The Europe vertical farming market is expected to reach US$ 5,817.5 million by 2028 from an estimated value of US$ 1,062.1 million in 2021; it is likely to grow at a CAGR of 24.1% from 2021 to 2028.
The market growth in Europe is attributed to rapid developments in precision farming technologies and the rising adoption of artificial intelligence and robotics in vertical farming. However, high initial investments and maintenance costs may hamper the growth of the Europe vertical farming market during the forecast period.The modern farming and agriculture industry is leveraging the potential of AI. Key market players in vertical farming are monitoring the requisite environmental conditions for plant development, including soil, water, light exposure, and crop yield data. Advanced technologies, such as AI-powered tools and robotics, enable farmers and agriculturists to track and control plant development. An advanced climate-controlled vertical farming setup consists of AI-powered robots, which control water consumption, temperature, and lighting; it can produce 720 acres worth of fruit and vegetable yields in just 2 acres of farmland. Favorable conditions are being created manually with the use of LED panels to replicate sunlight for the optimal development of crops. Such innovations in modern farming that leverage the advantages of AI and robotics are anticipated to provide lucrative growth opportunities for the vertical farming market players. At present, precision agriculture technologies that include automatic steering, yield monitoring, remote sensing, in-field electronic sensors, section and row control, and spatial data management are the most popular trend in the vertical farming market. With the augmenting demand for food, farmers and agriculturists are increasingly shifting toward precision farming in a bid to improve time management, reduce water and chemical usage, improve yield, and produce healthier crops. Precision farming them to maximize their yields by tapping GPS, data analytics, and applications. Maps created from the data guide the farmers about the use of seed, water, fertilizer, and pesticide in every area. They also inform them about the suitable time to harvest. The increasing awareness and knowledge about precision farming, especially in remote areas, is likely to have a positive impact on the vertical farming market over the forecast period.
Several European countries have experienced significant rise in the spread of COVID-19. For instance, Russia, the UK, Italy, Spain, Germany, and France, among others, have recorded high number of cases. Stupendous growth in the spread of SARS-CoV-2 led the governments to undertake stringent measures to contain the spread during the first wave. The countries mentioned earlier house numerous manufacturing facilities, including vertical farming equipment manufacturing plants. In addition, the shuttering of supermarkets in several European countries in the peak times of virus spread resulted in substantial decrease in demand for equipments for farming among the retailers. The majority of the businesses in the region focused on the continuity of their operations by utilizing the existing resources (both human and technologies) rather than investing on newer technologies. However, the adoption of vertical farming products has gained traction from the first quarter of 2021. The market in Europe is also anticipated to witness significant growth due to the rise in urban agriculture as a means of addressing localized food shortages during the post-pandemic period.
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EUROPE VERTICAL FARMING MARKET SEGMENTATION
By Growth Mechanism
- Hydroponics
- Aeroponics
- Aquaponics
By Component
- Lighting
- Sensor
- Climate Control
- Irrigation Component
- Building Material
- Others
By Country
- Germany
- Italy
- Russia
- France
- UK
- Rest of Europe
Company Profiles
- iFarm
- OSRAM GmbH
- Square Mile Farms
- Agrilution
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Vertical Farming Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Europe
5. Vertical Farming Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Benefits of Vertical Farming Compared to Conventional Farming
5.1.2 Rise in Popularity of Organic Food Leading to Increased Uptake of Vertical Farming
5.2 Market Restraints
5.2.1 High Initial Investments and Maintenance Costs
5.3 Market Opportunities
5.3.1 Artificial Intelligence and Robotics to Revolutionize Vertical Farming
5.4 Future Trends
5.4.1 Rapid Developments in Precision Farming Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Vertical Farming Market – Europe Analysis
6.1 Vertical Farming Market –Europe Revenue and Forecast to 2028 (US$ Million)
7. Vertical Farming Market Analysis – By Growth Mechanism
7.1 Overview
7.2 Vertical Farming Market, By Growth Mechanism (2020 and 2028)
7.3 Hydroponics
7.3.1 Overview
7.3.2 Hydroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Aeroponics
7.4.1 Overview
7.4.2 Aeroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Aquaponics
7.5.1 Overview
7.5.2 Aquaponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8. Vertical Farming Market – By Component
8.1 Overview
8.2 Vertical Farming Market, by Component (2020 and 2028)
8.3 Lighting
8.3.1 Overview
8.3.2 Lighting: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Sensor
8.4.1 Overview
8.4.2 Sensor: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Climate Control
8.5.1 Overview
8.5.2 Climate Control: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Irrigation Component
8.6.1 Overview
8.6.2 Irrigation Component: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Building Material
8.7.1 Overview
8.7.2 Building Material: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
9. Vertical Farming Market –Europe Analysis
9.1 Europe: Vertical Farming Market
9.1.1 Overview
9.1.2 Europe: Vertical Farming Market Revenue and Forecast to 2028 (US$ Million)
9.1.3 Europe Vertical Farming Market Breakdown, By Growth Mechanism
9.1.4 Europe Vertical Farming Market Breakdown, By Component
9.1.5 Europe Vertical Farming Market Breakdown, by Country
9.1.5.1 Germany Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.1.1 Germany Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.1.2 Germany Vertical Farming Market Breakdown, By Component
9.1.5.2 France Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.2.1 France Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.2.2 France Vertical Farming Market Breakdown, By Component
9.1.5.3 Italy Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.3.1 Italy Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.3.2 Italy Vertical Farming Market Breakdown, By Component
9.1.5.4 UK Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.4.1 UK Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.4.2 UK Vertical Farming Market Breakdown, By Component
9.1.5.5 Russia Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.5.1 Russia Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.5.2 Russia Vertical Farming Market Breakdown, By Component
9.1.5.6 Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028
9.1.5.6.1 Rest of Europe Vertical Farming Market Breakdown, by Growth Mechanism
9.1.5.6.2 Rest of Europe Vertical Farming Market Breakdown, By Component
10. Vertical Farming Market- COVID-19 Impact Analysis
10.1 Overview
10.2 Europe
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 iFarm
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 OSRAM GmbH
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Square Mile Farms
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Agrilution
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 2. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 3. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 4. Germany Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 5. Germany Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 6. France Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 7. France Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. Italy Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 9. Italy Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 10. UK Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 11. UK Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 12. Russia Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 13. Russia Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 14. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 15. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 16. List of Abbreviation
LIST OF FIGURES
Figure 1. Vertical Farming Market Segmentation
Figure 2. Vertical Farming Market Segmentation – By Country
Figure 3. North America Vertical Farming Market Overview
Figure 4. Hydroponics Segment Held the Largest Market Share in 2020
Figure 5. Lighting Held the Largest Market Share in 2020
Figure 6. Germany was the Largest Revenue Contributor in 2020
Figure 7. Europe – PEST Analysis
Figure 8. Vertical Farming Market Impact Analysis of Drivers and Restraints
Figure 9. Europe Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Vertical Farming Market Revenue Share, by Growth Mechanism (2020 and 2028)
Figure 11. Hydroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Aeroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Aquaponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Vertical Farming Market Revenue Share, by Component (2020 and 2028)
Figure 15. Lighting: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Sensor: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Climate Control: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Irrigation Component: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Building Material: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Europe Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 22. Europe Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 23. Europe Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 24. Europe Vertical Farming Market Breakdown, by Country, 2020 & 2028(%)
Figure 25. Germany Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 26. France Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 27. Italy Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 28. UK Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 29. Russia Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 30. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 31. Impact of COVID-19 Pandemic in Europe Country Markets
- iFarm
- OSRAM GmbH
- Square Mile Farms
- Agrilution
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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