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The global vertical farming market was valued at US$ 3.66 Billion in 2021.
We expect the global vertical farming market to exhibit a CAGR of 23.40% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in various agricultural activities and non-availability of migrant labor, thereby negatively impacting the global market for vertical farming.
The rising adoption of vertical farming over traditional farming practices for crop cultivation on arid lands, mountains, unfertile lands, etc., as it is sustainable and has lower water and energy requirements, is primarily driving the global vertical farming market.
Based on the component, the global vertical farming market can be segmented into irrigation component, lighting, sensor, climate control, building material, others. Currently, lighting holds the majority of the total market share.
Based on the structure, the global vertical farming market has been divided into building-based vertical farms and container-based vertical farms, where container-based vertical farms currently exhibit a clear dominance in the market.
Based on the growth mechanism, the global vertical farming market can be categorized into hydroponics, aeroponics, and aquaponics. Among these, hydroponics account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global vertical farming market include AeroFarms, Agrilution Systems GmbH, AmHydro, Everlight Electronics Co. Ltd., Freight Farms Inc., Grönska Stadsodling, Heliospectra AB, Jones Food Company Limited, Koninklijke Philips N.V., OSRAM GmbH (ams-OSRAM AG), Signify N.V., Urban Crop Solutions, and Vertical Farm Systems Pty Ltd.
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