North America Vertical Farming Market to Grow at a CAGR of 25.70% to reach US$ 6,523.6 million Million from 2021 to 2028

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North America Vertical Farming Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics) and Component (Lighting, Sensor, Climate Control, Irrigation Component, Building Material, and Others)

Publication Month: Nov 2021 | Report Code: TIPRE00025863 | No. of Pages: 91 | Category: Manufacturing and Construction | Status: Published

The North America vertical farming market is expected to reach US$ 6,523.6 million by 2028 from an estimated value of US$ 1,469.4 million in 2021; it is likely to grow at a CAGR of 25.70% from 2021 to 2028.



The factors attributed to driving the growth of market are the rise in popularity of organic food and increasing benefits of vertical farming compared to conventional farming. However, the high initial investments and maintenance costs may hamper the growth of the North America vertical farming market in the forecast period.

Over the years, the vertical farming market has picked up significant momentum. The rising awareness pertaining to the benefits offered by vertical farming has emerged as the key factor driving this growth. Since vertical farming does not depend on weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Compared to conventional farming, it increases production by nearly 240 times while requiring 99% less land and 98% less water. The rise of next-generation, AI-powered vertical farming technologies that have been a noticeable help in reducing the consumption of both land and water is boosting the growth of this market substantially. In the near future, the vertical farming market is likely to gain from the increasing demand for creating a sustainable agricultural ecosystem. Technological advancements, such as the increased use of controlled environmental resources and agriculturally unfavourable locations, mainly skyscrapers, shipping containers, and vacant warehouses, are expected to boost the market. Ascending focus on recapturing evaporated water and recycling of products, in a bid to reduce wastage, is also projected to add to the market’s rise in the coming years. Another important factor that is expected to support the vertical farming market going forward is the high yield of fresh local crops that vertical farming help achieve. Along with expanding agricultural operations, the increasing demand for organic and healthy produce among urban consumers, especially in the wake of the COVID-19 pandemic, is likely to pave the way for this market’s rise over the next few years.

Regions such as the US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The lower production volumes have had severe impacts on supply chain and vertical farming equipment providers. Moreover, market players in region operating with limited workforce and the scheduled deliveries of vertical farming equipment was affected in 2020. However, as vaccination drive was initiated, and containment measure were relaxed the real-time location system market started to gain traction in 2021. There is also a growing adoption of environment-friendly and profitable technology in North America which is anticipated to propel the growth of the vertical farming market

 

vertical farming market

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NORTH AMERICA VERTICAL FARMING MARKET SEGMENTATION

By Growth Mechanism

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Component

  • Lighting
  • Sensor
  • Climate Control
  • Irrigation Component
  • Building Material
  • Others

By Country

  • US
  • Canada
  • Mexico

Company Profiles

  • Eden Green Technology
  • Elevate Farms Inc.
  • iFarm
  • OSRAM GmbH
  • Plenty Unlimited Inc.
  • Agrilution
  • AeroFarms
  1. Eden Green Technology
  2. Elevate Farms Inc.
  3. iFarm
  4. OSRAM GmbH
  5. Plenty Unlimited Inc.
  6. Agrilution
  7. AeroFarms
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America vertical farming market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the North America vertical farming market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution. 
TIPRE00025863
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