According to the new market research report on the "Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering, Crop Type, and Region - Global Forecast to 2025", The vertical farming market is projected to reach USD 7.3 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 20.2% during the forecast period. The growth of the vertical farming market is primarily attributed to high yield and numerous other benefits associated with vertical farming over conventional farming, advancements in light-emitting diode (LED) technology, year-round crop production irrespective of weather conditions, and requirement of minimum resources.
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Factors such as positive impacts of adopting vertical farming on the environment, potential market opportunities in APAC and the Middle East, and cannabis cultivation through vertical farming are expected to create growth opportunities for the market.
Based on hardware, lighting held larger share of the vertical farming market in 2019.
Sunlight is a vital resource in traditional farming. However, vertical farming highly depends on artificial lights. Artificial light acts as a substitute for the sunlight and is required to provide sufficient light intensities that enable crop growth. The amount and duration of the light are the main aspects considered while providing lighting for plants. Lights either provide a light spectrum like that of the sun or a spectrum that caters to the needs of the plants. Outdoor lighting conditions can be created with varying colors, temperatures, and spectral outputs from the grow lights, as well as varying the intensity output of the lamps. Depending on the type of plant being cultivated, the stage of cultivation, and the photoperiod required, specific ranges of spectrum, luminous efficacy, and color temperature are used with specific plants and for different time periods.
The hydroponics growth mechanism segment projected to account for large size of the vertical farming market during the forecast period.
The hydroponics growth mechanism is used widely by commercial growers. This mechanism is easier to set up, costs less than other mechanisms, and has a higher return on investments (ROI). Comparing the investment required to set up a hydroponics and aeroponics facility of the same size, aeroponic requires a high initial investment. Hydroponic mechanism recycles the maximum amount of water with minimal wastage making it the most water-efficient method of farming. The control over the amount of nutrients to be delivered to plants can be done effectively, enabling control over the growth process and influencing factors such as the speed of growth and size of the plants. In the hydroponic mechanism, in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aeroponics, where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.
The vertical farming market in APAC is projected to hold the largest share in 2025.
Companies from other regions are investing in APAC countries to establish vertical farms. For instance, in 2018, Plenty (US), a vertical farming company, announced its plan of building 300 vertical farms across China. Vertical farms in the region are also backed by advanced technologies such as LED technology that assists the crops cultivated with photosynthesis by providing the right intensity of light. Everlight Electronics (Taiwan) is a manufacturer of LEDs for vertical farming. Vertical farms have also entered into partnerships with agriculture technology providers to enhance the productivity of their farms. Asahi Techno (Japan) uses Illumitex’s (US) LED solutions to enhance the growth process of the crops. Such investments and partnerships are expected to catalyze the growth of the vertical farming market in the region.
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Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread Co., Ltd. (Japan), Plenty (US), Valoya (Finland), Everlight Electronics Co., Ltd. (Taiwan), and Heliospectra (Sweden) are a few major players in the vertical farming market.