Vertical Farming Market Worth USD 7.03 Billion By 2028

Market Overview:
The Global Vertical Farming Market was valued at USD 2.81 billion in 2021 and is expected to reach USD 7.03 billion by the year 2028, at a CAGR of 14%.

Vertical farming is the process of the cultivation of crops in a line that is stacked vertically in skyscrapers, warehouses, and shipping containers. The benefits associated with vertical farming they produce higher crop production and require less unit area of land, have negligible effects on the environment, have high yield, and have less water consumption. Indoor farming is the modern vertical farming technology and its growing trend during the recent year around the peoples that propels the growth of the vertical farming market.

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Market Dynamics:
Driver:
Growing adoption of agricultural policies and demand for specialty products is the key factors that fuel the growth of the market. In emerging economies, with the high adoption of federal agricultural policies, the level of food consumption is increasing worldwide. In addition to this, one of the crucial benefits of vertical farming is reducing the environmental impact of agriculture and it also reduces the requirement of water for a higher number of crops. Also, I eliminate the significant use of chemicals. Moreover, owing to decreasing quantity of arable land around the world. These factors supported the growth of the vertical farming market

Opportunities:
The adoption of AI technology in vertical farming provides a lucrative opportunity for vertical farming during the forecast period. AI technology is a powerful tool that can track and control plant development and it is used by modern farmers and important agricultural sector stakeholders. For instance, the San Francisco-based agricultural technology business has designed an advanced climate-controlled vertical farming structure that is equipped with AI-powered robots. This technology helps to handle temperature, watering, and lighting. Thus, the novel technology provides a big opportunity for the vertical farming market in the future year.

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Market Segmentation
By component, the lighting segment is expected to dominate the vertical farming market over the forecast period. LED systems are, in many respects, the best solution for indoor vertical growers. LED lighting systems can save anywhere from 40% to 70% more energy than systems that employ high-pressure sodium (HPS) or metal halide (MH) lamps, according to research (two of the most common lighting types used in indoor farming). LEDs also have a far longer lifespan than other lighting solutions.
• Lighting
• Hydroponic Components
• Climate Control
• Sensors
• Software & Services

By growth mechanisms, the hydroponics segment is anticipated to hold the maximum vertical farming market share during the forecast period. For its inexpensive installation costs and ease of use, hydroponics is a popular growing method. It is a method of growing plants without soil in which a mineral solution is put around the plant roots to replace the soil.
• Hydroponics
• Aeroponics
• Aquaponics

By structure, the shipping container segment is expected to register the significant growth of the market over the forecast period due to the benefits it provides which allows the crops to grow without the limitation of geographic location. Benefits include portability and a reduction in the amount of space needed to cultivate the crops. Vertical farming systems are increasingly being housed in recycled shipping containers.
• Shipping Container
• Building-based

By crop type, the fruits and vegetable segment is expected to dominate the vertical farming market during the forecast period. Tomatoes, strawberries, lettuce, bell and chili peppers, cucumber, and leafy greens are among the most regularly grown vegetables, herbs, and fruits in various locales. One of the most significant considerations when growing any crop in vertical farming is to determine its economic feasibility, which ensures that the company will profit handsomely from its cultivation.
• Fruits & Vegetables
• Other Crop Types

Regional Analysis for the Vertical Farming Market:
North America region is expected to dominate the vertical farming market over the forecast period. Growing worries about food security and nutrition are projected to provide the business with a slew of new chances to thrive. The US is expected to contribute a large amount to facilitating the ecosystem for future foods. The availability of freshly picked veggies across retail outlets is projected to rise in the country as more consumer insights toward "fresh-from-farm-to-table" develop (which is also the pioneer in adopting this concept). The emergence of urban population dwellings in cities like New York, Chicago, and Milwaukee has propelled the environment for vertical farming with activities like revamping derailed vacant warehouses, derelict buildings, and high rises, which has increased the production of fresh grown foods overall.

Due to the growing expansion of genetically modified crop technologies, Europe is expected to see significant growth throughout the forecast period.

Asia Pacific region is expected to witness remarkable growth in upcoming years owing to raising the consciousness among the farmers and people about the significance of alternative farming, due to less accessibility of fertile agricultural land and growing population in the region is the key factor expected to hasten the demand.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

Players Covered in Vertical Farming market are:
• FarmVisionAI (US)
• AmHydro (US)
• Mirai Co. Ltd (Japan)
• Osram Licht AG (Germany)
• Freight Farms (US)
• AeroFarms LLC (US)
• Bright Farms (US)
• Sky Greens (Singapore)
• Spread Co. Ltd.; (Japan)
• Plenty Unlimited Inc. (the US)
• Future Crops (Netherlands)
• Vertical Farm Systems (Australia)
• Valoya (Finland)
• Everlight Electronics Co. Ltd. (Taiwan)
• Heliospectra AB (Sweden)
• Intelligent Growth Solutions (Scotland)
• Green Sense Farms (US)
• Agrilution Systems GmbH (Germany)
• Vertical Future Ltd (UK)
• Urban Crop solutions (Belgium)
• Bowery Farming (US)
• Agricool (France)
• Swegreen (Sweden)
• Sananbio (US)
• Growpod Solutions (US)
• Infarm (Germany)
• Altius Farms (US)
• Signify Holding (Netherlands)
• 4D BIOS INC (US)
• General Hydroponics Inc. (US) and other major players.

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Key Industry Developments in the Vertical Farming Market:
In June 2021, Osram Licht AG, a company based in Germany, has added Osconiq S 5050 to their horticulture range. It solves a major issue with white LED lighting, leading to cheaper energy costs and more efficient illumination for indoor farmers.

In August 2021, the US-based company AeroFarms LLC has declared that it would extend to the Middle West region as part of a project with the World Wildlife Fund (WWF) and St. Louis Controlled Environment Agriculture Coalition (STLCEA) to demonstrate novel strategies to overcome the environmental footprint of indoor vertical farming.

Table of Content:
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2: Executive Summary

Chapter 3: Growth Opportunities By Segment
 3.1 By Type
 3.2 By Growth Mechanism
 3.3 By Structure
 3.4 By Crop type

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing
To Be Continue.

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