Global Vertical Farming Market Overview:
According to SPER Market Research, the Global Vertical Farming Market is estimated to reach USD 22.77 billion by 2030 with a CAGR of 24.8%.
Building farms vertically is known as vertical agriculture. Because of this, more production can now be done on a small land. It is a non-traditional form of crop growing that offers simple harvesting, minor climatic effects, high yield, minimal pesticide usage, less area required, and minimal water consumption.
Vertical farming for cannabis and potential markets in Asia Pacific and the Middle East are among the market participants' growth prospects. Due to the involvement of major market players in this type of farming, the category of vertical farms built in buildings currently holds a disproportionate amount of market share. Building-based vertical farms produce more money per square foot than shipping container-based ones since they require less capital and have lower operational costs (for the same area).
The rise in popularity of organic food, the best use of vertical space and balanced energy use, the convenience of crop monitoring and harvesting, and the decline in arable land are the key drivers influencing vertical farming industry growth. However, the market's expansion is hampered by high beginning costs and the use of emerging technology. However, the vertical farming industry players should anticipate benefiting greatly from the expanding urban population and the rapid uptake of technology-driven agriculture.
Additionally, vertical hydroponics controls the global market share for vertical farming in terms of growth mechanisms. However, the category for aeroponics is anticipated to have the greatest CAGR of 24.1% throughout the projection period. Additionally, among the numerous components utilised in vertical farming, the temperature control component segment is anticipated to expand at a noteworthy CAGR of 25.8% due to an increase in producers' concerns about limiting the influence of climate, which reduces crop output.
Impact of COVID-19 on the Global Vertical Farming Market
The COVID-19 outbreak has had a severe impact on the world electronics and semiconductor industries. Due to the slowdown and unavailability of the workforce globally, which has also resulted in a labour shortage in the vertical farming sector, production facilities have been put on hold. The COVID-19 outbreak has caused a significant and long-lasting decline in manufacturing utilization, and travel bans and facility closures have kept workers out of their factories, which has slowed the growth of the vertical farming market in 2020. These factors include electronics needed in a vertical agriculture facility, such as sensors and lighting, among others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2030 |
| Base year considered | 2021 |
| Forecast period | 2022-2030 |
| Segments covered | By Component, By Structure, By Growth Mechanism |
| Geographies covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Companies Covered | Companies Covered AeroFarms, Agrilution GmbH, Altius Farms, American Hydroponics, Brightfarms Inc., Everlight Electronics Co., Ltd., Freight Farms, Future Crops, Green Sense Farms, LLC, GrowUp Urban Farms Ltd., Illumitex, Inc., Vertical Farm Systems.
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Global Vertical Farming Market Segmentation:
By Component: Based on the Component, Global Vertical Farming Market is segmented as; Irrigation Component, Lighting, Sensor, Climate Control, Building Material, (Glass greenhouse, Plastic greenhouse), Others.
By Structure: Based on the Structure, Global Vertical Farming Market is segmented as; Building-based Vertical Farms, Container-based Vertical Farms.
By Growth Mechanism: Based on the Growth Mechanism, Global Vertical Farming Market is segmented as; Hydroponics, Aeroponics, Aquaponics.
By Region: Due to the prevalence of several vertical farms around the U.S. and the widespread adoption of robotics and automation technologies by the farms, North America now maintains the biggest market share for vertical farming. In the upcoming years, Europe is predicted to experience tremendous growth. During the anticipated time, the Asia Pacific is probably going to see spectacular growth. It is projected that the need for this cutting-edge farming method will increase due to the rise in the loss of agriculturally usable land in nations like China, India, and several Asian nations.
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global Vertical Farming Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Global Vertical Farming Market, By Component, 2019-2030 (USD Million)
6.1. Irrigation Component
6.2. Lighting
6.3. Sensor
6.4. Climate Control
6.5. Building Material
6.5.1. Glass greenhouse
6.5.2. Plastic greenhouse
6.6. Others
7. Global Vertical Farming Market, By Structure, 2019-2030 (USD Million)
7.1. Building-based Vertical Farms
7.2. Container-based Vertical Farms
8. Global Vertical Farming Market, By Growth Mechanism, 2019-2030 (USD Million)
8.1. Hydroponics
8.2. Aeroponics
8.3. Aquaponics
9. Global Vertical Farming Market, By Region, 2019-2030 (USD Million)
9.1 North America
9.1.1. United States
9.1.2. Canada
9.1.3. Mexico
9.2 Europe
9.2.1. Germany
9.2.2. United Kingdom
9.2.3. France
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3 Asia-Pacific
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Australia
9.3.5. South Korea
9.3.6. Rest of Asia-Pacific
9.4 South America
9.4.1. Brazil
9.4.2. Argentina
9.4.3. Rest of South America
9.5 Middle East & Africa
9.5.1. Kingdom of Saudi Arabia
9.5.2. United Arab Emirates
9.5.3. Rest of Middle East & Africa
10. Company Profiles
10.1 AeroFarms
10.1.1. Company details
10.1.2. Financial outlook
10.1.3. Product summary
10.1.4. Recent developments
10.2 Agrilution GmbH
10.2.1. Company details
10.2.2. Financial outlook
12.2.1. Product summary
12.2.2. Recent developments
10.3 Altius Farms
10.3.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.4 American Hydroponics
10.4.1. Company details
10.4.2. Financial outlook
10.4.3. Product summary
10.4.4. Recent developments
10.5 Brightfarms Inc.
10.5.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.6 Everlight Electronics Co., Ltd.
10.6.1. Company details
10.6.2. Financial outlook
10.6.3. Product summary
10.6.4. Recent developments
10.7 Freight Farms
10.7.1. Company details
10.7.2. Financial outlook
10.7.3. Product summary
10.7.4. Recent developments
10.8 Future Crops
10.8.1. Company details
10.8.2. Financial outlook
10.8.3. Product summary
10.8.4. Recent developments
10.9 Green Sense Farms, LLC
10.9.1. Company details
10.9.2. Financial outlook
10.9.3. Product summary
10.9.4. Recent developments
10.10 GrowUp Urban Farms Ltd.
10.10.1. Company details
10.10.2. Financial outlook
10.10.3. Product summary
10.10.4. Recent developments
10.11 Illumitex, Inc.
10.11.1. Company details
10.11.2. Financial outlook
10.11.3. Product summary
10.11.4. Recent developments
10.12 Vertical Farm Systems
10.12.1. Company details
10.12.2. Financial outlook
10.12.3. Product summary
10.12.4. Recent developments
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
