The ongoing climate change and rising need for independent farming techniques and other major driving factors is expected to favor the rise in the global vertical farming market
Reports and Insights has published a new report titled, “Vertical Farming Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Vertical Farming Market, By Structure (Building-Based Vertical Farms, Shipping-Container-Based Vertical Farms) By Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), By Component (Irrigation Components, Lighting, Sensor, Climate Control, Building Materials, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global vertical farming market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
Vertical farming can be understood as the exercise of cultivating food or/and medicine in vertically-stacked levels, vertically inclined planes, and/or incorporated into other formations. It employs technology to govern all environmental components that bestow crop yield, consistency, and quality, for instance lighting, fertigation, and climate control. This major level of technology means it holds substantial transformative capacity, but also boosts the risk of being exaggerated as a magic bullet to humanity’s food system miseries.
The first vertical farms were more contemporary and idealistic than they were pragmatic. The sector had been deferred by research, with leading players such as NASA in the game. This technique of cultivating crops, in present, is little by little transforming the approach of growing food and is on target and making good progress at becoming one of the solutions to worldwide food shortages.
Vertical farming is vastly different from the conventional approach where crops are being grown in greenhouses and massive fields. It is all about taking the upper hand of vertical space and generating production efficiencies. As a matter of fact, vertical farming consumes 95% less water, 40% less power, and can cultivate crops as quick as 30 days. Owing to all such factors, the global vertical farming market is projected to witness significant growth over the forthcoming future. In addition to that, the rapidly soaring population, increasing urbanization, declining water supply, and ongoing climate change are some other major factors that are expected to contribute positively to the growth of the global vertical farming market in the following years.
With the same token, the rising need for advanced and independent farming techniques and approaches to confront adverse climatic conditions is further estimated to propel the market growth over the years. Having said that, the high costs and heavy initial investments in the idea of vertical farming is likely to slow down the growth of the global vertical farming market in the coming years.