Revolutionizing Agriculture: The Rise and Impact of Vertical Farming

NORTHBROOK, Ill. - Aug. 2, 2024 - PRLog -- The global vertical farming market was valued at USD 5.6 billion in 2024 and is projected to reach USD 13.7 billion by 2029; it is expected to register a CAGR of 19.7% during the forecast period. The increasing demand for vertical farming (SHM) is propelled by various critical factors. The global vertical farming market is rapidly growing on account of numerous factors. Peculiarities of the environment such as climate change, scarcity of land and water and need for efficiency in the use of the available resources are forcing its adoption. Also, application demand is being fuelled by such non-technical factors as population growth, urbanisation, and food security issues. Other relative gains include cheaper transportation, production throughout the year, and using the soil to grow premium crops strengthen the place's appeal. In addition, technologies such as IoT, AI, LED lightings, hydroponics among others are taking efficiency and productivity to another level. Altogether, such components make vertical farming look like a very realistic approach to modern agriculture.

Within the hardware offering of the vertical farming market, sensors segment, is anticipated to expand at the fastest pace since they managed to achieve increased adoption of innovations like artificial intelligence and IoT, as well as big data analytics. These sensors as has been discussed earlier have been shown to be very effective in monitoring many requirements in the environmental process including temperature, humidity, light and nutrient levels during the growing process. It also enhances crop production, yield and hence the efficiency and sustainability of the vertical farming systems as it also increases resource productivity. It was also noted that the concern of vertical farming has already been established in tackling challenges such as food security and sustainability of food production systems The segment of advanced sensor technologies is believed to be on the ascendancy in the future.

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US to dominate vertical farming market size in North America because vertically farmed produce is most abundant in this region and across the globe. When it comes to vertical farming, the current statistics indicate that the US is the most advanced country in North America as it boasts of the most vertical farms owing to a large population and the rising demand for locally grown crops.