Vertical Farming Market Projected to reach $9.7 billion by 2026

NORTHBROOK, Ill. - June 24, 2022 - PRLog -- According to the new market research report "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", 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. Advancement in LED technology, the ability to facilitate year-round crop production irrespective of weather conditions, and minimum requirement of resources such as land, water, and labor to carry out farming are the major factors driving the growth of the vertical farming market. The growth opportunities for the market players include cannabis cultivation through vertical farming and potential market opportunities in Asia Pacific and the Middle East.

Hydroponics-based vertical farming is expected to be the most popular farming method among growers by 2026

Hydroponics is a widely used vertical farming methods among growers in which the roots of the plants are provided with nutrient-dissolved solutions through water channels equipped with the pump and irrigation systems, according to the grower's needs. Number of advantages associated with hydroponics-based vertical farming including higher returns on investment, low initial setup cost, and less complex setup process than the other mechanisms are among major factors driving the market growth. Hydroponics systems are used both indoors and outdoors for growing herbs, foliage, and food items throughout the year using an inert growth medium to anchor the plant's roots. One of the major advantages of using this mechanism is less water requirement as the system reuses the water.

Increasing adoption of LED lighting systems in vertical farms due to design flexibility for small to large vertical farms and maximizing the growth of crop yield and quality

Vertical farming highly depends on artificial lights. Artificial light acts as a substitute for sunlight and provides sufficient light intensities that enable crop growth. The amount and duration of the light are the main aspects considered while providing lighting for plants.

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The report profiles key players in the vertical farming market and analyzes their market shares. Players profiled in this report are Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US).