Global vertical farming market worth $1,405.5 million in 2016
As per the research, the global vertical farming market is expected to grow from $1,405.5 million in 2016 to $6,372.5 million by 2023. The global vertical farming market has been growing significantly, owing to its consistent and reliable growth cycle, which allows commercial growers to confidently deliver their supply contracts on time, and rising demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides. Consumers of vertically-produced crops seek benefits such as improved taste and higher nutrient value.
Vertical farming is increasing the demand for organic food, faster than the domestic supply, since consumers see organically grown food as a healthier and more nutritious option, over the conventionally grown products. The use of highly efficient LED lighting technology helps in reducing power usage to obtain maximum growth of the plant. The photosynthetic wavelengths are managed with the computer in accordance with the period of crop growth. This further minimizes energy usage while ensuring optimized crop yields. Vertical farming technology is cost competitive and provides an automated growing system which provides automatic SMS alerts for any default.
To Browse Full Report Visit Here: https://www.psmarketresearch.com/market-analysis/vertical-farming-market
Insights on market segments
During the forecast period, the building-based structure vertical farming will continue forming the larger part of the market compared to shipping container vertical farming. And, the hydroponics growth mechanism will continue contributing largest revenue to this market during the forecast period. Based on hardware, lighting has been the largest revenue generating hardware for the global vertical farming market. Based on crop type, the vertical farming market witnessed largest revenue for lettuce cultivation.
North America stands as the largest vertical farming market
Geographically, North America has been the largest vertical farming market. Vertical farming creates huge opportunities for pharmaceutical companies in North America for developing its own patented products such as from seed to the production of finished products. The companies further provide those proprietary products to the medicinal, nutraceutical and cosmetic industries and help them to expand their customer base.
Increasing adoption of organic foods escalates the market growth
Increasing demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides is driving the growth of the global vertical farming market. Vertical farming helps in producing organic foods, which are grown without the use of pesticides, artificial fertilizers and genetically modified organisms. With the developing trend towards eating healthy food, consumers have begun to perceive organic foods as an immaculate topping with loads of flavors.
Ask For Sample Pages: https://www.psmarketresearch.com/market-analysis/vertical-farming-market/report-sample
High intensity of rivalry in vertical farming market
The overall intensity of competition is low in the global vertical farming market. The market witnessed a CAGR of 22.3% during 2013 – 2016. Owing to the high growth rate, the intensity of rivalry in the market is high.
By Hardware Type
- Grow Lights
- Grow Light Reflectors
- Grow Light Ballasts
- Hydroponics Component
- Pumps and Irrigation
- Meters and Solutions
- Water Filtration
- Climate Control
- Ventilation Fans
- Air Purification/Control
- Temperature Sensors
- CO2 Sensors
- Nutrient Sensor
- PH Sensors
- Crop Sensors
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.