Global Vertical Farming Market
Global Vertical Farming Market By Structure, By Component, By Growth Mechanism, By Geographic Scope And Forecast
According to Verified Market Research, the Global Vertical Farming Market was valued at USD 2.51 Billion in 2018 and is projected to reach USD 13.04 Billion by 2026, growing at a CAGR of 22.75% from 2019 to 2026.
Vertical farms are classified as a form of controlled environment agriculture and can be further categorized into three types. The first type of farming refers to the construction of tall structures with several levels of growing beds, which are often lined with artificial lights. The second type of vertical farming takes place on the rooftops of buildings (such as commercial and residential structures) while the third type of vertical farming takes place in a multistory building. It provides a favorable environmental condition for the growing of fruits and vegetables and non-edible plants. Vertical farming strives to ensure sustainability by addressing food security issues to the world’s growing urban population.
With the increasing advancements in technology, factors such as automation and the implementation of artificial intelligence in various industry vectors are leading to an increased rate of urbanization. The concept of vertical farming has been developed on the basis of its potential to provide large populations concentrated in urban areas with locally grown food – and to meet the demands of an ever-growing worldwide population. Due to the challenges and costs of transporting fresh crops to larger cities, urban farmers have realized the potential in utilizing existing square meters in tall city buildings and producing crops locally.
Moreover, other factors such as growing demand for high-quality food without any pesticides or herbicides, an independent farming technique with very less impact of climatic conditions and the possibility of growing vegetables and fruits in a limited space have been driving the market for the global vertical farming market. On the other hand, high initial investments, lacking technical knowledge and a limited variety of crops grown might hamper the overall market.
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