Vertical Farming Market

Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering, Crop Type, and Region - Global Forecast to 2025

Report Code: SE 3992 Jul, 2020, by marketsandmarkets.com

[156 Pages Report] The vertical farming market is projected to reach USD 7.3 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 20.2% during the forecast period. Major drivers for the growth of the market are high yield and numerous other benefits associated with vertical farming over conventional farming, advancements in light-emitting diode (LED) technology, year-round crop production irrespective of weather conditions, and requirement of minimum resources.

Vertical Farming Market

Impact of COVID-19 on Vertical Farming Market:

For Lighting solution providers to vertical farming growers, COVID-19 pandemic has disrupted the entire LED lighting supply chain covering upstream chip production to packaging and lighting OEMs. However, it has different impacts on different entities of the supply chain. On one side, LED wafer and chip producers are less impacted by the pandemic because they still have a high inventory due to oversupply in 2019. Many chip producers still have products in stock from last year that can be supplied. On the other hand, materials required for LED chips like sapphire substrate and others might become short in supply if the work delay continues. Thus, it is anticipated that the LED chip price will increase in Q3 or Q4 of 2020.

Additionally, COVID-19 outbreak has flashed a spotlight on the fragility of the global just-in-time food supply chain. Most of the countries worldwide only produce a limited percentage of the food they consume. For instance, the UK only produces around 50% of the food it consumes, which leaves it vulnerable to shocks in the global supply chain. Additionally, the lockdowns and closures enforced due to the pandemic have resulted in bottlenecks that ripple across the food supply chains globally.

Market Dynamics:

Driver: Advancements in light-emitting diode (LED) technology

Light-emitting diodes (LEDs) are now affordable and efficient enough to cut the overall farming cost for the growers. The innovations in LED technology in recent years are consequently supporting the growth of the vertical farming market. Artificial lighting is a pre-requisite for indoor farming applications. The price of LEDs dropped significantly in the recent past, with increased efficiency and long lifespan. This has resulted in higher return on investments (ROIs) for growers and has helped to increase the number of installations of vertical farms with profitable produce. LED toplighting and interlighting systems are widely accepted over other technologies by the horticulture growers as they are available with full-spectrum and can be used for diverse crop types.

Restraint: Lack of skilled workforce and technical know-how, and limited crop range

Vertical farming often involves the use of advanced solutions such as cameras, sensors, automated systems, artificial intelligence, and hydroponic, aquaponics, or aeroponic systems. To operate these advanced systems, knowledgeable and skilled workforce is essential. Maintenance of machines and computers too requires people who are technically well-trained and equipped with all upgrading know-how. Lack of skilled workforce has affected different sectors at a global level, and vertical farming is not an exception. Also, most of the farmers venture into this market with their systems, which are not efficient in terms of design and are costly. To sustain and remain competitive in the market, vertical farms need to be up-to-date in different aspects of farming.

Opportunity: Cannabis cultivation through vertical farming

The cannabis industry is growing rapidly post legalizing medical and recreational cannabis by many states in the US. As the demand for cannabis is increasing rapidly, the supply side has started to develop operations in different forms to meet the ends. As per the current production scenario, growing cannabis in a vertical farm can be an expensive operation to carry out. Cannabis grown under sunless medium needs to have various factors considered. For instance, the heat emitted from high-pressure sodium lights (HPS) can damage the produce. Hence, LEDs, which run at much lower temperatures, can be a solution to the excessive heat emitted. Companies growing cannabis through vertical farming have observed significant results in terms of productivity.

Challenge: Maintenance of air circulation in a vertical farm

Maintaining the circulation of conditioned air everywhere within the vertical farm to create a uniform growing environment is a major challenge for the growers. As the racks in vertical farms are spaced close together, it is difficult to create uniform conditions everywhere. In the case of horizontal flow, the plants and light obstruct the flow of air from a point to another, resulting in temperature, humidity, and airspeed differences from one end of the rack to the other. The air circulating across the shelf vertically picks up heat from light and moisture from plants, causing it to become hotter and more humid along its path. To tackle the challenge of air circulation, farmers deploy small circulating fans, however, this contributes to the production cost and consequently affects the price of the produce.

Based on hardware, lighting held larger share of the vertical farming market in 2019.

Sunlight is a vital resource in traditional farming. However, vertical farming highly depends on artificial lights. Artificial light acts as a substitute for the sunlight and is required to provide sufficient light intensities that enable crop growth. The amount and duration of the light are the main aspects considered while providing lighting for plants. Lights either provide a light spectrum like that of the sun or a spectrum that caters to the needs of the plants. Outdoor lighting conditions can be created with varying colors, temperatures, and spectral outputs from the grow lights, as well as varying the intensity output of the lamps. Depending on the type of plant being cultivated, the stage of cultivation, and the photoperiod required, specific ranges of spectrum, luminous efficacy, and color temperature are used with specific plants and for different time periods.

The hydroponics growth mechanism segment projected to account for large size of the vertical farming market during the forecast period.

The hydroponics growth mechanism is used widely by commercial growers. This mechanism is easier to set up, costs less than other mechanisms, and has a higher return on investments (ROI). Comparing the investment required to set up a hydroponics and aeroponics facility of the same size, aeroponic requires a high initial investment. Hydroponic mechanism recycles the maximum amount of water with minimal wastage making it the most water-efficient method of farming. The control over the amount of nutrients to be delivered to plants can be done effectively, enabling control over the growth process and influencing factors such as the speed of growth and size of the plants. In the hydroponic mechanism, in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aeroponics, where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.

APAC accounted for the largest size of the vertical farming market in 2019.

Vertical Farming Market  by Region

In APAC, the companies involved in vertical farming are investing and expanding their operations in other countries. For instance, in November 2019, Sustenir (Singapore), an agri-tech company, launched a 30,000 square foot hydroponic vertical farming facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited availability of land for farming. The produce from conventional farming is not enough to serve the local demand, and hence the country highly relies on imported produce. Similar is the case with other countries such as Singapore. In order to decrease the dependency on imported food and reduce the food waste in the transportation process, growing a significant amount of food locally in limited space is the solution offered by vertical farming, resulting in the expansion of farms by companies in this region.

Europe to witness significant CAGR in vertical farming market during the forecast period

Vertical Farming Market  by Region

The growth of the vertical farming market in Europe is expected to be majorly driven by the growing food demand, urbanization, unfavorable weather conditions for conventional farming, urge to minimize the import of fresh produce, and the need for new productive farming activities. Vertical farming could play an important role in contributing to urban food security, allowing year-round production and reducing food miles in Europe. The European vertical farming market has been segmented into EU5, Scandinavia, the Netherlands, and Rest of Europe. The majority of the top companies in the vertical farming ecosystem have their presence in Europe with global operations.

Key Market Players

Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread Co., Ltd. (Japan), Plenty (US), Valoya (Finland), Everlight Electronics Co., Ltd. (Taiwan), and Heliospectra (Sweden) are a few major players in the vertical farming market.

Report Scope

Report Metric

Details

Market size available for years

2017–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD) Billion/million

Segments covered

Growth mechanism, structure, crop type, and offering

Regions covered

North America, Europe, APAC, and RoW

Companies covered

Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread Co., Ltd. (Japan), Plenty (US), Valoya (Finland), Everlight Electronics Co., Ltd. (Taiwan), and Heliospectra (Sweden) are a few major players in the vertical farming market.

Vertical Farming Market Segmentation:

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

By Growth Mechanism:

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Structure:

  • Building-based vertical farms
  • Shipping container vertical farms

By Offering:

  • Hardware
    • Lighting
    • Hydroponics components
    • Climate control
    • Sensors
  • Software and Services

By Region:

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  1. In April 2020, AeroFarms has announced that it is set to build a 90,000 square foot indoor vertical farm in Abu Dhabi, UAE, as part of USD 100 million AgTech investment by Abu Dhabi Investment Office (ADIO).
  2. In March 2020, Signify expanded its collaboration with Planet Farms (Italy), a European operator of vertical farms. Under this agreement, Signify will provide horticulture LED grow lights to an additional five vertical farms that Planet Farms is planning to build in several European countries in the coming years, including Switzerland and the UK.
  3. In January 2020, Osram launched the new generation of the Oslon Square Hyper Red with a wavelength of 660 nm, which is the flagship product in Osram Opto Semiconductors’ comprehensive horticulture portfolio.
  4. In January 2020, Freight Farms and Sodexo (France), a food services and facility management company, entered into a partnership to facilitate schools and universities across the US with advanced hydroponic vertical farming technology.
  5. In December 2019, AeroFarms announced an investment of USD 42 million to build an indoor vertical farm in the Cane Creek Centre, a joint industrial park for the City of Danville and Pittsylvania County in the US.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION AND SCOPE
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 27)
    2.1 RESEARCH DATA
           FIGURE 1 VERTICAL FARMING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION
           FIGURE 2 VERTICAL FARMING MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primaries
                    2.1.2.2 Key data from primary sources
                    2.1.2.3 Key industry insights
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION
           FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY COMPANIES FROM HARDWARE/SOFTWARE/ SERVICES OFFERED IN MARKET
           FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE): MARKET FOR VERTICAL FARMING BY DIFFERENT REGIONS
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for obtaining market size using bottom-up analysis
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for obtaining market size using top-down analysis
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 7 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
           FIGURE 8 ASSUMPTIONS FOR RESEARCH STUDY

3 EXECUTIVE SUMMARY (Page No. - 38)
    FIGURE 9 HYDROPONICS GROWTH MECHANISM SEGMENT TO DOMINATE MARKET DURING THE FORECAST PERIOD
    FIGURE 10 SHIPPING CONTAINER-BASED VERTICAL FARMS SEGMENT TO EXHIBIT A HIGHER CAGR DURING THE FORECAST PERIOD
    FIGURE 11 LETTUCE ARE THE MOST COMMONLY GROWN CROPS ACROSS DIFFERENT VERTICAL FARMS
    FIGURE 12 SERVICES TO REGISTER HIGHEST GROWTH AMONG OFFERING IN MARKET DURING THE FORECAST PERIOD
    FIGURE 13 APAC TO DOMINATE VERTICAL FARMING MARKET DURING THE FORECAST PERIOD
    3.1 COVID-19 IMPACT ON MARKET
           FIGURE 14 VERTICAL FARMING MARKET – SCENARIO ANALYSIS

4 PREMIUM INSIGHTS (Page No. - 43)
    4.1 ATTRACTIVE OPPORTUNITIES IN VERTICAL FARMING MARKET
           FIGURE 15 ADVANCEMENTS IN LED LIGHTING SOLUTIONS TO BOOST THE GROWTH OF MARKET
    4.2 VERTICAL FARMING MARKET IN APAC, BY GROWTH MECHANISM AND STRUCTURE
           FIGURE 16 HYDROPONICS GROWTH MECHANISM AND BUILDING-BASED VERTICAL FARMS SEGMENTS HELD LARGEST MARKET SHARES IN APAC, IN 2019
    4.3 VERTICAL FARMING MARKET, BY HARDWARE
           FIGURE 17 LIGHTING SEGMENT TO DOMINATE MARKET DURING THE FORECAST PERIOD
    4.4 COUNTRY-WISE VERTICAL FARMING MARKET GROWTH RATE
           FIGURE 18 CHINA TO RECORD HIGHEST CAGR IN MARKET DURING THE FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 45)
    5.1 MARKET DYNAMICS
           FIGURE 19 VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.1.1 DRIVERS
                    FIGURE 20 VERTICAL FARMING MARKET DRIVERS AND THEIR IMPACT
                    5.1.1.1 High yield and numerous other benefits associated with vertical farming over conventional farming
                    5.1.1.2 Advancements in light-emitting diode (LED) technology
                    5.1.1.3 Year-round crop production irrespective of weather conditions
                               FIGURE 21 DAMAGE AND LOSS TO CROPS, BY TYPE OF CALAMITY (2003–2016)
                    5.1.1.4 Requirement of minimum resources
                               FIGURE 22 WORLD POPULATION (2015–2050)
           5.1.2 RESTRAINS
                    FIGURE 23 MARKET RESTRAINTS AND THEIR IMPACT
                    5.1.2.1 Lack of skilled workforce and technical know-how, and limited crop range
                    5.1.2.2 High initial investments
           5.1.3 OPPORTUNITIES
                    FIGURE 24 MARKET OPPORTUNITIES AND THEIR IMPACT
                    5.1.3.1 Positive impacts on the environment to increase the adoption of vertical farming
                    5.1.3.2 Potential market opportunities in APAC and the Middle East
                    5.1.3.3 Cannabis cultivation through vertical farming
           5.1.4 CHALLENGES
                    FIGURE 25 VERTICAL FARMING MARKET CHALLENGES AND THEIR IMPACT
                    5.1.4.1 Maintenance of air circulation in a vertical farm
                    5.1.4.2 Vertical farming on a large scale

6 INDUSTRY TRENDS (Page No. - 53)
    6.1 VALUE CHAIN ANALYSIS
           FIGURE 26 VALUE CHAIN ANALYSIS OF THE VERTICAL FARMING MARKET: MAJOR VALUE IS ADDED BY HARDWARE MANUFACTURERS, TECHNOLOGY PROVIDERS, AND SYSTEM INTEGRATORS
    6.2 CASE STUDY ANALYSIS
           6.2.1 AEROFARMS
                    TABLE 1 BENEFITS OF IOT DEPLOYMENT FOR INDOOR VERTICAL FARMS THAT USES DATA-DRIVEN INSIGHTS TO INCREASE YIELD, CONSERVE RESOURCES, AND IMPROVE QUALITY OF PRODUCE
           6.2.2 RIAT
                    TABLE 2 SIGNIFY’S (NETHERLANDS) LED LIGHTING SOLUTION USED BY RIAT FOR GROWING TOMATOES AND CUCUMBERS IN A VERTICAL FARM
           6.2.3 AVRIL
                    TABLE 3 AVRIL INSTALLED A VERTICAL FARM IN THEIR NEW BRANCH
           6.2.4 KARMA FARM
                    TABLE 4 KARMA FARM ADDED HYDROPONIC SOLUTION TO ITS TRADITIONAL FARM SOLUTION TO ACHIEVE SUSTAINABILITY
    6.3 REGION-WISE RECENT DEVELOPMENTS IN VERTICAL FARMING MARKET
           TABLE 5 DEVELOPMENTS IN NORTH AMERICA
           TABLE 6 DEVELOPMENTS IN EUROPE
           TABLE 7 DEVELOPMENTS IN APAC
           TABLE 8 DEVELOPMENTS IN MIDDLE EAST
    6.4 MARKET MAP
    6.5 TECHNOLOGY ANALYSIS
    6.6 IMPACT OF COVID-19 ON THE VERTICAL FARMING MARKET
           6.6.1 OVERVIEW AND STATISTICS
           6.6.2 IMPACT ON VERTICAL FARMING ECOSYSTEM

7 VERTICAL FARMING MARKET, BY GROWTH MECHANISM (Page No. - 62)
    7.1 INTRODUCTION
           FIGURE 27 HYDROPONICS GROWTH MECHANISM SEGMENT TO DOMINATE MARKET DURING THE FORECAST PERIOD
           TABLE 9 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
    7.2 HYDROPONICS
           7.2.1 INSTALLATION OF HYDROPONIC MECHANISM IS A SIMPLE AND LOW-COST PROCEDURE
                    TABLE 10 HYDROPONICS VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)
    7.3 AEROPONICS
           7.3.1 USE OF PATENTED TECHNOLOGY BY FARMING COMPANIES OFFERS HIGH PRODUCTIVITY
                    TABLE 11 AEROPONICS VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)
    7.4 AQUAPONICS
           7.4.1 LESS TO NO USAGE OF CHEMICALS DUE TO LOW SUSCEPTIBILITY TO PESTS AND DISEASES
                    TABLE 12 AQUAPONICS VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)

8 VERTICAL FARMING MARKET, BY STRUCTURE (Page No. - 67)
    8.1 INTRODUCTION
           FIGURE 28 BUILDING-BASED VERTICAL FARM TO HOLD A LARGER MARKET SHARE IN 2025
           TABLE 13 VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
    8.2 BUILDING-BASED VERTICAL FARMS
           8.2.1 BUILDING-BASED VERTICAL FARMS ARE PROMINENT VERTICAL FARMING STRUCTURES
                    TABLE 14 BUIDING-BASED VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)
    8.3 SHIPPING CONTAINER-BASED VERTICAL FARMS
           8.3.1 EMERGING VERTICAL FARM SOLUTIONS FOR SMALL FARMERS TO DRIVE THE GROWTH OF MARKET
                    TABLE 15 SHIPPING CONTAINER-BASED VERTICAL FARMING MARKET, BY REGION,  2017–2025 (USD MILLION)

9 VERTICAL FARMING MARKET, BY CROP TYPE (Page No. - 71)
    9.1 INTRODUCTION
           FIGURE 29 LETTUCE TO BE LEADING SEGMENT OF MARKET BY CROP TYPE DURING THE FORECAST PERIOD
           TABLE 16 VERTICAL FARMING MARKET, BY CROP TYPE, 2017–2025 (USD MILLION)
    9.2 VEGETABLES
           9.2.1 LETTUCE IS MOSTLY CULTIVATED THROUGH VERTICAL FARMING ACROSS DIFFERENT COUNTRIES
    9.3 FRUITS
           9.3.1 INCREASING DEMAND FOR HIGH-QUALITY ORGANIC FRUITS IS PROMOTING THE ADOPTION OF VERTICAL FARMING
                    TABLE 17 NORTH AMERICA VERTICAL FARMING MARKET, BY CROP TYPE,  2017–2025 (USD MILLION)
                    TABLE 18 EUROPE VERTICAL FARMING MARKET, BY CROP TYPE, 2017–2025 (USD MILLION)
                    TABLE 19 APAC VERTICAL FARMING MARKET, BY CROP TYPE, 2017–2025 (USD MILLION)
                    TABLE 20 ROW VERTICAL FARMING MARKET, BY CROP TYPE.  2017–2025 (USD MILLION)

10 VERTICAL FARMING MARKET, BY OFFERING (Page No. - 76)
     10.1 INTRODUCTION
               FIGURE 30 MARKET BY HARDWARE TO HOLD LARGEST MARKET SHARE IN 2025
               TABLE 21 VERTICAL FARMING MARKET, BY OFFERING, 2017–2025 (USD MILLION)
               FIGURE 31 LIGHTING SEGMENT TO DOMINATE THE VERTICAL FARMING HARDWARE MARKET DURING THE FORECAST PERIOD
               TABLE 22 VERTICAL FARMING MARKET, BY HARDWARE, 2017–2025 (USD MILLION)
     10.2 HARDWARE
             10.2.1 LIGHTING
                       TABLE 23 VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2017–2025 (USD MILLION)
                       TABLE 24 MARKET FOR LIGHTING, BY COMPONENT, 2017–2025 (USD MILLION)
                       10.2.1.1 Lighting Fixtures
                                   10.2.1.1.1 Declining cost of LEDs and technological advancements
                                                    TABLE 25 MARKET FOR LIGHTING FIXTURES, BY REGION, 2017–2025 (USD MILLION)
                       10.2.1.2 Lighting Controls
                                   10.2.1.2.1 Less power consumption and limited heat discharge make LEDs ideal for vertical farming over other lamps
                                                    TABLE 26 MARKET FOR LIGHTING CONTROLS, BY REGION.   2017–2025 (USD MILLION)
             10.2.2 HYDROPONICS COMPONENTS
                       10.2.2.1 Appropriate supply of nutrient-based water to the roots of crops assures suitable growth
                                   TABLE 27 VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION,  2017–2025 (USD MILLION)
             10.2.3 CLIMATE CONTROL
                       10.2.3.1 Challenge to maintain proper air circulation in a vertical farm has increased the demand for effective HVAC system
                                   TABLE 28 VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2017–2025 (USD MILLION)
             10.2.4 SENSORS
                       10.2.4.1 Data-driven production of crops in vertical farm reduces requirement of human intervention
                                   TABLE 29 VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2017–2025 (USD MILLION)
     10.3 SOFTWARE
     10.4 SERVICES

11 GEOGRAPHY ANALYSIS (Page No. - 83)
     11.1 INTRODUCTION
               FIGURE 32 APAC TO DOMINATE VERTICAL FARMING MARKET DURING THE FORECAST PERIOD
               TABLE 30 VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)
     11.2 NORTH AMERICA
               TABLE 31 NORTH AMERICA VERTICAL FARMING MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 32 NORTH AMERICA MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
               TABLE 33 NORTH AMERICA MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
               TABLE 34 NORTH AMERICA LIGHTING MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 35 NORTH AMERICA LIGHTING MARKET, BY LIGHTING COMPONENTS.   2017–2025 (USD MILLION)
               TABLE 36 NORTH AMERICA HYDROPONIC COMPONENTS MARKET, BY COUNTRY,  2017–2025 (USD MILLION)
               TABLE 37 NORTH AMERICA CLIMATE CONTROLS MARKET, BY COUNTRY,  2017–2025 (USD MILLION)
               TABLE 38 NORTH AMERICA SENSORS MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               FIGURE 33 VERTICAL FARMING MARKET SNAPSHOT: NORTH AMERICA
             11.2.1 US
                       11.2.1.1 Increasing number of vertical farms with automation in the US
                                   TABLE 39 US VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 40 US MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 41 US LIGHTING MARKET, BY LIGHTING COMPONENT.  2017–2025 (USD MILLION)
             11.2.2 CANADA
                       11.2.2.1 Large presence of technologically advanced vertical farming companies in Canada
                                   TABLE 42 CANADIAN VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 43 CANADIAN MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 44 CANADIAN LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
             11.2.3 MEXICO
                       11.2.3.1 Increasing need for sustainable food supply with growing population and limited availability of cultivatable land
                                   TABLE 45 MEXICAN VERTICAL FARMING MARKET, BY STRUCTURE.  2017–2025 (USD MILLION)
                                   TABLE 46 MEXICAN MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 47 MEXICAN LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
     11.3 EUROPE
               TABLE 48 EUROPEAN VERTICAL FARMING MARKET, BY REGION/COUNTRY, 2017–2025 (USD MILLION)
               TABLE 49 EUROPEAN MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
               TABLE 50 EUROPEAN MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
               TABLE 51 EUROPEAN LIGHTING MARKET, BY REGION/COUNTRY, 2017–2025 (USD MILLION)
               TABLE 52 EUROPEAN LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
               TABLE 53 EUROPEAN HYDROPONIC COMPONENTS MARKET, BY REGION/COUNTRY,  2017–2025 (USD MILLION)
               TABLE 54 EUROPEAN CLIMATE CONTROLS MARKET, BY REGION/COUNTRY, 2017–2025 (USD MILLION)
               TABLE 55 EUROPEAN SENSORS MARKET, BY REGION/COUNTRY, 2017–2025 (USD MILLION)
               FIGURE 34 VERTICAL FARMING MARKET SNAPSHOT: EUROPE
             11.3.1 EU5
                       11.3.1.1 Collaborations between farming companies and technology providers have increased the use of efficient farming techniques
                                   TABLE 56 EU5 VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 57 EU5 VERTICAL FARMING MARKET, BY GROWTH MECHANISM.  2017–2025 (USD MILLION)
                                   TABLE 58 EU5 LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
             11.3.2 SCANDINAVIA
                       11.3.2.1 Deployment of vertical farms in restaurants, retail, and grocery stores eliminates transportation losses of food
                                   TABLE 59 SCANDINAVIAN VERTICAL FARMING MARKET, BY STRUCTURE,  2017–2025 (USD MILLION)
                                   TABLE 60 SCANDINAVIAN MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                                   TABLE 61 SCANDINAVIAN LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
             11.3.3 NETHERLANDS
                       11.3.3.1 Netherlands is one of the largest exporters of agricultural products in Europe
                                   TABLE 62 NETHERLANDS VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 63 NETHERLANDS MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                                   TABLE 64 NETHERLANDS LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
             11.3.4 REST OF EUROPE
                       TABLE 65 REST OF EUROPE VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                       TABLE 66 REST OF EUROPE MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                       TABLE 67 REST OF EUROPE LIGHTING MARKET, BY LIGHTING COMPONENTS,  2017–2025 (USD MILLION)
     11.4 APAC
               TABLE 68 APAC VERTICAL FARMING MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 69 APAC MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
               TABLE 70 APAC MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
               TABLE 71 APAC LIGHTING MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 72 APAC LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
               TABLE 73 APAC HYDROPONIC COMPONENTS MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 74 APAC CLIMATE CONTROLS MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               TABLE 75 APAC SENSORS MARKET, BY COUNTRY, 2017–2025 (USD MILLION)
               FIGURE 35 VERTICAL FARMING MARKET SNAPSHOT: APAC
             11.4.1 CHINA
                       11.4.1.1 Vertical farming in China is growing rapidly due to the increasing urban population and declining agricultural land
                                   TABLE 76 CHINESE VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 77 CHINESE MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 78 CHINESE LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
             11.4.2 JAPAN
                       11.4.2.1 Technologically equipped ecosystem facilitates potential growth opportunities for market
                                   TABLE 79 JAPANESE VERTICAL FARMING MARKET, BY STRUCTURE.  2017–2025 (USD MILLION)
                                   TABLE 80 JAPANESE MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 81 JAPANESE LIGHTING MARKET, BY LIGHTING COMPONENTS.  2017–2025 (USD MILLION)
             11.4.3 SINGAPORE
                       11.4.3.1 Increasing support from the government to enhance the food chain
                                   TABLE 82 SINGAPORE VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 83 SINGAPORE MARKET, BY GROWTH MECHANISM, 2017–2025 (USD MILLION)
                                   TABLE 84 SINGAPORE LIGHTING MARKET, BY LIGHTING COMPONENTS.  2017–2025 (USD MILLION)
             11.4.4 REST OF APAC
                                   TABLE 85 REST OF APAC VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 86 REST OF APAC MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                                   TABLE 87 REST OF APAC LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
     11.5 REST OF THE WORLD
               TABLE 88 ROW VERTICAL FARMING MARKET, BY REGION, 2017–2025 (USD MILLION)
               TABLE 89 ROW MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
               TABLE 90 ROW MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
               TABLE 91 ROW LIGHTING MARKET, BY REGION, 2017–2025 (USD MILLION)
               TABLE 92 ROW LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)
               TABLE 93 ROW HYDROPONIC COMPONENTS MARKET, BY REGION, 2017–2025 (USD MILLION)
               TABLE 94 ROW CLIMATE CONTROLS MARKET, BY REGION, 2017–2025 (USD MILLION)
               TABLE 95 ROW SENSORS MARKET, BY REGION, 2017–2025 (USD MILLION)
             11.5.1 MIDDLE EAST & AFRICA
                       11.5.1.1 Increasing investments to boost local food production
                                   TABLE 96 MIDDLE EAST & AFRICA VERTICAL FARMING MARKET, BY STRUCTURE,  2017–2025 (USD MILLION)
                                   TABLE 97 MIDDLE EAST & AFRICA MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                                   TABLE 98 MIDDLE EAST & AFRICA LIGHTING MARKET, BY LIGHTING COMPONENTS,  2017–2025 (USD MILLION)
             11.5.2 SOUTH AMERICA
                       11.5.2.1 Emergence of startups involved in vertical farming to boost the growth of the South American market
                                   TABLE 99 SOUTH AMERICAN VERTICAL FARMING MARKET, BY STRUCTURE, 2017–2025 (USD MILLION)
                                   TABLE 100 SOUTH AMERICAN MARKET, BY GROWTH MECHANISM,  2017–2025 (USD MILLION)
                                   TABLE 101 SOUTH AMERICAN LIGHTING MARKET, BY LIGHTING COMPONENTS, 2017–2025 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 113)
     12.1 OVERVIEW
               FIGURE 36 ORGANIC AND INORGANIC STRATEGIES ADOPTED BY COMPANIES OPERATING IN VERTICAL FARMING MARKET
     12.2 MARKET SHARE AND RANKING ANALYSIS
               TABLE 102 MARKET PLAYER SHARE, 2019 (LIGHTING PROVIDERS)
               TABLE 103 MARKET PLAYER RANKING, 2019 (CROP PRODUCERS)
     12.3 MARKET EVALUATION FRAMEWORK
               FIGURE 37 MARKET EVALUATION FRAMEWORK-PRODUCT LAUNCHES AND DEVELOPMENTS FUELED GROWTH AND INNOVATIONS FROM MAY 2017 TO APRIL 2020
             12.3.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                       TABLE 104 PRODUCT LAUNCHES AND DEVELOPMENTS, 2018–2020
             12.3.2 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS
                       TABLE 105 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS, 2017–2020
             12.3.3 EXPANSION
                       TABLE 106 EXPANSION, 2019–2020
             12.3.4 ACQUISITIONS
                       TABLE 107 ACQUISITIONS, 2017–2018
     12.4 COMPETITIVE LEADERSHIP MAPPING – OEMS AND SYSTEM INTEGRATORS
             12.4.1 STARS
             12.4.2 PERVASIVE
             12.4.3 EMERGING LEADERS
                       FIGURE 38 VERTICAL FARMING MARKET (OEMS AND SYSTEM INTEGRATORS) COMPETITIVE LEADERSHIP MAPPING (2019)
     12.5 COMPETITIVE LEADERSHIP MAPPING –GROWERS/ VERTICAL FARMING COMPANIES
             12.5.1 STARS
             12.5.2 PERVASIVE
             12.5.3 EMERGING LEADERS
                       FIGURE 39 VERTICAL FARMING MARKET (VERTICAL FARMING COMPANIES) COMPETITIVE LEADERSHIP MAPPING (2019)

13 COMPANY PROFILES (Page No. - 121)
     13.1 INTRODUCTION
     13.2 KEY PLAYERS
(Business overview, Products/solutions/services offered, Recent developments, SWOT analysis, and MNM view)*
             13.2.1 SIGNIFY
                       FIGURE 40 SIGNIFY: COMPANY SNAPSHOT
             13.2.2 OSRAM
                       FIGURE 41 OSRAM: COMPANY SNAPSHOT
             13.2.3 FREIGHT FARMS
             13.2.4 AEROFARMS
             13.2.5 SKY GREENS
             13.2.6 SPREAD
             13.2.7 PLENTY
             13.2.8 VALOYA
             13.2.9 EVERLIGHT ELECTRONICS
                       FIGURE 42 EVERLIGHT ELECTRONICS: COMPANY SNAPSHOT
               13.2.10 HELIOSPECTRA AB
                        FIGURE 43 HELIOSPECTRA AB: COMPANY SNAPSHOT
               13.2.11 GREEN SENSE FARMS
               13.2.12 AGRILUTION
               13.2.13 AMERICAN HYDROPONICS
               13.2.14 URBAN CROP SOLUTIONS
     13.3 OTHER KEY PLAYERS
             13.3.1 VERTICAL FARM SYSTEMS
             13.3.2 BOWERY FARMING
             13.3.3 AGRICOOL
             13.3.4 SANANBIO
             13.3.5 GROWPOD SOLUTIONS
             13.3.6 INFARM
             13.3.7 ALTIUS FARM
             13.3.8 INTELLIGENT GROWTH SOLUTIONS

*Details on Business overview, Products/solutions/services offered, Recent developments, SWOT analysis, and MNM view might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 149)
     14.1 OTHER INSIGHTS FROM INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     14.4 AVAILABLE CUSTOMIZATIONS
     14.5 RELATED REPORTS
     14.6 AUTHOR DETAILS

The study involved 4 major activities for estimating the current size of the vertical farming market. Exhaustive secondary research was carried out to collect information on the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with the 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 procedures were used to estimate the size of segments and subsegments of the market.

Secondary Research

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

Primary Research

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

Vertical Farming Market  Size, and Share

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 segments. The research methodology used to estimate the market size included the following steps:

  • The key players in the industry and markets were identified through extensive secondary research
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes
  • All percentage shares, splits, and breakdowns were 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. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for each market segment and subsegment. The data was triangulated by studying various factors and trends from demand and supply sides across different end users.

Study Objectives

  • To define, describe, and forecast the vertical farming market by growth mechanism, structure, crop type, and offering, in terms of value
  • To describe and forecast the market by region—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)—in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges that influence the growth of the market
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
  • To profile key players and comprehensively analyze their ranking based on their revenues and core competencies, along with detailed competitive landscape for the market leaders
  • To analyze competitive developments such as agreements, partnerships, collaborations, expansion, and product launches 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 this report:

Company Information

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