Global Vertical Farming Market worth USD 16,553.65 Million by 2024

Global Vertical Farming Market worth USD 16,553.65 Million by 2024

Pune, India, January 30, 2019 -- /360iResearch/ -- The report "Global Vertical Farming Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2024 (Q4 2018 Update)", published by 360iResearch, states that the global market was valued at USD 2,985.65 million in 2017 and is projected to reach USD 16,553.65 million by 2024, growing at a CAGR of 27.72% from 2017 to 2024.

The major forces driving the growth of the vertical farming market include the growing demand for high-quality organic food and increasing population leading to imbalances in food demand and supply. Moreover, adoption of stabilized farming technique independent of climate condition limited farming land to grow vegetables and fruits and rapid development in the precision farming technologies are also some of the factors that are driving the market growth. However lack of technical know-how, and limited variety of crops grown may hinder the market growth. In the middle of difficulty lies opportunity such as the market potential for vertical farming in apac, production of biopharmaceutical products, and large scale vertical farming. The possible challenges for the market growth are high energy consumption, and high initial investments. But key players in the market are overcoming the challenges with continual improvement and innovation.

Based on growth mechanism, the global vertical farming market is studied across Aeroponics, Aquaponics, and Hydroponics. Based on offering, the global vertical farming market is studied across Climate Control, Hydroponics Components, Lighting, and Sensors. Based on structure, the global vertical farming market is studied across Building-Based Vertical Farms, and Shipping Container Vertical Farms. Based on geography, the global vertical farming market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.

The report features a competitive scenario of the vertical farming market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are Aerofarms, Agrilution, American Hydroponics, Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Illumitex, Inc., Koninklijke Philips N.V., Sky Greens, Urban Crops, and Vertical Farm Systems.

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