Vertical Farming Market

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Global Vertical Farming Market was valued at $1,782 million in 2017, and is projected to reach $10,246 million by 2025, growing at a CAGR of 24.4% from 2017 to 2025.

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Vertical Farming Market Overview:

Vertical Farming Market Overview According to a new report published by Allied Market Research, titled,  Vertical Farming Market: Global Opportunity Analysis and Industry Forecast, 2017-2023,  the global vertical farming market was valued at $1.5 billion in 2016, and is projected to reach $6.4 billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023. The hydroponics segment contributed nearly 42% of the share in 2016. Continuous rise in population and increase in urbanization globally have increased the requirement of food, and food security has gained importance for the governments globally. The traditional farming is exhaustive, both in terms of available arable land and volume of production. Vertical farming is an improved substitute for traditional farming, which produces more yield, with no need for land, pesticides, and other chemicals. This method of farming has gained popularity in the recent years with decline in water level and problem of drought becoming severe. Increase in popularity of organic foods, rise in urban population, and limited arable land for traditional agriculture are the major factors that drive the growth of the vertical farming market. However, requirement of high initial investment to set up a vertical farm and technologies used being in developmental phase restrain the market growth. Furthermore, all crops cannot be grown by this method, and is limited to crops such as tomatoes, lettuces, and green crops, thus hampering growth of the market.

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In 2016, hydroponics vertical farming contributed over 42% share in the market, and is expected to maintain its dominant position throughout the analysis period, owing to its capability to produce more nutritious eatables in less space consumption. Moreover, this growth mechanism uses 10 times less water than conventional farming. Moreover, Asia-Pacific is the major revenue contributor, owing to the government initiatives and cooperation from private companies. The market growth in the region is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken areas, and increase in environmental concerns. Lighting component segment dominated with over 25% share in 2016. Lighting devices are an essential component of vertical farming, as they facilitate growth of plants by acting as a substitute to sunlight. These devices use an LED lighting system that produces dual band color spectrum at the same time, and maintains efficiency and low heat dissipation. Lighting systems provide photosynthetic wavelengths in accordance to crop growth, thereby maximizing the crop yield and ensuring minimum power consumption. Thus, farmers opt for LED lighting systems over other lighting technology for vertical farming. Read More at: https://www.alliedmarketresearch.com/vertical-farming-market

Market Segmentation:

Market Segmentation The global vertical farming market is segmented based on component, growth mechanism, and region. Based on component, the market is divided into irrigation component, lighting, sensor, climate control, building material and others. The building material is classified into glass greenhouse and plastic greenhouse. By growth mechanism, the market is categorized into hydroponics, aeroponics and hydroponics. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA). Get the sample copy @ https://www.alliedmarketresearch.com/request-sample/2288

Top Impacting Factors:

Top Impacting Factors

Key Market Players:

Key Market Players

Key Benefits:

Key Benefits This study comprises an analytical depiction of the global vertical farming market with current trends and future estimations to depict the imminent investment pockets. The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the global vertical farming industry. The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis. The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global vertical farming market. Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.

Key Findings:

Key Findings In terms of revenue, lighting component contributed the maximum market share in 2016, and is expected to maintain its lead throughout the forecast period. Aeroponics is expected to grow at the highest CAGR during the forecast period. In 2016, the hydroponics growth mechanism segment held nearly two-fifths market share, which was the highest among all the growth mechanisms. In 2016, Asia-Pacific accounted for over 45% share globally, and is expected to dominate the market in the future.

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