Vertical Farming Market

Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering (Hardware, Software, and Service), Crop Type, and Geography - Global Forecast to 2022

Report Code: SE 3992 Jan, 2017, by marketsandmarkets.com
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Vertical farming is a method of cultivating produce on a vertically-inclined surface, in an urban environment. Instead of growing a single layer of crops over a large land area, stacks of crops are grown in an upward direction. In vertical farming, an artificial environment is created inside a facility using technologies that help plants grow and become more nutritious in a short span of time, as compared to traditional farming. Growth, productivity, and quality of plants depend on technologies, such as climate control, air purification, lighting system, and pump and irrigation system

The global vertical farming market was valued at USD 1,533.4 million in 2016, and is projected to reach USD 5,799.2 million by 2022, at a CAGR of 24.82% from 2016 to 2022. The major factors driving the global vertical farming market are high quality of food with low environmental impact and no use of pesticides, no crop failures related to weather, methods conducive to environment, increasing urban population, and growth in year-round production of crops.

Vertical Farming Market

By growth mechanism, Aeroponics segment to record highest CAGR of vertical farming market

The aeroponics growth mechanism segment of the global vertical farming market is expected to record the highest CAGR from 2016 to 2022. In the aeroponics growth mechanism, nutrients dissolved in water are sprayed to reach the plant roots. Aeroponics allows extensive vertical planting, which is not possible with other growth mechanisms, and is considered a technology of the future in the global vertical farming market.

Climate control, a sub-segment of hardware segment to lead the vertical farming market

The climate control sub-segment is projected to record the highest CAGR due to the increasing demand for air purification and control systems for optimum vegetation growth within the vertical farms. Moreover, air purification and control system, commonly known as HVAC, is an integral part of indoor farming systems and plays an important role to ensure product quality.

APAC to lead global vertical farming market during the forecast period

The Chinese vertical farming market has a huge growth potential, and Japan is one of the key countries with over 150 plant factories equipped with artificial lights.

Vertical Farming Market

Market Dynamics

Driver: Rising demand for high-quality food, without pesticides or herbicides

In traditional farming, growing an adequate amount of healthy food is a big challenge. Moreover, protecting the crops from inclement weather, reduction in fertile land due to growing industrialization and urbanization, and low availability of cultivable land, are big hurdles for traditional farming. Vertical farming could be a perfect solution for the same. The driving forces for the urban farm movement are the increasing consumer demand for pesticide- and herbicide-free food and the growing requirement to reduce the carbon footprint of traditional agricultural practices.

Vertical farming environment is strictly controlled, and it can be regulated at frequent intervals. Moreover, it reduces over ripening of vegetables and fruits and minimizes the use of chemicals, fertilizers, and pesticides sprayed on the crops, which could lead to health issues. Also, no insects or agricultural pests can attack the plants in vertical farming.

Restraint: Limitations on the variety of crops grown

Vertical farming being an indoor activity and an environment-managed growing system, not all plants can be grown using this technique, although cultivators claim otherwise. Numerous parameters, such as temperature adjustment, adequate water supply management, identifying and supplying nutrients to the plants, deciding on the growth mechanism to be adopted, and individual harvest time of plants, must be considered before taking up the plantation. Thus, it could be difficult to grow all types of plants through vertical farms.

Fruits and vegetables are the most suitable plants for vertical farming, as they require less time to grow, low water supply, and less sunlight. Crops, such as sugarcane, rice, and wheat, among others, require high amount of water and more harvesting time, and are hence, difficult to cultivate under vertical farming.

Opportunity: Production of biopharmaceutical products

Use of plants for large-scale production of biopharmaceutical proteins is a recent development in vertical farming. Biopharmaceuticals are proteins or compounds produced by a living organism, used for diagnostic and therapeutic purposes in human or animal health. Conventional methods of manufacturing biopharmaceuticals involve use organisms, which are highly expensive. However, using existing agricultural technologies, such as vertical farming to produce biopharmaceuticals in plants is cost-effective, requires less time and efforts, is pollution-free, and easy to measure. Vertical farms are being used not only for food production but also to aid human health. For instance, Caliber Biotherapeutics, LLC (U.S.) world's largest plant-made pharmaceutical facility that has an 18-storey, 150,000-square foot warehouse facility, which contains a staggering 2.2 million tobacco-like plants, stacked 50-feet high. These plants are grown for making new drugs and vaccines. The vertical indoor farms are carefully monitored and tightly controlled by technicians, thus shielding them from possible diseases and external contamination.

Challenge: Vertical farms on a large scale

Plants require light, space, carbon dioxide, and water for their growth, which are naturally available. In case of vertical farming, all these requirements need to be supplied externally at a specific cost. In vertical farms, energy consumed per plant is the same, no matter how large the facility is, for which a well-equipped system is required. A management and maintenance team is required to manage large-scale vertical farms and large-scale operations, which could affect the profitability of cultivators, making it a major challenge for them to run vertical farms on a large scale. Presently, small-scale farms are preferred with the available technology. Air cooling systems for bigger vertical farming facilities consume more energy, which needs to be addressed. Thus, vertical farming on a large scale is a huge challenge for the cultivators.

Scope of the Report

Report Metric

Details

Market size available for years

2013–2022

Base year considered

2015

Forecast period

2016–2022

Forecast units

USD million and billion

Segments covered

Offering, Growth Mechanism, Structure, and Region

Geographies covered

North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW)

Companies covered

Koninklijke Philips N.V. (The Netherlands), Everlight Electronics (Taiwan), Illumitex (US), Sky Farms (Singapore), AeroFarms LLC (US), Green Sense Farms (US), American Hydroponics (US), Agrilution (Germany), Urban Crops (Belgium), and Vertical Farm Systems (Australia)

Vertical farming market segmentation:

In this report, the vertical farming market is segmented into the following categories:

Vertical farming market, by Offering:

  • Hardware
  • Software
  • Field Management Services

Vertical farming market, by Growth Mechanism:

  • Aeroponics
  • Hydroponics
  • Aquaponics

Vertical farming market, for Structure:

  • Building
  • Shipping Container

Vertical farming market, for Crop Type:

  • Lettuce
  • Peppers
  • Broccoli
  • Spinach
  • Cucumbers
  • Tomatoes
  • Strawberries
  • Pomegranates
  • Others

Vertical farming market, by Region:

  • North America
  • Europe
  • APAC
  • RoW

Key Market Players

AeroFarms LLC (US), Koninklijke Philips N.V. (The Netherlands), Illumitex Inc. (US), and Sky Greens (Singapore)

Recent Developments

  • In November 2016, Urban Crops started a new office in Miami, Florida, the U.S. to handle its Americas operations and expand its network of sales agents in this region.
  • In April 2016, Illumitex, Inc. announced a contract with Buckeye Fresh (U.S), an indoor vertical farm growing sustainable produce year-round. Illumitex started working with Buckeye Fresh when the Eclipse Gen1 bars were installed. The Illumitex turnkey team worked with Buckeye Fresh to install the new LED fixture - the Eclipse Gen2 LED lights.
  • In February 2016, Vertical Farm Systems developed its own proprietary closed-growing XA Series system, which could produce its own commercial crops of baby spinach, rocket leaves, and other leafy greens.

Critical questions the report answers:

  • What are the upcoming trends for the vertical farming market?
  • Which segment in vertical farming market provides the most opportunity for growth?
  • Who are the leading vendors operating in this market?
  • What are the opportunities for new market entrants in the vertical farming market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Market Segmentation
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Opportunities for Market
    4.2 Market, By Offering
    4.3 Market, By Hardware
    4.4 Market, By Growth Mechanism
    4.5 Market, By Structure
    4.6 Market, By Geography
    4.7 Market, By Growth Mechanism and Geography
    4.8 Life Cycle Analysis, By Growth Mechanism

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Evolution of Vertical Farming
    5.3 Market Segmentation
           5.3.1 By Offering
           5.3.2 By Structure
           5.3.3 By Growth Mechanism
           5.3.4 By Crop Type
           5.3.5 By Geography
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 Rising Demand for High-Quality Food, Without Pesticides Or Herbicides
                    5.4.1.2 Independent Farming Technique With Very Less/No Impact of Climatic Conditions
                    5.4.1.3 Possible to Grow Vegetables and Fruits in A Limited Space
           5.4.2 Restraints
                    5.4.2.1 High Initial Investments
                    5.4.2.2 Lack of Technical Know-How
                    5.4.2.3 Limitations on the Variety of Crops Grown
           5.4.3 Opportunities
                    5.4.3.1 Growing Opportunities for Vertical Farming in APAC
                    5.4.3.2 Production of Biopharmaceutical Products
           5.4.4 Challenges
                    5.4.4.1 Vertical Farms on A Large Scale

6 Industry Trends (Page No. - 45)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Bargaining Power of Suppliers
           6.3.2 Bargaining Power of Buyers
           6.3.3 Threat of New Entrants
           6.3.4 Threat of Substitutes
           6.3.5 Intensity of Competitive Rivalry

7 Vertical Farming Market, By Growth Mechanism (Page No. - 53)
    7.1 Introduction
    7.2 Aeroponics
    7.3 Hydroponics
    7.4 Aquaponics

8 Vertical Farming Market, By Structure (Page No. - 61)
    8.1 Introduction
    8.2 Building-Based Vertical Farms
    8.3 Shipping Container Vertical Farms

9 Global Vertical Farming Market, By Crop Type (Page No. - 65)
    9.1 Introduction
    9.2 Micro and Macro Economic Framework
           9.2.1 Demand Analysis and Trends Involved
                    9.2.1.1 Increasing Per Capita Global GDP Over the Years
                    9.2.1.2 Increasing Urbanization and Rising Disposable Income Among Consumers in Developing Countries
                    9.2.1.3 Growing Health Consciousness Among Consumers
                               9.2.1.3.1 Increasing Demand for Organic Food
                               9.2.1.3.2 Growing Consumer Demand for Local Food
           9.2.2 Supply Analysis and Trends Involved
                    9.2.2.1 Flexibility of Farm Location
                    9.2.2.2 Seasonality
                    9.2.2.3 Improvement of Food Supply Chain
           9.2.3 Growing Overall Demand for Fruits and Vegetables
           9.2.4 Green Leafy Vegetables in Vertical Farming
           9.2.5 Strawberries in Vertical Farming
           9.2.6 Global Market, By Geography
           9.2.7 Global Market, By Crop Type
                    9.2.7.1 North America
                    9.2.7.2 Europe
                    9.2.7.3 APAC
                    9.2.7.4 RoW
    9.3 Market Trends
           9.3.1 North America
                    9.3.1.1 Aerofarms LLC
                    9.3.1.2 Gotham Greens LLC
                    9.3.1.3 Green Sense Farms LLC
           9.3.2 APAC
                    9.3.2.1 Sky Greens
                    9.3.2.2 Mirai Co., Ltd.
                    9.3.2.3 Scatil
           9.3.3 Europe
                    9.3.3.1 Plantagon
                    9.3.3.2 Infarm GmbH

10 Vertical Farming Market, By Offering (Page No. - 87)
     10.1 Introduction
     10.2 Lighting
             10.2.1 Grow Lights
             10.2.2 Grow Light Reflectors
             10.2.3 Grow Light Ballasts
     10.3 Hydroponics Components
             10.3.1 Pumps and Irrigation
             10.3.2 Meters and Solutions
             10.3.3 Water Filtration
             10.3.4 Others
     10.4 Climate Control
             10.4.1 Ventilation Fans
             10.4.2 Air Purification/Control
             10.4.3 Others
     10.5 Sensors
             10.5.1 Temperature Sensors
             10.5.2 CO2 Sensors
             10.5.3 Nutrient Sensors
             10.5.4 PH Sensors
             10.5.5 Crop Sensors
             10.5.6 Others

11 Geographic Analysis (Page No. - 100)
     11.1 Introduction
     11.2 North America
             11.2.1 U.S.
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 U.K.
             11.3.2 France
             11.3.3 Sweden
             11.3.4 The Netherlands
             11.3.5 Rest of Europe
     11.4 APAC
             11.4.1 Japan
             11.4.2 Singapore
             11.4.3 China
             11.4.4 Taiwan
             11.4.5 Rest of APAC
     11.5 RoW
             11.5.1 Middle-East
             11.5.2 Africa
             11.5.3 South America

12 Competitive Landscape (Page No. - 139)
     12.1 Introduction
     12.2 Market Ranking for Market, 2016
     12.3 Competitive Scenario
     12.4 Developments
             12.4.1 Contracts and Partnerships
             12.4.2 Expansions
             12.4.3 New Product Developments

13 Company Profiles (Page No. - 146)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
     13.1 Introduction
     13.2 Koninklijke Philips N.V.
     13.3 Aerofarms
     13.4 Sky Greens
     13.5 Illumitex, Inc.
     13.6 Everlight Electronics Co., Ltd.
     13.7 Green Sense Farms, LLC
     13.8 Agrilution
     13.9 American Hydroponics
     13.10 Urban Crops
     13.11 Vertical Farm Systems

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 164)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customization
     14.6 Related Reports
     14.7 Author Details


List of Tables (80 Tables)

Table 1 Vertical Farming Market Segmentation: By Offering
Table 2 Market Segmentation: By Structure
Table 3 Market Segmentation: By Growth Mechanism
Table 4 Market Segmentation: By Crop Type
Table 5 Global Market Size, By Growth Mechanism, 2013-2022 (USD Million)
Table 6 Aeroponics Growth Mechanism Segment, By Geography, 2013–2022 (USD Million)
Table 7 Hydroponics Growth Mechanism Segment, By Geography, 2013–2022 (USD Million)
Table 8 Aquaponics Growth Mechanism Segment, By Geography, 2013–2022 (USD Million)
Table 9 Global Market, By Structure, 2013-2022 (USD Million)
Table 10 Building-Based Vertical Farms Market Size, By Geography, 2013–2022 (USD Million)
Table 11 Shipping Container Vertical Farms, Market Size, By Geography, 2013–2022 (USD Million)
Table 12 Global Market, By Geography, 2014-2022 (USD Million)
Table 13 Global Market Size, By Crop Type, 2014-2022 (USD Million)
Table 14 North American Market, By Crop Type, 2014-2022 (USD Million)
Table 15 North American Market, By Country, 2014-2022 (USD Million)
Table 16 European Market, By Crop Type, 2014-2022 (USD Million)
Table 17 European Market, By Country, 2014-2022 (USD Million)
Table 18 APAC Market, By Crop Type, 2014-2022 (USD Million)
Table 19 APAC Market, By Country, 2014-2022 (USD Million)
Table 20 RoW Market, By Crop Type, 2014-2022 (USD Million)
Table 21 RoW Market, By Country, 2014-2022 (USD Million)
Table 22 Hardware Segment of Market, By Offering, 2013–2022 (USD Million)
Table 23 Market Size, By Hardware Type, 2013–2022 (USD Million)
Table 24 Market Size for Hardware, By Lighting, 2013–2022 (USD Million)
Table 25 Market Size for Hardware, By Hydroponics Components, 2013–2022 (USD Million)
Table 26 Market Size for Hardware, By Climate Control, 2013–2022 (USD Million)
Table 27 Market Size for Hardware, By Sensors, 2013–2022 (USD Million)
Table 28 Global Market Size, By Geography, 2013–2022 (USD Million)
Table 29 Lighting Devices Market Size, By Geography, 2013–2022 (USD Million)
Table 30 Hydroponics Components Market Size, By Geography, 2013–2022 (USD Million)
Table 31 Climate Control Devices Market Size, By Geography, 2013–2022 (USD Million)
Table 32 Sensors Market Size, By Geography, 2013-2022 (USD Million)
Table 33 North American Vertical Farming Market, By Country, 2013–2022 (USD Million)
Table 34 North American Market, By Structure, 2013–2022 (USD Million)
Table 35 North American Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 36 North American Market for Lighting Devices, By Country, 2013–2022 (USD Million)
Table 37 North American Market for Hydroponics Components, By Country, 2013–2022 (USD Million)
Table 38 North American Market for Climate Control Devices, By Country, 2013–2022 (USD Million)
Table 39 North American Market for Sensors, By Country, 2013–2022 (USD Million)
Table 40 U.S. Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 41 Canadian Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 42 Mexican Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 43 European Market, By Country, 2013–2022 (USD Million)
Table 44 European Market, By Structure, 2013–2022 (USD Million)
Table 45 European Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 46 European Market for Lighting Devices, By Country, 2013–2022 (USD Million)
Table 47 European Market for Hydroponics Components, By Country, 2013–2022 (USD Million)
Table 48 European Market for Climate Control Devices, By Country, 2013–2022 (USD Million)
Table 49 European Market for Sensors, By Country, 2013–2022 (USD Million)
Table 50 U.K. Vertical Farming Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 51 French Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 52 Swedish Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 53 Market in the Netherlands, By Growth Mechanism, 2013–2022 (USD Million)
Table 54 Market in Rest of Europe, By Growth Mechanism, 2013–2022 (USD Million)
Table 55 APAC Market, By Country, 2013–2022 (USD Million)
Table 56 APAC Market, By Structure, 2013–2022 (USD Million)
Table 57 APAC Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 58 APAC Market for Lighting Devices, By Country, 2013–2022 (USD Million)
Table 59 APAC Market for Hydroponics Components, By Country, 2013–2022 (USD Million)
Table 60 APAC Market for Climate Control Devices, By Country, 2013–2022 (USD Million)
Table 61 APAC Market for Sensors, By Country, 2013–2022 (USD Million)
Table 62 Japanese Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 63 Singapore Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 64 Chinese Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 65 Taiwanese Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 66 Rest of APAC Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 67 Market in RoW, By Region, 2013–2022 (USD Million)
Table 68 Market in RoW, By Structure, 2013–2022 (USD Million)
Table 69 Market in RoW, By Growth Mechanism, 2013–2022 (USD Million)
Table 70 Market in RoW for Lighting Devices, By Region, 2013–2022 (USD Million)
Table 71 Market in RoW for Hydroponics Components, By Region, 2013–2022 (USD Million)
Table 72 Market in RoW for Climate Control Devices, By Region, 2013–2022 (USD Million)
Table 73 Market in RoW for Sensors, By Region, 2013–2022 (USD Million)
Table 74 Market in Middle-East, By Growth Mechanism, 2013–2022 (USD Million)
Table 75 African Market, By Growth Mechanism, 2013–2022 (USD Million)
Table 76 Market in South America, By Growth Mechanism, 2013–2022 (USD Million)
Table 77 Market Rank Analysis of the Top Players in the Market
Table 78 Contracts and Partnerships, 2014–2016
Table 79 Expansions, 2015–2016
Table 80 New Product Developments, 2015–2016


List of Figures (76 Figures)

Figure 1 Vertical Farming Market Research Methodology
Figure 2 Research Flow
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation: Market
Figure 6 Hardware Segment to Lead Market, By Offering, 2016-2022 (USD Million)
Figure 7 Lighting Devices Sub-Segment of Hardware Segment to Lead Market, By 2022 (USD Million)
Figure 8 Aeroponics Segment to Record Highest CAGR of Market, By Growth Mechanism, 2016-2022 (USD Million)
Figure 9 Building-Based Segment to Record Highest CAGR of Market, By Structure, 2016-2022 (USD Million)
Figure 10 Air Purification and Control Sub-Segment of Hardware Segment to Record Highest CAGR, 2016-2022
Figure 11 APAC Held Largest Share of Global Market, in 2016
Figure 12 Global Market to Record High CAGR, 2016-2022
Figure 13 Hardware Segment to Lead Market, 2016-2022 (USD Million)
Figure 14 Lighting Devices Segment to Lead Market, 2016-2022 (USD Million)
Figure 15 Aeroponics Growth Mechanism Segment to Record Highest CAGR, 2016-2022 (USD Million)
Figure 16 Building-Based Vertical Farms to Overtake Shipping Container Vertical Farms, By 2022
Figure 17 APAC to Lead Global Market, 2016-2022 (USD Million)
Figure 18 Hydroponics Growth Mechanism Segment Held Largest Market Share in 2016
Figure 19 Hydroponics Growth Mechanism is in Its Growth Stage
Figure 20 Evolution of the market
Figure 21 Market Segmentation: By Geography
Figure 22 Drivers, Restraints, Opportunities, Challenges: Vertical Farming Market
Figure 23 Damage and Loss to Crops, By Type of Calamity (2003-2013)
Figure 24 World Population (2015–2050)
Figure 25 Value Chain Analysis: 2016
Figure 26 Porter’s Five Forces Analysis of market
Figure 27 Porter’s Five Forces: Impact Analysis
Figure 28 Bargaining Power of Suppliers: Low
Figure 29 Bargaining Power of Buyers: Medium
Figure 30 Threat of New Entrants: High
Figure 31 Threat of Substitutes: Low
Figure 32 Intensity of Competitive Rivalry
Figure 33 Market, By Growth Mechanism
Figure 34 Hydroponics Segment LED Global Market, By Growth Mechanism, in 2016 (USD Million)
Figure 35 Aeroponics Growth Mechanism Segment, By Geography, 2016–2022 (USD Million)
Figure 36 Hydroponics Growth Mechanism Segment, By Geography, 2016–2022 (USD Million)
Figure 37 Aquaponics Growth Mechanism Segment, By Geography, 2016–2022 (USD Million)
Figure 38 Vertical Farming Industry, By Structure
Figure 39 Building-Based Vertical Farms to Record Highest CAGR, 2016-2022
Figure 40 Shipping Container Vertical Farms, By Geography, 2016–2022
Figure 41 Global Market Size, By Crop Type: A Snapshot
Figure 42 Market: SWOT Analysis
Figure 43 Global Per Capita GDP, 2008–2014 (Current USD)
Figure 44 Production of Vegetables and Fruits With Growing World Population
Figure 45 Global Market Size, By Geography, 2016 vs 2022 (USD Million)
Figure 46 Global Market Size, By Crop Type, 2016 vs 2022 (USD Million)
Figure 47 Major Vertical Farms Around the World
Figure 48 Vertical Farming Market, By Offering
Figure 49 Market, By Hardware
Figure 50 Grow Lights to Lead Hardware Segment of market, 2016-2022 (USD Million)
Figure 51 Meters and Solutions Segment of Hydroponics Components Market to Record Highest CAGR, 2016-2022 (USD Million)
Figure 52 Air Purification and Control Segment of Climate Control Market to Record Highest CAGR, 2016-2022 (USD Million)
Figure 53 Temperature Sensors Segment to Lead Sensors Market, 2016-2022 (USD Million)
Figure 54 Market, By Geography
Figure 55 Geographic Snapshot: APAC A Key Growth Region for Market, 2016-2022
Figure 56 North American Market, 2016
Figure 57 U.S. Dominated North American market in 2016
Figure 58 Aeroponics Growth Mechanism Segment in U.S. to Record Highest CAGR, 2016-2022 (USD Million)
Figure 59 European Market, 2016
Figure 60 European market, 2016 to 2022
Figure 61 Aeroponics Growth Mechanism Segment in Rest of Europe to Record Highest CAGR, 2016-2022 (USD Million)
Figure 62 APAC Market, 2016
Figure 63 Japan LED APAC Market in 2016 (USD Million)
Figure 64 Aeroponics Growth Mechanism Segment in China to Record Highest CAGR, 2016-2022 (USD Million)
Figure 65 Middle-East Leads the RoW Market, 2016-2022 (USD Million)
Figure 66 Aeroponics Growth Mechanism Segment in Middle-East to Record Highest CAGR, 2016-2022 (USD Million)
Figure 67 Companies Adopted Contracts and Partnerships as Key Growth Strategies Between 2013 and 2016
Figure 68 Market Evaluation Framework—Contracts and Partnerships & Expansions Between 2013 and 2016
Figure 69 Contracts and Partnerships: Key Growth Strategy Adopted By Market Players
Figure 70 Geographic Revenue Mix of Key Market Players
Figure 71 Koninklijke Philips N.V.: Company Snapshot
Figure 72 Koninklijke Philips N.V.: SWOT Analysis
Figure 73 Aerofarms: SWOT Analysis
Figure 74 Sky Greens: SWOT Analysis
Figure 75 Illumitex, Inc.: SWOT Analysis
Figure 76 Everlight Electronics Co., Ltd.: Company Snapshot

The study involved 4 major activities in estimating the current size of the vertical farming market. Exhaustive secondary research was done to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

Secondary sources referred to in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, vertical farming-related journals, IEST publications; directories; and databases. The secondary data has been collected and analyzed to arrive at the overall market size estimations, which has been further validated by primary research.

Primary Research

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information relevant to this report. Extensive primary research has been conducted after understanding and analyzing the vertical farming market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across 4 regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises Middle East, South America and Africa. Approximately 25% of the primary interviews have been conducted with the demand side and 75% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 80% of the total primary interviews. Besides, questionnaires and emails were also used to collect the data.

Vertical Farming Market

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

Market Size Estimation

Both top-down and bottom-up approaches were implemented to estimate and validate the total size of the vertical farming market. These methods were also used extensively to estimate the size of the markets based on various subsegments. The research methodology used to estimate the market size includes the following steps:

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides across different end-use applications.

Study Objectives

  • To define, analyze, and forecast the global vertical farming market, segmented on the basis of offering, structure, growth mechanism, and geography
  • To provide detailed information on the major factors influencing the global market growth (drivers, restraints, opportunities, and challenges)
  • To study the evolution and timeline of the market
  • To strategically analyze the micromarkets1 with respect to individual growth trends, future prospects, and contribution to the global market
  • To analyze the opportunities in the global vertical farming market for stakeholders and detail a competitive landscape for the market leaders
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies2
  • To study the complete value chain and perform a value chain analysis of the global vertical farming market landscape
  • To forecast the market size, in terms of value, for regions, such as North America, Europe, APAC, and RoW
  • To analyze the competition in the market using Porter’s five forces model
  • To analyze competitive developments, such as acquisitions, new product developments, and R&D in the market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to a company's specific needs. The following customization options are available for this report:

Regional Analysis

  • Analysis of vertical farming market in different geographies. Country-wise analysis of vertical farming with respect to growth mechanism and structure could be provided in the customization
  • Analysis of additional companies in various regions could be provided in the customization

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
SE 3992
Published ON
Jan, 2017
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