North America Vertical Farming Market (2024-2029)

RESEARCH METHODOLOGY

The study involved four major activities in estimating the size of the vertical farming market. Exhaustive secondary research has been carried out to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.

Secondary Research

Revenues of companies offering vertical farming systems have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.

In the secondary research process, various sources have been referred to for identifying and collecting information for this study on the vertical farming market. Secondary sources considered for this research study include government sources, corporate filings, and trade, business, and professional associations. Secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated through primary research.

Secondary research has been mainly used to obtain key information about the supply chain of Vertical farming systems to identify key players based on their products and prevailing industry trends in the Vertical farming market by offering, type, panel size, location, vertical, and region. Secondary research also helped obtain market information- and technology-oriented key developments undertaken by market players to expand their presence and increase their market share.  

Primary Research

Extensive primary research has been conducted after understanding and analyzing the current scenario of the Vertical farming market through secondary research. Several primary interviews have been conducted with the key opinion leaders from the demand and supply sides across four main regions—North America, Europe, Asia Pacific, and the Rest of Europe. Approximately 25% of the primary interviews were conducted with the demand-side respondents, while approximately 75% were conducted with the supply-side respondents. The primary data has been collected through questionnaires, emails, and telephone interviews.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primary. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up procedure has been employed to arrive at the overall size of the vertical farming market.

• Company-wise revenues generated through the sale of lighting, hydroponic components, climate control, sensors, software, and services have been estimated.
• Break down of the sales data of key companies offering products for vertical farming has been estimated, and percentage splits have been derived.
• The market size of each offering segment i.e. hardware, software, and services have been estimated.
• The global vertical farming market size has been arrived after adding market estimates from hardware, software, and services segment .

The top-down approach has been used to estimate and validate the total size of the Vertical farming market.

• MarketsandMarkets has considered top-line investments and R&D expenditure in the vertical farming ecosystem.
• Information related to the revenue generated in the vertical farming market through different segments—growth mechanisms, structures, and geography—has been collected.
• Multiple on-field discussions with key opinion leaders have been carried out across major companies involved in the vertical farming market to validate their market position.
• Geographic splits have been estimated using secondary sources based on numerous factors, such as the number of players in a specific country and region and the range of offerings each company serves.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market has been split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from the demand and supply sides in the vertical farming market.

Market Definition

Vertical farming is a method of cultivating crops on a vertical stack in an urban setup. In vertical farming, an artificial environment is created inside a facility, using technology, which helps plants grow with high nutritious content in a short period compared with traditional farming. Growth, productivity, and quality of plants depend on technologies, such as climate control, air purification, lighting, and pump and irrigation systems. Vertical farming can be done using three different growth mechanisms: hydroponics, aeroponics, and aquaponics. The vertical farms can be of different types, such as building-based, shipping container-based, and deep farms. The output of the vertical farms is multifold compared with conventional farming in the same area of a farm, as crops are grown using vertical stacks in vertical farms in a controlled environment agriculture technology, increasing the quantity of produce, while in conventional farming, crops are planted at a single level, making vertical farming an efficient farming technique.

Key Stakeholders

• Raw material vendors
• Original technology designers and suppliers
• Raw material and component suppliers
• Vertical farming system manufacturers
• Assembly manufacturers
• System integrators
• Assembly and packaging vendors
• Technical universities
• Research institutes and organizations
• Market research and consulting firms
• Original equipment manufacturers (OEMs)

Report Objectives

• To define, describe, and forecast the vertical farming market by growth mechanism, structure, and offering, in terms of value
• To define, describe, and forecast the market by crop type in terms of volume
• To describe and forecast the market for various segments, with respect to four main regions, namely, the North America, Europe, Asia Pacific, and the RoW(South America, and MEA), in terms of value
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges that influence the market’s growth
• To analyze the impact of generative artificial intelligence (Gen AI) on the vertical farming market.
• To provide a detailed overview of the vertical farming market’s value chain, along with the ecosystem, technology trends, use cases, regulatory environment, and Porter’s five forces analysis for the market
• To analyze industry trends, pricing data, patents and innovations, and trade data (export and import data) related to the vertical farming systems
• To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the total market
• To strategically profile the key players and comprehensively analyze their market share and core competencies
• To analyze opportunities for stakeholders and provide a detailed competitive landscape of the market
• To analyze competitive developments such as product launches/developments, contracts, collaborations, partnerships, agreements, acquisitions, expansions, and research and development (R&D) activities carried out by players in the vertical farming market

Available customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players based on various blocks of the supply chain