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(IT-NEWSWIRE.COM, January 18, 2018 ) Market Highlights:
The global vertical farming market is predicted to generate around USD 6 billion by end 2022. It can witness a CAGR of 21 percent during 2016 to 2022 (forecast period). Through vertical farming, crops are raised in controlled environments. Vertical farming, primarily, aids “crop-growth” in the absence of water & soil. It exists in various sizes & shapes and employs mechanisms; like aeroponics, hydroponics, etc.
Some of the key drivers of the worldwide market are reduced dependence on soil & water, higher food demand, burgeoning population, and better-quality food. Moreover; the usage of novel technologies, implementation of artificial lights, and zero adoption of fertilizers & pesticides are anticipated to add market sales in the forecast period.
In addition to the above, the “food-purchasing” behavior of customers and adoption of “bio-friendly” vegetables & fruits affect the industry. Cardiac illnesses and obesity incidences are high among consumers. Changes in weather and shortage of ground water prompt traditional cultivators to employ “alternate farming.” These factors coupled with health awareness should propel the vertical farming industry.
In contrast to traditional farming, indoor cultivation results in wider crop-production throughout the year. Moreover, indoor farming saves crops from extreme climates. On the other hand; high spending across urban areas, production of high-quality crops, and greater consumption of “artificial-lighting” hamper the market.
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Major Key Players
Agrilution (Germany),
Aerofarms (U.S.),
Indoor Harvest Corporation (U.S.),
Koninklijke Philips N.V. (Netherlands),
Everlight Electronics co.(Taiwan),
Illumitex, Inc. (U.S.),
Sky Greens (Singapore),
Hort Americas (U.S.),
Urban Crop Solutions (Belgium)
Recently, a company, “Osram” acquired a start-up (based in Munich) to oversee the general development of plants across indoor or greenhouse places. The firm is planning to employ unique LED technologies to provide an expanding natural ambience through the mechanized regulation of watering, temperature, & lighting. Yet another firm, “AeroFarms” recently adopted high-tech products & services to produce green farming & financial opportunities.
Eminent participants of the global vertical farming market are SharpSpring, Inc.; Hub Spot, Inc.; IBM Corporation, and Oracle Corporation. Most of them experiment with collaborations and product innovations to maximize their profits and gain traction worldwide.
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The components market is sub-categorized into climate control, lighting, and sensors. Climate control is likely to experience huge growth in the forecast period. Cultivation, facilitated by lighting components, drives plant-development through consistent lighting and lesser heat-stress. The adoption of LED lighting serves as a complementary source of light to the sun and augments the output, with minimal power use.
Sensors assist the complete surveillance of outdoor climates & crops. Monitoring also warns people about alerts & changes from time to time. Going by geographical regions, the worldwide vertical farming market is divided on the basis of Europe, North America, Asia Pacific, and Rest of the World. North America held the largest shares in 2015. Regional sales were attributed to its employment production, burgeoning population, and technological innovations.
Asia Pacific should witness further growth till 2022. Nations, like Japan and China are projected to drive regional demand. Scarcity of fertile land, more industrialization, and higher spending on vertical farming across China and Japan contribute to the same. The target audiences of vertical farming encompass research companies, distributors, manufacturers, software developers, consultancy firms, technology investors, and semiconductor manufacturers.
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