Vertical farming is utilized to cultivate various crops, including leafy greens, herbs, tomatoes, strawberries, and microgreens. Vertical farming is employed in various settings, such as urban areas, commercial farms, and research facilities. It offers opportunities for year-round production, reduced water usage, efficient space utilization, and controlled environmental conditions. The application of vertical farming in North America addresses the demand for locally grown, fresh, and sustainable produce while ensuring food security and minimizing the ecological footprint of agriculture.
According to Data Bridge Market Research the North America Vertical Farming Market was growing at a value of 7,274.17 million in 2021 and is expected to reach the value of USD 58,250.98 million by 2029, at a CAGR of 29.7% during the forecast period of 2022-2029.
“Rising adoption of agricultural policies drive the market”
The growth of the vertical farming market is expected to be propelled by several key factors. Such as the increasing adoption of federal agricultural policy programs in emerging economies creates a conducive environment for vertical farming development, and the rising levels of food consumption in North America, driven by a growing population, generate demand for sustainable and locally sourced produce. Additionally, expanding trade activities, particularly in grain and oilseed export, presents opportunities for vertical farming to meet the demand for high-quality agricultural products, and introducing new and advanced technologies enhances the efficiency and productivity of vertical farming systems, further driving the market growth.
What restraints the growth of North America vertical farming market?
“The lack of skilled labor and technical knowledge”
The lack of skilled labor and technical knowledge significantly restrain the vertical farming market. Vertical farming requires hydroponics, lighting systems, climate control, and data analytics expertise. However, there is a shortage of individuals with the necessary skills and knowledge to operate and manage vertical farming systems effectively. This limitation hampers the widespread adoption and expansion of vertical farming initiatives. The industry faces challenges in attracting and training skilled personnel, which can impede the growth and development of vertical farming as a viable and sustainable solution for food production.
Segmentation: North America Vertical Farming Market
The vertical farming market is segmented on the basis of growth mechanism, structure, type, crop type, application and component.
- On the basis of growth mechanism, the vertical farming market is segmented into hydroponics, aeroponics, and aquaponics.
- On the basis of structure, the vertical farming market is segmented into shipping containers, building based.
- On the basis of type, the vertical farming market is segmented into bio pesticides, bio fertilizer, bio stimulants.
- On the basis of crop type, the vertical farming market is segmented into leafy green, pollinated plants, nutraceutical plant.
- On the basis of application, the vertical farming market is segmented into indoor, outdoor.
- On the basis of component, the vertical farming market is segmented into lighting, hydroponic component, climate control, sensors.
Regional Insights: United States dominates the North America vertical farming market
The North America vertical farming market is primarily driven by the dominance of the United States, attributed to significant investments and continuous research and development efforts in the hydroponics segment. The adoption of vertical farming solutions, particularly for hydroponics, has seen substantial growth in countries like Canada and Mexico within the region. This increased adoption is a result of the growing recognition of the benefits and potential of vertical farming in addressing the challenges of traditional agriculture and meeting the demand for sustainable and locally grown produce.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-vertical-farming-market
Recent Developments in North America Vertical Farming Market
- In October 2020, Urban Fresh Farms, a Dubai-based indoor vertical hydroponic farm, incorporated ZipGrow Inc.'s ZipFarm technology into their facility. Utilizing this technology, Urban Fresh Farms aims to cultivate pesticide-free fresh herbs and leafy greens to cater to the local market's demand. This installation not only positions Urban Fresh Farms as a provider of high-quality produce but also opens up opportunities for business expansion into other regions and the acquisition of new customers. The collaboration between ZipGrow and Urban Fresh Farms showcases the potential for advanced agricultural solutions in meeting the growing need for sustainable and locally sourced food.
The Prominent Key Players Operating in the North America Vertical Farming Market Include:
- Deere & Company (U.S.)
- CropMetrics LLC (Netherlands)
- Trimble Navigation Limited (Australia)
- CropX (U.S.)
- AgSmarts Inc (India)
- AgSense, LLC (India)
- AGCO Corporation (Austria)
- DICKEY-john (U.K.)
- Monsanto Company (Mexico)
- Ag Leader Technology (U.S.)
- Farmers Edge (U.S.)
- GEOSYS (U.S.)
- Granular (U.S.)
- Gro Intelligence (U.S.)
- Proagrica (U.K.)
- Fasal (India)
- AGEYE Technologies (U.S.)
- HelioPas AI (Germany)
- OneSoil (Belarus)
Above are the key players covered in the report, to know about more and exhaustive list of North America vertical farming market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Vertical Farming Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
