Global Vertical Farming Market By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), Structure (Building-Based, Shipping Container), Type (Biopesticides, Biostimulants, Biofertilizers), Application (Indoor, Outdoor), Crop Type (Leafy Green, Pollinated Plants, Nutraceutical Plants), Component (Lighting, Hydroponic Component, Climate Control, Sensors), Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
The vertical farming is performed in indoor conditions where vertically stacked trays are used to grow plants with the help of artificial lighting. This is being utilized for manufacturing various crop such as latus, cabbage and other leafy vegetables effectively. Vertical farming is considered to be the more sustainable and revolutionary method of agriculture than traditional agriculture and greenhouse farming. It requires very less water and saves considerable soil and space. This farming method is useful in challenging environments such as cities, mountainside towns and deserts.
Global vertical farming market is projected to register healthy CAGR of 23.5% in the forecast period of 2019 to 2026.
Segmentation: Global Vertical Farming Market
Global vertical farming market is segmented into six notable segments that are growth mechanism, structure, type, application, crop type and component.
- On the basis of growth mechanism, the market is segmented into aeroponics, hydroponics, and aquaponics
- In June 2019, Sky Greens has tasted the feasibility of exhibiting vertical farms on the rooftop of schools, multi-storey carparks and Housing Development Board (HDB) buildings. This development helps the company to increase the customer base.
- On the basis of structure, the market is segmented into building-based and shipping container
- In April 2019, Bowery Farming Inc. indoor farming company announced the development in the sales strategy. The Bowery products will now available with two grocery delivery services such as amazon fresh and peapod. The company will increase the customer base mostly in urban population and revenue through this strategy.
- On the basis of type, the market is segmented into biopesticides, biostimulants and biofertilizers
- In November 2018, Fluence by OSRAM has been awarded as top lighting company of 2018 in Canadian Cannabis Awards. This award will help the company to get worldwide recognition in horticulture lighting.
- On the basis of application, the market is segmented into indoor and outdoor
- In July 2018, Agrilution, a complete vertical farming ecosystem provider has been awarded at Green Product Award 2018 event. The plantcube product brought the innovation in urban farming and the award is given for the intelligent water supply technology. This award recognition will increase the company brand value in the market.
- On the basis of crop type, the market is segmented into leafy green, pollinated plants and nutraceutical plants
- In March 2018, EVERLIGHT ELECTRONICS CO., LTD demonstrated its 5630X-ELB LED series and horticulture fit LEDs as well as other lighting products, such as luminaires for fish and horticulture lighting. These lightings have advantages such as luminous stability and efficiency to provide best possible solution for industrial, professional, and commercial applications. This development will help the company to enhance their product portfolio.
- On the basis of component, the market is segmented into lighting, hydroponic components, climate control and sensors
- In February 2017, Philips Lighting and Ecobain Gardens band up together to build first commercial vertical farm operation in Canada. This will improve crop quality and consistency. Through this partnership, Philips lighting help Ecobain to accelerate growing cycle and improve the production at commercial scale. This partnership will give attractive return on investment to customers through healthier and nutrient rich food which results in attracting new customers.
Some of the major players operating in global vertical farming market are AeroFarms, Gills N Claws Pte Ltd, Illumitex Inc., MOFLO aeroponics, Sky Greens, SPREAD Co., Ltd., Triton Foodworks, ZipGrow Inc., Urban Crop Solutions, AmHydro, EVERLIGHT ELECTRONICS CO., LTD., Agrinamics., CropOne, PLENTY UNLIMITED INC, OSRAM GmbH, Valoya, Signify Holding, HELIOSPECTRA AB, Altius Farms, CubicFarm Systems Inc., Agrilution, Green Sense Farms Holdings, Inc., Bowery Farming, Inc., Infarm, among others.
- In June 2019, Signify Holding launched Philips GreenPower LED top lighting compact for European market. This is a passively cooled LED top lighting comes in compact size and is a great replacement for HPS lighting. This light help to increase their productivity and decrease the energy cost. This product launch helps the company to increase their product offering and attract new customers.
- In May 2019, Fluence by OSRAM launched horticultural led lighting solutions to European and Middle East and Africa (EMEA) market. These full-spectrum LED lights will replace the traditional lighting and will help the growers to produce high-quality crops. This will help OSRAM to increase its customer base in European as well as Middle East and Africa (EMEA) market.
- In February 2019, Illumitex Inc. launched HarvestEdge XO Extra Output (XO) LED Horticultural Fixture. This product is an alternative for high-pressure sodium (HPS) lighting solutions. This development helps the company to cater more customers through wide range of products and generates more revenue.
Research Methodology: Global Vertical Farming Market
Primary Respondents: OEMs, Manufacturers, Engineers, Industrial Professionals.
Industry Participants: CEO’s, V.P.’s, Marketing/Product Managers, Market Intelligence Managers and, National Sales Managers.