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Increase in global demand for food and rapid increase in urbanization are some key factors driving market revenue growth

VANCOUVER, BC, UNITED STATES, April 21, 2022 /EINPresswire.com/ -- Global vertical farming market size reached USD 3.09 Billion in 2021 and is expected to register a revenue CAGR of 23.5% during the forecast period, according to latest analysis by Emergen Research. Increase in global demand for food and rapid urbanization are expected to support market revenue growth during 2022-2030.
In addition, the rapid climate change caused by global warming has adversely affected the weather patterns, causing irregular rainfall, drought, desertification, thereby reducing agricultural productivity. Increasing population is expected to lead to a rise in global demand for food, which is further expected to increase demand for alternative agriculture practices such as vertical farming to ensure food security. This is expected to further accelerate revenue growth of the market during the forecast period. Rapid increase in urbanization has led to increasing adoption of urban farming technology that involves large-scale agricultural production in the urban surroundings within confined spaces. According to the World Bank, over 50% of the world population lives in urban areas, which is expected to increase by 1.5 times by 2045.
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The study further explores and provides an in-depth analysis of current market dynamics and recent trends, focusing on various key factors and potential growth opportunities and risks. The report focuses on leading regions and their major countries to anticipate market growth in the forecast years.
Some major companies in global market report include AeroFarms, LLC, Agricool SAS, Sky Greens, Emirates Vertical Farming Farms, Freight Farms, Inc., Green Sense Farms Holdings, Inc., Heliospectra AB, LumiGrow, Inc., Signify Holding B.V., and Hydrofarm LLC.
Highlights from the Report
Building-based segment revenue is expected to expand at a substantially rapid CAGR during the forecast period owing to increasing urbanization and minimal availability of land in urban areas for agricultural practices.
Control systems segment accounted for largest revenue share over the forecast period owing to increasing demand for intelligent control systems embedded in buildings and containers for controlling and optimizing the internal environment conditions to prolong productivity.
North America is expected to register a steady revenue growth rate in vertical farming market over the forecast period owing to the robust presence of international and domestic enterprises providing vertical farming products such as AeroFarms, LLC, Freight Farms, Inc., Green Sense Farms Holdings, Inc., LumiGrow, Inc., and Hydrofarm LLC. among others in countries in the region.
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The report studies the historical data of the Vertical Farming Market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects.
Emergen Research has segmented global vertical farming market on the basis of system, type, structure, equipment, and region:
System Outlook (Revenue, USD Billion, 2019–2030)
Hydroponics
Aeroponics
Aquaponics
Type Outlook (Revenue, USD Billion, 2019–2030)
Aggregate Systems
Open System
Closed System
Liquid Systems
Structure Outlook (Revenue, USD Billion, 2019–2030)
Building-based
Shipping Container-based
Equipment Outlook (Revenue, USD Billion, 2019–2030)
Heating Ventilation and Air Conditioning (HVAC)
Light-emitting Diode (LED)
Grow Lights
Irrigation Systems
Material Handling Equipment
Control Systems
Geographical Segmentation:
The latest research report entails an in-depth analysis of the current growth opportunities for various regions of Vertical Farming, gauging their revenue share over the forecast timeline. Furthermore, the report analyses the year-on-year growth rate of these regions over the forecast duration. The leading market regions profiled in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report offers a comprehensive understanding of the impact of the COVID-19 pandemic on the overall market growth and expansion. COVID-19 has affected the global economy by interfering with production and demand, causing market disruption, and inducing financial instability.
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Key Points of Vertical Farming Market:
Key insights into the regional spread of the industry in key geographies
Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
Complete data about the key manufacturers and vendors in the Vertical Farming market
Thank you for reading our report. Customization of the report is available. To know more, please connect with us, and our team will ensure the report is customized as per your requirements.
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