions.

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On technology basis, vertical farming market is bifurcated into hydroponics, aeroponics and aquaponics. Aeroponics shows CAGR of around 28.5% over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.

According to world bank in 1961 arable land across the globe is 0.371 ha per person which reduces to 0.194 ha per person by 2015. United Nations also predicted that world population will reach 9 billion by 2050. Feeding this soaring population would require raising the overall food production with a smaller rural labor workforce. Rapidly changing climatic conditions effect crop yields in traditional farming. Vertical farming is best suitable alternative for the problems all of the arising problems mentioned above. Although high initial investments, lack of technical acumen in this field and high consumption of energy will restrain the growth of vertical farming market in future.

Based on application, there are indoor and outdoor vertical farms. Indoor vertical farming is extensively practiced in parking, warehouses, shipping containers, controlled environment agriculture (CEA), etc. It plays a vital role in meeting the rising food demand, primarily in the emerging economies, as indoor vertical farming applications help produce 75 times more food per square foot as compared to the traditional farming.

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Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC vertical farming market. Indeed, APAC accounted for 30% of the overall vertical farming market share in 2017.

Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming market in the years to come. for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.

The foremost players in vertical farming market are Plantagon International, American Hydroponics, Sky Greens, Mirai, Urban Crop Solutions, Koninklijke Philips N.V, Green Spirits Farms, Spread Co., etc. There are many equipment manufacturers present in market such as Illumitex, Inc., Everlight Electronics Co. Ltd., etc.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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