According to a new report published by UnivDatos Markets Insights, the Vertical Farming Market was valued at more than USD xx billion in 2020 and is expected to grow at a CAGR of around 25% from 2022-2028. The analysis has been segmented into Method (Hydroponics, Aeroponics, and Aquaponics); Structure, (Shipping container-based and Building-based); Component (Lighting, Irrigation, Climate Control, and Building Material), Region/Country.
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The vertical farming market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the vertical farming market. The vertical farming market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the vertical farming market at the global and regional levels.
The global demand for the vertical farming market is expected to rise due to increasing challenges of land availability for food production coupled with changing food requirements of the young population and inclination towards a healthy lifestyle. The change in agriculture practice from traditional to the integration of robotic and artificial intelligence practices is anticipated to fuel the vertical farming market growth. For instance, the heat emitted from high-pressure sodium lights can damage the product, hence, using advanced LED technology which runs at lower temperatures can be a solution to the excessive heat emitted. Increment in the usage of advanced technology is therefore pushing the market growth. Additionally, lesser supplies of soil and water have led companies to produce through vertical farming. For instance, aerofarms, produces high-quality food in the soil-less medium using 95% less water than traditional farming and 40 % less water than consumed with the help of hydroponics technique. Less availability of essential supplies in traditional agriculture practices has been expected to compensate with non-traditional agriculture practices such as vertical farming, increasing productivity and also the market growth in forthcoming years mainly.
Some of the major players operating in the market AeroFarms; 4D Bios Inc; Plenty Unlimited Inc; Freight Farms, Inc; Urban Crop Solutions; Sky Greens; Green Sense Farms Holdings Inc; AmHydro; Planet Farms Holdings S.P.A; Koninklijke Philips N.V.
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Currently, over half of the world’s population lives in urban areas, and by 2050, cities will be home to two-thirds of the global population, yet the urban food system, distribution, and retail were disrupted during the COVID-19 pandemic. With up to 70 per cent of the global food supply intended for urban consumption, most countries experienced temporary shortages in basic foods regardless of income level.
· Based on structure, the market is divided into shipping container-based and building-based. The shipping container segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe. This growth is attributed to the ability of the structure regardless of location, to aid with the growth of crops. Additionally, as there is more competition, shipping container costs fall as a result of the comparatively low cost of purchasing secondhand containers.
· Based on component, the market is divided into lighting, irrigation, climate control, building material and others. The lighting segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe. One of the advanced lightings is artificial lighting offers the necessary light intensity for crop growth.
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Vertical Farming Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific constitutes a major market for the vertical farming industry owing to the primary factor projected to drive the demand is growing awareness of the significance of alternative farming due to the decreasing quantity of fertile agricultural land and the growing population in this region. Furthermore, the Asia Pacific region has been expecting an upsurge rise in demand for organic foods.
The major players targeting the market include:
· 4D Bios Inc
· Plenty Unlimited Inc.
· Freight Farms, Inc.
· Urban Crop Solutions
· Sky Greens
· Green Sense Farms Holdings, Inc
· Planet farms holdings S.P.A.
· Koninklijke Philips N.V.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the vertical farming market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the vertical farming market?
• Which factors are influencing the vertical farming market over the forecast period?
• What are the global challenges, threats, and risks in the vertical farming market?
• Which factors are propelling and restraining the vertical farming market?
• What are the demanding global regions of the vertical farming market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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