The market size for vertical farming was estimated at USD 5.1 billion in 2022. The market for vertical farming is anticipated to increase from USD 6.2 billion in 2023 to USD 33.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.30% over the forecast period (2023-2032). The Vertical Farming Market potential is expanded by the expanding population, and vertical farming is becoming more popular due to its greater yield than traditional farming. These are the main market factors accelerating market expansion.

The paucity of land needed to meet future food demand and the harmful environmental effects of global deforestation, such as desertification and flooding, are just two of the difficulties that face the world's agriculture.

Comparatively to conventional farming, vertical farming is anticipated to play a significant part in focusing on the expanding food need while reducing its impact on the environment. A growth method made to endure weather and climate change is vertical farming.

The year-round production of crops for both human and livestock consumption, as well as constant quality and predictable results, are benefits of vertical farming. Vertical farming enables more crops to be grown annually in a much less area than a typical farm by enabling faster growth cycles and harvests.

Nearly 350 times more crops are produced per square yard on one of the highest-yielding vertical farms than on a typical farm. In metropolitan locations, vertical farms create a farm-to-table order-based system, drastically reducing food packaging, waste, and the amount of fuel necessary to transport food. Because vertical farming is more effective and productive than traditional farming, the Vertical Farming Market is growing.

Key Companies in the vertical farming market include

• Aerofarms (US)
• Urban Crop (Belgium)
• Illumitex, inc. (US)
• Sky Greens (Singapore)
• Koninklijke Philips N.V. (Netherlands)
• Everlight Electronics Co., Ltd. (Taiwan)
• Green Sense Farms, LLC (US)
• Agrilution (Germany)
• American Hydroponics (US)
• Vertical Farm Systems (Australia)

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The utilisation of systems including vertical farms, aquaponics, hydroponics, recirculating aquaculture systems, glasshouses, and living space farming is also growing in popularity. These methods mostly operate without the use of sunlight. High-tech growers are now using LED lights to raise crops as a result of technological breakthroughs and smart agriculture.

When sunlight isn't accessible, LED lights help in the distribution of energy to the numerous crops grown in small, confined places in vertical farms. The shelf life of crops may be extended by these LED lights.

One of the main benefits of container farming is that it is portable and doesn't need a big piece of land or a special facility to start growing. Additionally, when competition intensifies, shipping container prices decrease as a result of the low cost of purchasing used containers, which enables new businesses to enter the market. Demand for hydroponic components is anticipated to be driven by farmers' greater adoption of hydroponic equipment to lessen the infrastructure needed to support the equipment and the weight burden.

Agriculture that uses climate control involves cultivating plants in a glasshouse under a controlled environment that enables a grower to maintain and monitor the ideal levels of light, carbon dioxide, water, humidity, pH levels, and nutrients for crop growth.

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Vertical Farming Market Segmentation

Based on type, the Vertical Farming Market is segmented into glass and plastic greenhouses, irrigation components, lighting, sensors, climate control, and building materials. The climate control sector dominated the market over the projection period.

Building-based vertical farms and container-based vertical farms are both included in the vertical farming market segmentation based on structure. With 53.32% of the market in 2022, the container-based vertical farms segment led the market and is expected to continue to do so from 2022 through 2032. This growth is attributed to the building's capacity to support crop production regardless of location.

According to the growth mechanism, the vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The segment of hydroponics had the most market share in 2022. Hydroponics is a well-liked growth technique due to its low installation costs and simplicity of use. It is a technique for growing plants that substitutes a mineral solution for dirt around the plant roots.

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. This industry will be dominated by the North American Vertical Farming Market due to the increased demand for fresh and organic goods, technical improvements, and other factors.

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