Portland, ore.And January 13, 2022 /PRNewswire/ – Allied Market Research recently published a report, Vertical Farming Market by Structure (Building-based Structure and Container-Based Structure), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), and Component (Irrigation Component, Lighting, Sensors, Climate Control, Building Materials, etc.): Global Opportunity Analysis and Industry Outlook, 2021-2030″. According to the global report vertical farming industry happened 3.24 billion dollars In 2020, it is expected to reach $24.11 billion By 2030, record a Compound annual growth rate of 22.9% From 2021 to 2030.
Drivers, limitations and opportunities
Maximum utilization of vertical space and balanced use of energy, convenience in monitoring and harvesting crops, and limited arable land for conventional farming are fueling the growth of the global vertical farming market. However, high initial investments limit market growth. On the other hand, the rise in popularity of organic foods creates new opportunities in the coming years.
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- Due to the shortage of workers, the vertical farming market has been greatly affected. However, vertical farming based on masonry has been affected in a positive way.
- Due to lockdown restrictions, manufacturing usage has fallen, travel bans, and facility closures, the electronics and semiconductor sector has been disrupted. This has reduced manufacturing activities and supplying electronic equipment such as sensors, lighting and other activities needed to carry out vertical farming activities.
The shipping container vertical farm sector is growing at the fastest compound annual growth rate
Depending on the structure, the shipping container-based vertical farm sector is expected to witness Largest compound annual growth rate of 25.2% From 2021 to 2030, due to lower cost and time for intensive construction compared to conventional farming. However, the construction-based vertical farm sector occupied the largest share in 2020, accounting for more than half of the global vertical farming market, and is expected to maintain its leadership position during the forecast period. This is due to the high demand in dense urban environments and the trends of current farming technologies and projects.
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The hydroponics sector continues to lead in terms of revenue during the forecast period
Based on the growth mechanism, the hydroponics segment captured the highest share in 2020, contributing more than two-fifths of the global vertical farming market, and is expected to continue its leadership in terms of revenue during the forecast period. This is attributed to the ongoing developments catering to the needs of indoor farmers. However, the aerodynamic sector is estimated to exhibit the fastest compound annual growth rate of 24.0% from 2021 to 2030, due to its eco-friendly nature, high crop yields, and high investments from the major players.
Asia Pacific, followed by North America, to continue its dominant share by 2030
based on the area, Asia Pacific, followed by North America, at the highest share in 2020, accounting for nearly half of the global vertical farming market, and is estimated to continue its dominant share by 2030. This is attributed to the increased demand for organic foods. However, Europe It is expected to register the largest compound annual growth rate of 25.3% during the forecast period, due to the increase in construction of Controlled Ecological Agriculture (CEA) facilities.
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Leading market players
- 4D Bios Inc.
- Everlight Electronics Co., Ltd.
- Amhydro (American hydroponics)
- Illumitex Company
- Hurt Americas
- Urban Crop Solutions
- Royal Philips Nevada
- Sky Greens
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