Future Growth of Global Vertical Farming Market: Ken Research
The Vertical farming is a manner of growing dissimilar kinds of products in vertically organized layers, in unexploited vertical warehouse spaces, in skyscrapers, in containers, and several others. The Vertical farming is a groundbreaking method used in vertically stacked layers likewise a skyscraper, used factory, or shipping container for the cultivation of food and medicinal plants. For numerous organizations, this approach allows effectiveness to accomplish their corporate social responsibility (CSR) through sustainable agricultural performs. The other advantages of vertical farming technology include the usage of technology for controlled-environmental farming and approaches for indoor farming, where all environmental aspects can be measured for crop production. Three modes or technologies are utilized to conduct vertical farming: aeroponics, hydroponics, and aquaponics. Dissimilar devices, fruits, vegetables, herbs, and aquatic species are utilized in each procedure. This approach of cultivation finds wide usage in numerous indoor and outdoor applications.
According to the report analysis, ‘Global Vertical Farming Market: Market Segments: By Hardware Type (Lighting, Hydroponics Components, Climate Control and Sensors); By Structure (Building-Based Vertical Farming and Shipping Container Vertical Farming); By Mechanism (Aeroponics, Hydroponics and Aquaponics); By Crop Type (Lettuce, Pepper, Broccoli, Cucumber, Spinach and Tomato); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030’ states that worldwide Vertical Farming Market to surpass USD 12.71 billion by 2030 from USD 2.5 billion during 2018 at a CAGR of 24.1% throughout the review period, i.e., 2019-30. Owing to the increasing popularity of organic foods, requirement for the vertical farming industry is projected to grow speedily throughout the forecast period. Also, such farms’ vertically stacked arrangement deducts the requirement for additional construction activity and land. In addition, it decreases the intervention required by machines throughout traditional farming. Thus, proficient usage of vertical space and balanced use of resources underwrite to the growth of the vertical farming industry. Furthermore, such facilities artificially demand numerous technologies for plant development. Technologies utilized in this farming enable plant growth and harvesting to be controlled, which further propels the market growth.
Although, during the present era, people around the world have become progressively conscious of the source of food they eat on a consistent basis and have moved from foods that are processed utilizing the chemicals and pesticides to the organic foods. With the growing population, the migration from rural to urban locations is also increasing. The growth of the worldwide vertical farming market is propelled by evolving lifestyles, increasing per capita income, and growing health awareness amongst consumers. Furthermore, the growing emphasis on reliable crop production, unrelatedly of climatic conditions, is pushing farmers’ emphasis on the environmentally friendly introduction of the fresh fruits and vegetables. Governments of dissimilar regions are now motivating sustainable food production through the usage of organic pesticides. Such aspects are expected to augment the growth of modern agriculture and thus propel the growth of vertical agriculture. Therefore, in the near years, it is predicted that the market of vertical farming will increase around the globe more positively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications