Vertical Farming Market

Signify (Netherlands) and AeroFarms (US) are leading players in the Vertical Farming Market

The Vertical Farming market is expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period. In the vertical farming market, hardware remains the dominant segment in terms of market share throughout the forecast period. . The services segment is expected to register significant growth during the forecast period due to the increasing adoption of robotics and automation to minimize labor costs, boost production efficiency, and reduce overhead costs associated with various operations in vertical farming.

Major players in the vertical farming market have primarily adopted agreement, acquisition and partnership strategies to strengthen their position in the market.

  • In August 2021, Cargill Partnered with the vertical farming leader AeroFarms aiming to improve cocoa bean yields and develop more climate-resilient farming practices. Together, the two organizations will experiment with different indoor growing technologies, including aeroponics and hydroponics, light, carbon dioxide, irrigation, and nutrients, to identify the optimal conditions for cocoa tree growth.
  • In May 2021, Signify is helping the Sweden-based pioneer of vertical farming, Ljusgarda, expand its productivity with the help of its high-tech solutions, such as greenhouse LED production modules and GrowWise Control System.

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Signify (Netherlands) and AeroFarms (US) are among the major players in the vertical farming market.

Signify

Signify manufactures electric lights and light fixtures for domestic consumers and professionals and the Internet of Things (IoT). Signify is currently present in over 70 countries worldwide, with an employee count of 39,000 globally.

Signify has its own research center, GrowWise Center, in Eindhoven (Netherlands), where research is conducted on new lighting technologies. There, scientists continuously focus on improving crop taste, health, texture, and quality. By controlling the parameters needed to grow the plants, such as light, humidity, and irrigation, the company helps customers get the most out of crops while saving space, energy, and water. Therefore, GrowWise Center is engaged in developing the perfect blueprint for city farming production. Signify offers a wide range of lighting products and systems for vertical farming technology for growing plants in indoor environments without sunlight. LEDs used to light multiple layers of crops assist in maximizing production and getting a higher yield. The company also holds lighting and plant expertise aiding vertical farmers in efficiently using Philips LEDs and growth techniques. It further introduced a system to control the growth of crops. Moreover, the GrowWise control system provides full flexibility and control over lightning to improve crop quality, productivity, and operational efficiency. It allows to create and run custom light recipes on dimmable and color controllable modules, which help in optimizing the yield.

AeroFarms

AeroFarms is a sustainable, indoor vertical farming company that uses a patented aeroponic growing system. It uses artificial intelligence and plant biology in farming methods to improve food systems locally and globally. The company was co-founded by CEO David Rosenberg, CMO Marc Oshima, and CSO Edward Harwood. The company’s vision is to understand plant biology and solve the broader problems faced by farmers in agriculture and serve communities with high quality and safe products. By understanding plant biology, the company has grown over 550 different varieties of fruits and vegetables. It uses data science technology in its smart farms with a sensor network, which helps get data insights of crops. It further offers agricultural research, farm development, seeding, harvesting, and other food services.

Related Reports:

Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region - Global Forecast to 2026

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Report Code
SE 3992
RI Published ON
11/29/2021
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