BIS research study highlights global vertical agriculture market to reach $ 19.86 billion by 2026
FREMONT, California, November 2, 2021 / PRNewswire / – Global Vertical Agriculture Market Expected to Reach $ 19.86 billion by 2026, reveals the premium Market Intelligence study from BIS Research. The study also highlights that the market is expected to experience a CAGR of 24.30% during the forecast period 2021-2026.
Vertical agriculture is used to produce various vegetables and fruits on vertically inclined surfaces. Unlike conventional farming of vegetables and other foods on one level, such as in a field or greenhouse, the vertical farming method produces foods in vertically stacked layers usually incorporated into structures such as a container of d shipment, a reused warehouse and a skyscraper.
The detailed study is a compilation of 91 market data tables and 23 figures spread over 169 pages and an in-depth table of contents on the Global Vertical Agriculture Market – Analysis and Forecast, 2021-2026
USP of the report:
- This report covers the major regions with an established vertical agricultural market.
- In-depth competitive benchmarking of top 15 players (including original equipment manufacturers (OEMs) and mechanism suppliers) providing a holistic view of the global vertical agricultural landscape
Market Analyst Perspective:
According to Rakhi tanwar, Senior Analyst, BIS Research, “Vertical farming has the ability to revolutionize the global agricultural industry. Through advanced agricultural techniques, food production can be carried out all year round, and thus, agricultural production can be increased and world food demand can be managed efficiently. “
See the BIS Research report: https://bisresearch.com/industry-report/vertical-farming-market.html
Key companies operating in the market and competition landscape
The main companies operating in the market are AeroFarms, AppHarvest, Vertical Harvest, CropOne, Plenty Unlimited Inc., AmHydro., Kalera, Heliospectra AB, Hort Americas, Signify Holding (Koninklijke Philips NV), OSRAM GmbH., Valoya, EVERLIGHT ELECTRONICS CO . , LTD., Sky Greens and SPREAD Co., Ltd.
The companies presented in the report were selected on the basis of a selective pool of players, mainly level 1 (which holds 50-60% of the market), mid-segment players (comprising 30-40% of the shares) , and small emerging companies (hold the remaining 10-20% share), depending on various factors such as product portfolio, annual revenues, market penetration, research and development initiatives, as well as national and international presence in the global vertical agriculture market.
Competitive benchmarking provides insight into the competitive strength of the major players operating in the market. For example, the market is dominated by organizations whose main objective is to advance the agricultural sector. Companies such as AeroFarms, SPREAD Co., Ltd, Plenty Unlimited Inc., EVERLIGHT ELECTRONICS CO., LTD., Signify Holdings (Koninklijke Philips nv), Heliospectra AB develop end-use products by collaborating with smaller companies offering innovative and advanced technologies.
Market segmentation of global vertical agriculture market
Mechanism: Vertical agriculture can be achieved by various mechanisms, such as hydroponics, aquaponics, and aeroponics. Hydroponics helps plants grow in water, aeroponics helps grow airborne plants, and aquaponics is an exceptional combination of hydroponics and fish farming in an integrated system. Both water and fish are needed to grow plants.
The hydroponics segment is the largest in the global vertical farming market. Hydroponic farms optimize plant growth, offer fresh local produce, and minimize the use of water, space, transportation, and pesticides. Additionally, hydroponics can be used in a greenhouse using natural light and, more often than not, using LED lights to save space. Due to such a wide range of benefits offered by hydroponics, its demand is increasing across the world.
Product: There is a wide range of products (components) used in vertical agriculture, including lighting devices, hydroponics components, air conditioning devices, sensing devices and others. The demand for lighting devices is expected to experience positive growth in developed and developing countries. This growth is mainly due to the benefits of lighting devices such as the propagation of young plants, the cultivation of healthier crops and crops without pesticides. In addition, crop production can be increased by using vertical farm lighting to illuminate multiple layers of crops, resulting in higher yield with a smaller footprint.
Region: The North America The region is expected to dominate the global vertical agriculture market during the forecast period. The strong agricultural growth in this region, along with the increased focus on smart agriculture and digitization in agriculture, is expected to boost the development of vertical agriculture in the region.
The United States is a major player in the North America vertical agricultural market. The United States is dominated by major vertical farming players including AeroFarms, Plenty Unlimited Inc., Bowery Farming, Gotham Greens, among others. The country has witnessed the production of a wide range of green vegetables, such as kale, arugula, lettuce and pak choi. In 2019, there were more than 2,000 vertical farms in the United States, with 60% of the market held by small and medium-sized businesses.
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Key questions addressed in the report:
- What is the estimated global vertical agriculture market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
- What are the key trends, market drivers and opportunities in the vertical farming market?
- What are the major constraints restraining the growth of the global vertical agriculture market?
- What kinds of new strategies are adopted by existing market players to expand their market position in the industry?
- What is the competitive strength of major players in the global vertical agriculture market on the basis of an analysis of their recent developments, product offerings, and regional presence?
- How is the competitive benchmarking of leading vertical agricultural companies in the Agriculture market based on the analysis of their market coverage and market potential?
- How much revenue each of the segments is expected to register during the forecast period along with the percentage of growth, based on:
- Mechanism, including hydroponics, aquaponics and aeroponics
- Product including lighting devices, hydroponic components, air conditioning devices, detection devices and others
- Region including North America, Great Britain, Europe, Asia Pacific, China, the Middle East and Africa, and the Rest-of-the-World
- What types of actors and stakeholders operate in the vertical agriculture market ecosystem, and how important are they in the global market?
- What are the main consortia and associations in the global vertical agriculture market and what are their roles in the market?
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About BIS Research
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