According to Stratistics MRC, the Global Vertical Farming Market is estimated at $1.15 billion in 2015 and is poised to reach $6.31 billion by 2022, growing at a CAGR of 27.5%.
Increasing inclination towards healthy food without pesticides, rising urban population and no weather related crop failures are the factors favoring the market growth. However, limited variety of crops, high initial investment and lack of technical insights are the restraining factors for vertical farming market.
Rapidly increasing city population has made farm land inadequate for cultivation, so there is need for alternative farming techniques which acts as opportunity for vertical farming.
Based on functional device, lighting segment is likely to dominate the vertical farming market during the forecast period, due to the replacement of traditional lighting systems by energy-efficient LEDs.
Many advantages associated with hydroponics such as recycling of water and reduced nutrition costs, is expected to exhibit considerable growth over the forecast period. Asia-Pacific region is projected to hold the largest share of global vertical farming market due to increasing demand for high quality food, rising urban population and government incentives in China, Singapore, and Japan.
Bruce Bugbee, Utah State University Department of Plants, Soils and Climate, has studied plant growth in controlled environments for most of his career. Here he presents the results of his analysis of the environmental effects of Vertical Farming/Indoor Agriculture
Some of the key players in the global market include Aerofarms, Agrilution, American Hydroponics, Everlight Electronics, Farmedhere, Green Sense Farms, Hort Americas, Illumitex, Inc., Koninklijke Philips N.V, Moflo Aeroponics, Nihon Advanced Agri Corporation, Pacific Group, Philips Horticulture Lamps, Sky Green and Spread Co.