New York City, 4 April 2019:
According to a new study published by Polaris Market Research the worldwide Vertical
Farming market is anticipated to reach over USD 11,905 million by 2026.
In 2017, the shipping container dominated the global market, in terms of
revenue. Asia-Pacific is expected to be the leading contributor to the global
market revenue during the forecast period.
The growing population worldwide
has resulted in significant increase in food demand. Vertical farming is
increasingly being used to meet the high-demand for food crops. The factors
driving the growth of vertical farming market include ability to produce high
quality crops throughout the year, lesser use of water for crop cultivation,
and lower dependency on weather conditions.
Organic and chemical free crops can be grown with the help of vertical
farming in artificially controlled environments, which further increases its
adoption. Other factors driving the market include growing urban population,
and reduced environmental pollution. However, high initial investment and crop
production of limited varieties restrict the growth of vertical farming
market.
Browse Research
Report On Vertical Farming market Analysis:
https://www.polarismarketresearch.com/industry-analysis/vertical-farming-market
Asia-Pacific generated the highest
revenue of $835 million in 2017, and is expected to lead the global market
throughout the forecast period. This is owing to significant growth of
population in the region. Lack of fertile land, Strong technical expertise in
agricultural practices, and established R&D institutes in China and Japan
further supplement the market growth.
The growing mechanisms used for
vertical farming include hydroponics, aquaponics, and aeroponics. In 2017,
hydroponics accounted for the largest share in the global market, and was
estimated at USD 1,086 million in 2017, registering a CAGR of 23.3% during the
forecast period. Hydroponics is a process of growing plants where the
traditional soil medium is replaced by nutrient and mineral rich water
solution. Hydroponics offer benefits such as availability of crops throughout
the year, faster plant growth, and eliminate the growth of pesticides.
Access press release
of Vertical Farming market: https://www.polarismarketresearch.com/press-releases/global-vertical-farming-market
On the basis of offerings, the
market is segmented into lighting solutions, sensors, climate control, and
hydroponic components. In 2017, the lighting solutions accounted for the major
share in the global market. Lighting solutions are used to provide uniform
lighting conditions suitable for plant growth. The leading market players
offering lighting solutions for vertical farming include Koninklijke Philips
N.V., Illumitex, Inc., and Everlight Electronics Co. Ltd.
The well-known companies profiled
in the report include Bright Farms, Agrilution, Everlight Electronics Co.,
Ltd., American Hydroponics, Freight Farms, Illumitex, Inc., and Vertical Farm
Systems among others. These companies launch new products and collaborate with
other market leaders to innovate and launch new products to meet the increasing
needs and requirements of consumers.
About Polaris Market Research
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