The vertical farming market is expected to grow from US$ 4,300.2 million in 2021 to US$ 19,864.8 million by 2028; it is estimated to grow at a CAGR of 24.4% from 2021 to 2028.
The vertical farming market is experiencing significant traction across the world due to the mounting demand for food, propelled by the rising global population. Since it uses 90% less water, requires less space, and yields more crops in shorter periods, compared to conventional farming, its demand is increasing at a significant rate. In this technique, the cultivation of fruits and vegetables is not restricted to seasonal cycles, as the requisite atmospheric conditions can be created at farming sites. However, the high initial investment cost is a hindrance to the growth trajectory of the vertical farming market. Nevertheless, the increasing demand for organic food, coupled with the rising adoption of veganism across the world, is anticipated to boost the global vertical farming market during the forecast period.
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Vertical Farming Market: Strategic Insights
Market Size Value in US$ 4,300.2 million in 2021 Market Size Value by US$ 19,864.8 million by 2028 Growth rate CAGR of 24.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Vertical Farming Market: Strategic Insights
| Market Size Value in | US$ 4,300.2 million in 2021 |
| Market Size Value by | US$ 19,864.8 million by 2028 |
| Growth rate | CAGR of 24.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Vertical Farming Market
Governments across the world imposed various containment measures to control the spread of COVID-19. While in several countries the governments imposed complete lockdown, other countries experienced partial lockdown, and businesses were allowed to operate with various regulations. The production facilities were halted due to the shortage of workers in the vertical farming sector. Long-term decline in manufacturing, travel bans, and facility shutdown kept the workers away from factories for prolonged periods. This led to the shortage of equipment such as sensors and lighting required in the vertical agriculture market, decelerating the growth of the vertical farming market in 2020. The pandemic has also led to limitations on the availability of agricultural laborers and disruptions in international supply chains. However, the negative impact of COVID-19 on the electronics and semiconductors industries is expected to last for a short span, and the market is anticipated to observe a high demand in 2021, as economies have begun reopening and containment measures are being relaxed since the start of this year. The vertical farming market is also anticipated to witness significant growth due to the rise in urban agriculture as the means of addressing local food shortage during the post-pandemic period.
Lucrative Regions for Vertical Farming Providers
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Vertical Farming Market Insights
Benefits of Vertical Farming Over Conventional Farming
The vertical farming market has picked up significant momentum over the years. The rising awareness pertaining to the benefits of vertical farming is a key factor driving this growth. Since vertical farming is independent of weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Moreover, it enables them to yield more in a small area. Compared to conventional farming, vertical farming yields ~240-times greater while requiring 99% less land and 98% less water. The emergence of next-generation, AI-powered vertical farming technologies that can help reduce the consumption of land and water further is boosting the growth of this market substantially. Moreover, increasing demand for sustainable agricultural ecosystems will continue to boost the demand for vertical farming in the coming years. Technological advancements have enabled the use of controlled environmental resources and agriculturally unsuitable sites, mainly skyscrapers, shipping containers, and vacant warehouses. Ascending focus on recapturing evaporated water and recycling products, in a bid to reduce wastage, is also projected to augment the vertical farming market proliferation in the coming years.
Component-Based Market Insights
Light-emitting diode (LED) lights, high-intensity discharge lights, and fluorescent lamps are among the lighting types used for vertical farming. Among this, LED lights are the most widely used lighting for vertical farming. The unique properties of LED lights—such as energy-efficiency, low heat generation, compact size, and lifespan up to 50,000—encourage the adoption of LEDs. These lights are cost effective and their light intensity can be controlled to suit different plants and crops, which are among the major advantages of LEDs. Moreover, these lights can separate dissipated heat from the illumination source, which becomes an important characteristic for high-intensity LEDs. This type of decoupling rules out the risk of plant overheating, thus allowing the placement of LEDs near plant canopies. However, the cost of LED light bulbs is higher than the other two types lighting technologies fluorescent lamps and high-intensity discharge lights
Vertical Farming Market, by Component – 2020 and 2028 (%)
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Players operating in the vertical farming market adopt strategies such as mergers and acquisitions to maintain their positions in the market. A few of developments by key players are listed below:
- In August 2021, AeroFarms announced that it will be expanding its footprint in St. Louis, Missouri, US, with an indoor vertical farm spread over the area of 150,000 ft2. The expansion would provide AeroFarms a rapid access to retail partners across the Midwest in the US.
- In July 2020, Eden Green Technology, a vertical greenhouse farming technology firm based in Dallas, announced a shift in its business strategy; the company operates as a provider of economically and ecologically sustainable solutions, in addition to the farming technologies. This is especially crucial during the COVVID-19 pandemic as it has disrupted supply chains and redirected consumers’ attention toward health and safety.
The vertical farming market has been segmented as follows:
Vertical Farming Market – by Growth Mechanism
- Hydroponics
- Aeroponics
- Aquaponics
Vertical Farming Market – by Component
- Lighting
- Sensor
- Climate Control
- Irrigation Component
- Building Material
- Others
Vertical Farming Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Eden Green Technology
- Elevate Farms Inc.
- iFarm
- OSRAM GmbH
- Plenty Unlimited Inc.
- Sky Greens
- Vertical Farm Systems
- Square Mile Farms
- Agrilution
- AeroFarms
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Growth Mechanism and Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The vertical farming market is experiencing significant traction across the world due to the mounting demand for food, propelled by the rising global population. Since vertical farming uses 90% less water, requires less space, and yields more crops in a shorter period of time compared to conventional farming, its demand is increasing at a significant rate. In this technique, the cultivation of fruits and vegetables are not restricted to seasonal cycles, as the requisite atmospheric conditions can be created in vertical farms. Meanwhile, the increasing demand for organic foods, coupled with the rising adoption of veganism across the world is anticipated to boost the global vertical farming market over the forecast period.
The farming and agriculture industry is leveraging the potential of AI considerably. Key market players are monitoring the requisite environment for plant development, including soil, water, light exposure, and crop yield data. They are now able to track and control plant development using various advanced technologies, such as AI-powered tools and robotics. The advanced climate-controlled vertical farming setup consists of AI-powered robots, which control water consumption, temperature, and lighting and 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 players in the vertical farming market space.
Hydroponics is one the modern horticulture practices which involves cultivation of plants without the use of soil. The necessary nutrients required for the growth of the plants are integrated in the water and this water is circulated in among the roots of the plants for providing the nourishment. The nutrients integrated in the water varies from the type of produces to be cultivated. Moreover, the hydroponics can yield more produce in smaller space and requires 90% less water compared to conventional farming practices. With the rising demand for food across the globe various governments are taking various initiatives for boosting modern farming practices. For instance, The US Department of Agriculture (USDA) have announced to over US $4 billion toward strengthening our food system owing to the rising food demand. Further, Maharashtra state government in India has recently announced to provide 50% subsidy to farmers for adopting hydroponics for growing animal fodder. Thus, such initiatives by governments across the globe is expected to boost the vertical farming market.
In 2020, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is a prospective market for vertical farming market players.
The major companies in Vertical Farming includes AGRILUTION SYSTEMS GMBH; iFarm; AEROFARMS, LLC; SKY GREENS; Everlight Electronics; and Green Sense Farms LLC
The major components in Vertical Farming includes lighting, sensor, climate control, irrigation component, building material, and others.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Vertical Farming Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia-Pacific
4.2.4 Middle East and Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Vertical Farming Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Benefits of Vertical Farming Compared to Conventional Farming
5.1.2 Rise in Popularity of Organic Food Leading to Increased Uptake of Vertical Farming
5.2 Market Restraints
5.2.1 High Initial Investments and Maintenance Costs
5.3 Market Opportunities
5.3.1 Artificial Intelligence and Robotics to Revolutionize Vertical Farming
5.4 Future Trends
5.4.1 Rapid Developments in Precision Farming Technologies
5.5 Impact Analysis of Drivers and Restraints
6. Vertical Farming Market – Global Analysis
6.1 Vertical Farming Market Global Overview
6.2 Vertical Farming Market – Global Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
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 – Geographic Analysis
9.1 Overview
9.2 North America: Vertical Farming Market
9.2.1 Overview
9.2.2 North America Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.2.3 North America Vertical Farming Market Breakdown, By Growth Mechanism
9.2.4 North America Vertical Farming Market Breakdown, By Component
9.2.5 North America Vertical Farming Market Breakdown, by Country
9.2.5.1 US Vertical Farming Market, Revenue and Forecast to 2028
9.2.5.1.1 US Vertical Farming Market Breakdown, by Growth Mechanism
9.2.5.1.2 US Vertical Farming Market Breakdown, By Component
9.2.5.2 Canada Vertical Farming Market, Revenue and Forecast to 2028
9.2.5.2.1 Canada Vertical Farming Market Breakdown, by Growth Mechanism
9.2.5.2.2 Canada Vertical Farming Market Breakdown, By Component
9.2.5.3 Mexico Vertical Farming Market, Revenue and Forecast to 2028
9.2.5.3.1 Mexico Vertical Farming Market Breakdown, by Growth Mechanism
9.2.5.3.2 Mexico Vertical Farming Market Breakdown, By Component
9.3 Europe: Vertical Farming Market
9.3.1 Overview
9.3.2 Europe: Vertical Farming Market Revenue and Forecast to 2028 (US$ Million)
9.3.3 Europe Vertical Farming Market Breakdown, By Growth Mechanism
9.3.4 Europe Vertical Farming Market Breakdown, By Component
9.3.5 Europe Vertical Farming Market Breakdown, by Country
9.3.5.1 Germany Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.1.1 Germany Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.1.2 Germany Vertical Farming Market Breakdown, By Component
9.3.5.2 France Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.2.1 France Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.2.2 France Vertical Farming Market Breakdown, By Component
9.3.5.3 Italy Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.3.1 Italy Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.3.2 Italy Vertical Farming Market Breakdown, By Component
9.3.5.4 UK Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.4.1 UK Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.4.2 UK Vertical Farming Market Breakdown, By Component
9.3.5.5 Russia Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.5.1 Russia Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.5.2 Russia Vertical Farming Market Breakdown, By Component
9.3.5.6 Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028
9.3.5.6.1 Rest of Europe Vertical Farming Market Breakdown, by Growth Mechanism
9.3.5.6.2 Rest of Europe Vertical Farming Market Breakdown, By Component
9.4 APAC: Vertical Farming Market
9.4.1 Overview
9.4.2 APAC Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.3 APAC Vertical Farming Market Breakdown, By Growth Mechanism
9.4.4 APAC Vertical Farming Market Breakdown, By Component
9.4.5 APAC Vertical Farming Market Breakdown, by Country
9.4.5.1 China Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.1.1 China Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.1.2 China Vertical Farming Market Breakdown, By Component
9.4.5.2 India Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.2.1 India Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.2.2 India Vertical Farming Market Breakdown, By Component
9.4.5.3 Japan Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.3.1 Japan Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.3.2 Japan Vertical Farming Market Breakdown, By Component
9.4.5.4 South Korea Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.4.1 South Korea Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.4.2 South Korea Vertical Farming Market Breakdown, By Component
9.4.5.5 Australia Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.5.1 Australia Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.5.2 Australia Vertical Farming Market Breakdown, By Component
9.4.5.6 Rest of APAC Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.6.1 Rest of APAC Vertical Farming Market Breakdown, by Growth Mechanism
9.4.5.6.2 Rest of APAC Vertical Farming Market Breakdown, By Component
9.5 MEA: Vertical Farming Market
9.5.1 Overview
9.5.2 MEA Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.5.3 MEA Vertical Farming Market Breakdown, By Growth Mechanism
9.5.4 MEA Vertical Farming Market Breakdown, By Component
9.5.5 MEA Vertical Farming Market Breakdown, By Country
9.5.5.1 Saudi Arabia Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.5.5.1.1 Saudi Arabia Vertical Farming Market Breakdown, by Growth Mechanism
9.5.5.1.2 Saudi Arabia Vertical Farming Market Breakdown, By Component
9.5.5.2 UAE Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.5.5.2.1 UAE Vertical Farming Market Breakdown, by Growth Mechanism
9.5.5.2.2 UAE Vertical Farming Market Breakdown, By Component
9.5.5.3 South Africa Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.5.5.3.1 South Africa Vertical Farming Market Breakdown, by Growth Mechanism
9.5.5.3.2 South Africa Vertical Farming Market Breakdown, By Component
9.5.5.4 Rest of MEA Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
9.5.5.4.1 Rest of MEA Vertical Farming Market Breakdown, by Growth Mechanism
9.5.5.4.2 Rest of MEA Vertical Farming Market Breakdown, By Component
9.6 SAM: Vertical Farming Market
9.6.1 Overview
9.6.2 SAM Vertical Farming Market Revenue and Forecast to 2028 (US$ Million)
9.6.3 SAM Vertical Farming Market Breakdown, By Growth Mechanism
9.6.4 SAM Vertical Farming Market Breakdown, By Component
9.6.5 SAM Vertical Farming Market Breakdown, by Country
9.6.5.1 Brazil Vertical Farming Market, Revenue and Forecast to 2028
9.6.5.1.1 Brazil Vertical Farming Market Breakdown, by Growth Mechanism
9.6.5.1.2 Brazil Vertical Farming Market Breakdown, By Component
9.6.5.2 Argentina Vertical Farming Market, Revenue and Forecast to 2028
9.6.5.2.1 Argentina Vertical Farming Market Breakdown, by Growth Mechanism
9.6.5.2.2 Argentina Vertical Farming Market Breakdown, By Component
9.6.5.3 Rest of SAM Vertical Farming Market, Revenue and Forecast to 2028
9.6.5.3.1 Rest of SAM Vertical Farming Market Breakdown, by Growth Mechanism
9.6.5.3.2 Rest of SAM Vertical Farming Market Breakdown, By Component
10. Vertical Farming Market- COVID-19 Impact Analysis
10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 South America
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Eden Green Technology
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 Elevate Farms Inc.
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 iFarm
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 OSRAM GmbH
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
12.5 Plenty Unlimited Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Sky Greens
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Vertical Farm Systems
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Square Mile Farms
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Agrilution
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 AeroFarms
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Vertical Farming Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. North America Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 3. North America Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 4. North America Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 5. US Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 6. US Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 7. Canada Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 8. Canada Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 9. Mexico Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 10. Mexico Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 11. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 12. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 13. Europe Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 14. Germany Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 15. Germany Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 16. France Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 17. France Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 18. Italy Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 19. Italy Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 20. UK Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 21. UK Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 22. Russia Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 23. Russia Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 24. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 25. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 26. APAC Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 27. APAC Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 28. APAC Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 29. China Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 30. China Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 31. India Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 32. India Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 33. Japan Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 34. Japan Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 35. South Korea Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 36. South Korea Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 37. Australia Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 38. Australia Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 39. Rest of APAC Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 40. Rest of APAC Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 41. MEA Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 42. MEA Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 43. MEA Vertical Farming Market, Revenue and Forecast to 2028 – By Country (US$ Million)
Table 44. Saudi Arabia Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 45. Saudi Arabia Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 46. UAE Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 47. UAE Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 48. South Africa Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 49. South Africa Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 50. Rest of MEA Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 51. Rest of MEA Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 52. SAM Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)
Table 53. SAM Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 54. SAM Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 55. Brazil Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 56. Brazil Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 57. Argentina Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 58. Argentina Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 59. Rest of SAM Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)
Table 60. Rest of SAM Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 61. List of Abbreviation
LIST OF FIGURES
Figure 1. Vertical Farming Market Segmentation
Figure 2. Vertical Farming Market Segmentation – By Geography
Figure 3. Global 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. North America was the Largest Revenue Contributor in 2020
Figure 7. North America – PEST Analysis
Figure 8. Europe – PEST Analysis
Figure 9. Asia-Pacific – PEST Analysis
Figure 10. Middle East and Africa – PEST Analysis
Figure 11. South America – PEST Analysis
Figure 12. Expert Opinion
Figure 13. Vertical Farming Market Impact Analysis of Drivers and Restraints
Figure 14. Geographic Overview of Vertical Farming Market
Figure 15. Global Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Vertical Farming Market Revenue Share, by Growth Mechanism (2020 and 2028)
Figure 17. Hydroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Aeroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Aquaponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Vertical Farming Market Revenue Share, by Component (2020 and 2028)
Figure 21. Lighting: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Sensor: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Climate Control: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Irrigation Component: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Building Material: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Others: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Global Vertical Farming Market Breakdown, by Region, 2020 & 2028 (%)
Figure 28. North America Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 29. North America Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 30. North America Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 31. North America Vertical Farming Market Breakdown, by Country, 2020 & 2028 (%)
Figure 32. US Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 33. Canada Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 34. Mexico Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 35. Europe Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 36. Europe Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 37. Europe Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 38. Europe Vertical Farming Market Breakdown, by Country, 2020 & 2028(%)
Figure 39. Germany Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 40. France Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 41. Italy Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 42. UK Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 43. Russia Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 44. Rest of Europe Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 45. APAC Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 46. APAC Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 47. APAC Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 48. APAC Vertical Farming Market Breakdown, by Country, 2020 & 2028 (%)
Figure 49. China Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 50. India Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 51. Japan Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 52. South Korea Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 53. Australia Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 54. Rest of APAC Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 55. MEA Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 56. MEA Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 57. MEA Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 58. MEA Vertical Farming Market Breakdown, By Country, 2020 & 2028 (%)
Figure 59. Saudi Arabia Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 60. UAE Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 61. South Africa Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 62. Rest of MEA Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 63. SAM Vertical Farming Market, Revenue and Forecast To 2028 (US$ Million)
Figure 64. SAM Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)
Figure 65. SAM Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)
Figure 66. SAM Vertical Farming Market Breakdown, by Country, 2020 & 2028 (%)
Figure 67. Brazil Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 68. Argentina Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 69. Rest of SAM Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)
Figure 70. Impact of COVID-19 Pandemic in North American Country Markets
Figure 71. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 72. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 73. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
Figure 74. Impact of COVID-19 Pandemic in South America Country Markets
The List of Companies - Vertical Farming Market
- Eden Green Technology
- Elevate Farms Inc.
- iFarm
- OSRAM GmbH
- Plenty Unlimited Inc.
- Sky Greens
- Vertical Farm Systems
- Square Mile Farms
- Agrilution
- AeroFarms
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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