Global Vertical Farming System/Module Market Size By Product (Aquaponics, Hydroponics), By Application (Outdoor, Indoor), By Geographic Scope And Forecast
Published on: 2024-08-07 | No of Pages : 320 | Industry : latest updates trending Report
Global Vertical Farming System/Module Market Size By Product (Aquaponics, Hydroponics), By Application (Outdoor, Indoor), By Geographic Scope And Forecast
Vertical Farming System/Module Market Size And Forecast
Vertical Farming System Module Market size was valued at USD 5.25 Billion in 2024 and is projected to reach USD 41.29 Billion by 2031, growing at a CAGR of 27.2% from 2024 to 2031
Vertical Farming System/Module Market is growing at a fast pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period. Some of the key factors driving the growth of this market include increasing demand for sustainable food production, increasing awareness about the benefits of vertical farming systems, and growing interest in innovative food delivery methods. In addition, the increasing popularity of e-commerce is also expected to drive the growth of this market. The Global Vertical Farming System/Module Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Vertical Farming System/Module Market Definition
Vertical farming can be defined as a practice of producing food on vertically inclined surfaces instead of farming vegetables and food on a single level, such as in a field or a greenhouse. Through this method, foods are produced in vertically stacked layers commonly integrated into other structures such as a skyscraper, shipping containers, or used warehouses. The modern ideas of vertical farming are focused on controlling all environmental factors by utilizing indoor farming techniques and controlled-environment agriculture (CEA) technology. The artificial control of light, temperature, humidity, and gases makes producing foods & vegetables indoors possible. The primary goal of vertical farming is to increase the production of crops in a controlled space.
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Global Vertical Farming System/Module Market Overview
The rise in awareness about sustainable farming due to an increase in urbanization and less availability of fertile land is one of the prominent driving factors for market growth. In addition, the increasing preference for locally grown food with higher nutrients in the urban areas supplements the also fueling the growth of the market. Furthermore, with the growing advancements in technology, factors such as automation and the implementation of artificial intelligence in various industry sectors are leading to an increased rate of urbanization.
However, high initial investments, lacking technical knowledge, and a limited variety of crops grown might hamper the overall market. Vertical farming is considered a highly sustainable and efficient way of producing food. For instance, Nordic Harvest uses 250 times less water than a traditional farm would require. Furthermore, vertical farming is less disruptive to native animals and plants because of its limited land usage, further protecting native wildlife and flora. As a result, the Vertical Farming System/Module Market in North America and other regions, such as the Middle East, have higher record amounts. Venture capitalists, individual investors, governments, and financial institutions are among the sector’s major investors today.
Global Vertical Farming System/Module Market Segmentation Analysis
The Global Vertical Farming System/Module Market is Segmented on the basis of Product, Application, And Geography.
Vertical Farming System/Module Market, By Product
Aquaponics
Hydroponics
Aeroponics
Based on Product, the market is bifurcated into inkjet Aquaponics, Hydroponics, and Aeroponics. The Hydroponics segment accounted for the largest market share in 2021. Hydroponics is a method of growing plants without soil, where the soil is replaced by a mineral solution inserted around the plant roots. The technique is used to grow plants in a nutrient-rich environment without the need for sunlight. Hydroponically grown plants produce their own nutrients and are free from many diseases and pests that are common to traditional farming methods.
Vertical Farming System/Module Market, By Application
Outdoor
Indoor
Based on Application, the market is segmented into Outdoor and Indoor. The outdoor segment accounted for the largest market share in 2021. Vertical farms using hydroponics or aeroponics techniques can be easily integrated into existing agricultural land use, which makes it an attractive option for farmers who are looking to expand their operations without having to purchase new land or build new structures.
Vertical Farming System/Module Market, By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
On the basis of Geography, the Global Vertical Farming System/Module Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the Vertical Farming System/Module Market in terms of revenue share in 2022. North America dominated the Global Vertical Farming System/Module Market in terms of revenue share with more than 35% market share. The region is expected to witness a significant CAGR over the forecast period. North America has been at the forefront of adopting modern technologies and this trend is expected to continue over the next seven years, thereby driving demand for VFS systems in this region.
Key Players
The “Global Vertical Farming System/Module Market” study report will provide valuable insight emphasizing the global market. The major players in the market are H Metropolis Farms, Green Hive, Nihon Advanced Agri CO., Smart Grow System, UPGROWN FARMING CO., Green Living Technologies, VertiCrop, HOVE International, Urban Crop Solutions, Modular Farm Co.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.
Key Developments
In 2021, AppHarvest’s flagship facility in Morehead, Kentucky, began its first shipments of beefsteak tomatoes to retailers including Kroger, Walmart, Meijer, Food City, and Publix. The 60-acre CEA farm reportedly uses 90% less water than traditional open-field farming and is expected to produce 45 million pounds of non-GMO tomatoes each year.
In 2022, Green Basket’s pilot farm started first vertical farm in Riyadh and only the second vertical farm in Saudi Arabia.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into Active, Cutting Edge, Emerging, and Innovators categories.
Market Attractiveness
The image of market attractiveness provided further helps to get information about the region leading in the Global Vertical Farming System/Module Market. We cover the major impacting factors driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Vertical Farming System/Module Market, gauge the attractiveness of a particular sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2021-2031
Base Year
2024
Forecast Period
2024-2031
Historical Period
2021-2023
UNIT
Value (USD Billion)
Key Companies Profiled
H Metropolis Farms, Green Hive, Nihon Advanced Agri CO., Smart Grow System, UPGROWN FARMING CO., Green Living Technologies, VertiCrop, HOVE International, Urban Crop Solutions, Modular Farm Co.
Segments Covered
By Product
By Application
By Geography
Customization Scope
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis
Table of Content
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