Vertical Farming Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics) and Component (Lighting, Sensor, Climate Control, Irrigation Component, Building Material, and Others)
The vertical farming market is expected to grow from US$ 4,300.2 million in 2021 to US$ 19,864.8 million by 2028; it is estimated to grow at a CAGR of 24.4% from 2021 to 2028.
The “Global Vertical Farming Market Analysis to 2028” is a specialized and in-depth study of the electronics and semiconductors industry with a special focus on global market trend analysis. The report aims to provide an overview of the Vertical Farming market with detailed market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading Vertical Farming market players and offers key trends and opportunities in the market.
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The vertical farming market is experiencing large traction internationally because of the mounting demand for food, propelled with the aid of the growing international populace. Since it uses 90% less water, calls for less space, and yields extra vegetation in shorter periods, in comparison to standard farming, its call for is increasing at a full-size rate. In this technique, the cultivation of end result and vegetables is not limited to seasonal cycles, as the needful atmospheric situations may be created at farming web sites. However, the excessive initial funding fee is a drawback to the growth trajectory of the vertical farming marketplace. Nevertheless, the growing call for for natural food, coupled with the growing adoption of veganism across the world, is expected to boost the worldwide vertical farming market all through the forecast duration.
Vertical Farming Market – by Growth Mechanism
Hydroponics
Aeroponics
Aquaponics
Vertical Farming Market: Competitive Landscape and Key Developments:
Eden Green Technology, Elevate Farms Inc., iFarm, OSRAM GmbH, Plenty Unlimited Inc., Sky Greens, Vertical Farm Systems, Square Mile Farms, Agrilution, and AeroFarms
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The vertical farming market has picked up massive momentum over the years. The growing recognition concerning the blessings of vertical farming is a key aspect riding this growth. Since vertical farming is impartial of climate, it lets in farmers to reap a steady annual crop production without having to fear about negative climate conditions. Moreover, it allows them to yield extra in a small place.
Compared to traditional farming, vertical farming yields ~240-times more even as requiring 99% less land and 98% much less water. The emergence of next-technology, AI-powered vertical farming technology which could assist reduce the intake of land and water in addition is boosting the increase of this marketplace notably. Moreover, growing call for for sustainable agricultural ecosystems will hold to boost the call for for vertical farming inside the coming years. Technological improvements have enabled using controlled environmental resources and agriculturally flawed websites, mainly skyscrapers, delivery packing containers, and vacant warehouses. Ascending awareness on recapturing evaporated water and recycling merchandise, in a bid to lessen wastage, is likewise projected to reinforce the vertical farming market proliferation inside the coming years.
IMPACT OF COVID-19 ON VERTICAL FARMING MARKET
Governments across the world imposed various containment measures to control the spread of COVID-19. While in several countries the governments imposed complete lockdown, other countries experienced partial lockdown, and businesses were allowed to operate with various regulations. The production facilities were halted due to the shortage of workers in the vertical farming sector. Long-term decline in manufacturing, travel bans, and facility shutdown kept the workers away from factories for prolonged periods.This led to the shortage of equipment such as sensors and lighting required in the vertical agriculture market, decelerating the growth of the vertical farming market in 2020. The pandemic has also led to limitations on the availability of agricultural laborers and disruptions in international supply chains. However, the negative impact of COVID-19 on the electronics and semiconductors industries is expected to last for a short span, and the market is anticipated to observe a high demand in 2021, as economies have begun reopening and containment measures are being relaxed since the start of this year. The vertical farming market is also anticipated to witness significant growth due to the rise in urban agriculture as the means of addressing local food shortage during the post-pandemic period.
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