HOME Research Insight Koninklijke Philips N.V. and, AeroFarms (U.S.), are Leading Players in the Vertical Farming Market

Koninklijke Philips N.V. and, AeroFarms (U.S.), are Leading Players in the Vertical Farming Market

Vertical farming is a method of cultivating produce on the surface that is vertically inclined in an urban environment. Instead of having 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 the facility by using technology that helps plants grow and gain more quality in terms of nutrition in a short span of time as compared to traditional farming. The vertical farming market is in the research and development (R&D) phase and competitive owing to the presence of various start-up players. The players have implemented different strategies to maintain their position in this market and ensure their long-term growth and profitability. The key strategies implemented by most of the companies in the vertical farming market include new product launches, collaborations, and acquisitions. These strategies also help the companies to increase their market share, expand their geographic presence, and gain recognition in the vertical farming market.

The key players in the ecosystem of the vertical farming market profiled in this report are Koninklijke Philips N.V. (The Netherlands), AeroFarms (U.S.),  Sky Greens (Singapore), Illumitex Inc. (U.S.), Everlight Electronics (Taiwan), Green Sense Farms (U.S.), Agrilution (Germany), American Hydroponics (U.S.), Urban Crops (Belgium) and Vertical Farm Systems (Australia) among others.

AeroFarms was founded in 2004 and has its headquarters in Newark, U.S. The company is one the key players in the vertical farming ecosystem. The company has a vast experience of around 11 years in vertical farming. The company has sold their farming technology and systems domestically and internationally, which would help farmers to grow pristine produce. The company has patented their own growing technology. The key strategy adopted by the company is to expand its presence geographically. For instance, in August 2016, the company built the world’s largest indoor vertical farm for baby leafy greens and herbs based on annual growing production. The company’s products are of high quality and locally grown with unmatched freshness, flavors, and extensive varieties. AeroFarms (U.S.) is also focusing on the strategy such as partnership/joint venture for expansion. For instance, in September 2011, the company entered into a partnership with EcoVeggies (U.S.), an urban farm. EcoVeggies provided the funding for the aeroponic vertical farms and AeroFarms developed the urban farming solution. This partnership would revitalize urban farming.

Koninklijke Philips N.V., commonly known as Philips, is a diversified technology company engaged in the fields of electronics, healthcare, and lighting. Philips Lighting, a subsidiary of Koninklijke Philips N.V, is a global leader in developing, manufacturing, and providing innovative, energy-efficient lighting products, systems, and services. It mainly focuses on new product developments. For instance, in July 2015, Philips introduced the new range of its GreenPower LED Toplighting and a brand new design of LED lights especially for the North American market. GreenPower LED Toplighting is more efficient in converting electricity to light than any other lighting systems in the market. LED Toplighting produces significantly less radiation than conventional lamps, so growers can adjust light and temperature independently. This allows the farmers to grow better crops at a faster rate throughout the year and control the greenhouse climate in an efficient manner.

Related Reports:

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

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