Market Overview and Dynamics
The North America vertical farming market is expected to reach US$ 6,523.6 million by 2028 from an estimated value of US$ 1,469.4 million in 2021; it is likely to grow at a CAGR of 25.70% from 2021 to 2028. The factors attributed to driving the growth of market are the rise in popularity of organic food and increasing benefits of vertical farming compared to conventional farming. However, the high initial investments and maintenance costs may hamper the growth of the North America vertical farming market in the forecast period.
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Over the years, the vertical farming market has picked up significant momentum. The rising awareness pertaining to the benefits offered by vertical farming has emerged as the key factor driving this growth. Since vertical farming does not depend on weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Compared to conventional farming, it increases production by nearly 240 times while requiring 99% less land and 98% less water. The rise of next-generation, AI-powered vertical farming technologies that have been a noticeable help in reducing the consumption of both land and water is boosting the growth of this market substantially. In the near future, the vertical farming market is likely to gain from the increasing demand for creating a sustainable agricultural ecosystem. Technological advancements, such as the increased use of controlled environmental resources and agriculturally unfavourable locations, mainly skyscrapers, shipping containers, and vacant warehouses, are expected to boost the market. Ascending focus on recapturing evaporated water and recycling of products, in a bid to reduce wastage, is also projected to add to the market’s rise in the coming years. Another important factor that is expected to support the vertical farming market going forward is the high yield of fresh local crops that vertical farming help achieve. Along with expanding agricultural operations, the increasing demand for organic and healthy produce among urban consumers, especially in the wake of the COVID-19 pandemic, is likely to pave the way for this market’s rise over the next few years.
Regions such as the US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The lower production volumes have had severe impacts on supply chain and vertical farming equipment providers. Moreover, market players in region operating with limited workforce and the scheduled deliveries of vertical farming equipment was affected in 2020. However, as vaccination drive was initiated, and containment measure were relaxed the real-time location system market started to gain traction in 2021. There is also a growing adoption of environment-friendly and profitable technology in North America which is anticipated to propel the growth of the vertical farming market.
Market Introduction
Vertical farming is one of the modern farming practices, wherein the plants are cultivated in a closed environment without the use of soil. Crops are grown in an artificial condition, where atmospheric parameters, such as temperature, humidity, and lights, are controlled. Nutrients required for the growth of plants are integrated in water and are circulated or sprayed on the roots of the plants. The vertical farming consists of three techniques that are hydroponics, aquaponics, and aeroponics. Moreover, with the advancement in technologies, vertical farming operators are now deploying AI and IoT systems in farms for improving the overall efficiency of various operations.
North America Vertical Farming Strategic Insights
Strategic insights for the North America Vertical Farming provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
ď‚· Eden Green Technology
ď‚· Elevate Farms Inc.
ď‚· iFarm
ď‚· OSRAM GmbH
ď‚· Plenty Unlimited Inc.
ď‚· Agrilution
ď‚· AeroFarms
North America Vertical Farming Regional Insights
The geographic scope of the North America Vertical Farming refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
Based on type, the North America vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The hydroponics segment led the highest share of the vertical farming market in 2021, however, the aeroponics segment is expected to account the largest share of the market by 2021-2028.
Based on component, the North America vertical farming market is bifurcated into lighting, sensor, climate control, irrigation component, building material, and others. In 2021, the lighting segment is likely to hold the largest share of the market, however climate control is expected to grow at the fastest rate during the coming years.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the North America vertical farming market are the World Health Organization (WHO) and US Department of Agriculture (USDA).
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
