Vertical Farming Market to witness a high growth by 2024
Date: 2018-09-12   Author: Ronak Bora  Category: #technology

Vertical Farming Market to witness a high growth by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., Vertical farming market will reach over USD 13 billion by 2024 according to this new research report.

The transformation in agriculture will reach a different level with the concept of vertical farming. The rising global population and the gap created between the demand and supply of food will drive the prospects of the industry. The scarcity of food in developing nations has created a need to develop more sustainable techniques of food production. In the global scenario, where natural resources are being exhausted, this new method of farming will be a boom for agriculture industry. Sustainable agriculture is one of the key reasons to propel the product market.

The arable land is getting depleted which will be the driving force for the growth of vertical farming industry. The burden of population has given rise to more commercial and residential buildings resulting into scarcity of farming area. This will positively impact the growth of the product market. Several advancements in technology have ramped up the market dynamics. With increase in greenhouse gas emissions, unpredictable climate changes have been observed, which has resulted into hampered crop production. This new technique of farming will revolutionize the agribusiness sector irrespective of the climate uncertainties.

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The factors which can impede the growth of the market are high investments involved in the technology and lighting. Since, artificial lighting is required to cultivate crops, the consumption of electricity is considerably increased which could inhibit the growth of the product market.

The product market has been segmented on the basis of product such as fruits & vegetables, equipment, aquatic species, technology and application. In leafy greens segment, lettuce has bagged the largest market share and is expected to grow at a robust rate. Indoor means of growing crops such as shipping containers and warehouses are estimated to account for more than 70% market share in 2024. Based on technology, hydroponics is expected to reign the product market in 2024. In equipment, lighting LEDs lead with the largest market share and are anticipated to grow rapidly by 2024.

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Asia Pacific region is expected to dominate the product market with a revenue of over USD 4 billion by 2024. The inclination towards the farming technique is due to the government initiatives supporting indoor cultivation. The scarcity of food has upscaled the demand for indoor cultivated crops. The product market in Middle East is estimated to grow at a decent pace owing to the scarcity of water and increased import of food.

The companies are banking on innovative technologies to compete in the global market. There are many large scale and small scale firms present in the industry. Some of the major companies involved are Indoor Harvest Corporation, AeroFarms, Green Sense Farms, Urban Crop Solutions, Sky Greens, Illumitex, American Hydroponics, Koninklijke Philips NV, Everlight Electronics Co.Ltd., Agrilution GmbH, Moflo Aeroponics, Freight Farms, SPREAD Co., Ltd, Bright Farms Inc., Gills N Claws Pte Ltd., GrowUp Urban Farms, General Hydroponics, Ecobains Gardens, etc.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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