Vertical Farming Market

Vertical Farming Market Size, Share, Statistics and Industry Growth Analysis Report by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based and Shipping container-based), Crop Type, Offering (Lighting, Sensors, Climate Control, Software, Services) & Region - Global Forecast to 2028

Report Code: SE 3992 Jun, 2023, by marketsandmarkets.com

[225 Pages Report] The global vertical farming market size is estimated to be USD 5.1 billion in 2023, and it is expected to reach USD 15.3 billion by 2028, growing at a CAGR of 24.7% from 2023 to 2028. Various factors are fueling the growth of the vertical farming market share. One of the key drivers is the decreasing availability of land for agriculture, which is happening due to urbanization, deforestation, and climate change. This trend poses a challenge to traditional farming methods, but vertical farming offers a solution by utilizing space more efficiently to produce food.

Vertical Farming Market

Vertical Farming Market

Vertical Farming Market Forecast to 2028

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Market Dynamics:

Driver: Reduced environmental impact from agriculture by the adoption of vertical farming

Vertical farming plays a vital role in reducing the environmental impact of agriculture. It reduces the water required to produce the same or higher number of crops. It also removes the chemicals and pesticides used to grow crops and diminishes the need for transportation. The entire process of vertical farming is carried out organically. It significantly eliminates the use of chemicals and provides natural solutions, such as using fish to produce nutrient-rich waste for plants in the aquaponics growth mechanism of vertical farming. Also, as vertical farming is carried out in a controlled environment, they are immune to dangerous pests, eliminating pesticide use. As methods of pest control such as burning fields, grass, or waste are omitted, vertical farming assures healthy, quality produce for its consumers. This, in turn, is expected to create growth opportunities for the players in the vertical farming market.

Restraint: Lack of technically skilled workforce and limited crop types

Vertical farming often involves use of technical solutions, such as cameras, sensors, automated systems, artificial intelligence, hydroponic, aquaponics, and aeroponic systems. To operate these advanced systems, a knowledgeable and skillful workforce is essential. The lack of a skilled workforce has affected different sectors globally, and vertical farming is no exception. Also, most farmers venture into this market with systems that are inefficient in terms of design and are costly. To sustain and remain competitive in the market, vertical farms need to be updated on different aspects of farming. Moreover, unlike conventional farming, growers can grow a limited range of crops in vertical farming, but these crops are economically and commercially viable today. Indoor farming is the future of farming but will not account for all growing operations; for instance, leafy greens are best grown in vertical farming, but tomatoes, cucumbers, and peppers are best grown in greenhouses.

Opportunity:  Potential market opportunities in Asia Pacific and the Middle East

According to the Ministry of Agriculture, Forest, & Fisheries (MAFF), people in APAC consume about 75% of the vegetables produced globally. In APAC, most plant factories are in Japan, China, Hong Kong, and Singapore. Factors such as continuous growth in urban population, rising disposable income, and increasing middle-class population are expected to drive the demand for food and agricultural commodities and resources between 2023 and 2028. With the advantage of producing more in less area, vertical farming is being increasingly adopted in different countries in APAC. The Middle East is another market with high growth potential for vertical farming. The climate in Middle Eastern countries is hot for almost eight months a year, leaving a significantly less favorable period for crop production. This leads to the limited availability of local produce at high prices. However, countries such as the UAE and Israel are expected to hold high growth opportunities for the market.

Challenge: Higher energy consumption leads to high operational costs

Energy consumption and operating costs present significant restraints on the vertical farming industry, impacting its scalability and economic viability. One area of concern is the energy-intensive nature of vertical farming, particularly the reliance on artificial lighting systems. Traditional lighting technologies, such as high-pressure sodium (HPS) lamps, consume substantial energy. A study by the University of California, Davis, found that HPS lighting alone accounted for 50% to 70% of the total energy consumption in a vertical farm. Furthermore, per the 2021 Global CEA Census Report, vertical farms demonstrate a considerably higher average energy consumption of 38.8 kWh per kilogram of produce. In contrast, traditional greenhouses have an average energy consumption of 5.4 kWh per kilogram.

Vertical Farming Market Ecosystem

Vertical Farming Market by Ecosystem

Lighting technology to dominate the overall hardware segment of the vertical farming market between 2023 and 2028

The adoption of LED lighting in vertical farms has significantly increased due to its numerous advantages catering to indoor agricultural environments’ specific needs. LED lights enable precise control over the light spectrum and intensity, allowing farmers to customize the lighting conditions to suit the requirements of different plants, resulting in optimal growth and higher yields. Furthermore, LED lights are highly energy-efficient, consuming considerably less electricity than traditional lighting sources. Their extended lifespan also reduces maintenance expenses. Additionally, LED lights emit less heat, minimizing the risk of heat-related damage to plants and creating a more favorable working environment for farmers. The versatility and benefits of LED lighting have made it a favored choice among vertical farm operators, playing a crucial role in the success and expansion of this innovative farming method.

Hydroponics technique is likely to be the most preferred vertical farming method among commercial growers during the forecast period

Hydroponics is a soil-less plant cultivation method that relies on water and nutrients, offering a highly efficient approach to growing food. It requires less space and water than conventional farming methods, making it a compelling choice. Furthermore, hydroponics enables year-round food production unaffected by weather conditions. Commercial growers find hydroponics particularly attractive due to its numerous benefits for vertical farming. Firstly, it ensures efficiency by reducing water usage and space requirements. Secondly, it grants growers more significant control over the growing environment within the hydroponic system. Thirdly, hydroponics consistently yields high-quality produce. Lastly, it promotes sustainability, providing a more environmentally friendly alternative to traditional farming practices. These advantages have positioned hydroponics as the preferred method for commercial growers engaging in vertical farming.

Building-based vertical farms likely to dominate the overall market between 2023 and 2028

For several compelling reasons, building-based vertical farm structures have emerged as dominant players in the overall vertical farming market. Firstly, their versatility allows them to be established in any location, irrespective of challenging climatic or weather conditions. This makes them particularly suitable for countries or regions facing difficulties in traditional farming due to factors like deserts or urban landscapes. Secondly, the efficiency of building-based vertical farms is notable, as they can maximize the utilization of resources such as water, space, and energy. By utilizing vertical stacking, these farms can produce a higher yield within a smaller area

US to dominate vertical farming market size in North America as the country has the largest number of vertical farms in the region

The United States has emerged as the leading nation in North America, with the highest number of vertical farms, primarily due to its substantial population and the increasing demand for locally grown produce. With over 330 million people, the US provides a significant market for fresh agricultural products, driving the need for vertical farming solutions. Additionally, the country benefits from abundant capital resources, supported by a robust economy and a large pool of venture capital. This financial backing has facilitated the development and expansion of vertical farming companies. Moreover, the US enjoys a favorable regulatory environment that streamlines the establishment and operation of vertical farms, making it easier for companies to enter the market. Prominent examples of successful vertical farming companies in the US include AeroFarms, Bowery Farming, and Gotham Greens, operating farms in various cities across the country.

Vertical Farming Market by Region

Vertical Farming Market Statistics by Region

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Key Market Players

Vertical Farming companies include Signify (Netherlands), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Plenty  (US), Valoya (Finland), Osram  (Germany), Everlight Electronics (Taiwan), and Heliospectra AB (Sweden).

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Scope of the Report

Report Metric

Details

Estimated Value

USD 5.1 billion

Expected Value 

USD 15.3 billion

Growth Rate

CAGR of 24.7%

Market Size Available for Years

2019–2028

Base Year

2022

Forecast Period

2023–2028

Units

Value (USD Million/USD Billion)

Segments Covered

  • Growth Mechanism,
  • Structure,
  • Crop Type,
  • Offerings, and
  • Region

Regions Covered

  • North America,
  • Europe,
  • Asia Pacific, and
  • RoW

Market Leaders

Signify (Netherlands), ams-OSRAM AG (Germany), sky Greens (Singapore), Spread (Japan), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden).

Top Companies in North America

Freight Farms (US), AeroFarms (US), Plenty (US), Green Sense Farms (US).

Key Market Driver

Reduced environmental impact from agriculture by the adoption of vertical farming

Key Market Opportunity

 Potential market opportunities in Asia Pacific and the Middle East

Largest Growing Region

 North America

Largest Market Share Segment

Lighting Technology

Vertical Farming Market Highlights

This vertical farming market research report categorizes based on growth mechanism, structure, crop type, offerings and region.

Segment

Subsegment

By Growth Type

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Structure

  • Building-based vertical farm
  • Shipping container-based vertical farm

By Crop Type

  • Lettuce
  • Pepper
  • Kale
  • Herbs
  • Broccoli
  • Cucumber
  • Spinach
  • Tomato
  • Strawberry
  • Others

By Offerings

  • Hardware
    • Lighting
    • Hydroponic Components
    • Climate Control
    • Sensors
  • Software
  • Services

By Region

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  • In May 2023, AeroFarms revealed the expansion of its partnership with Amazon Fresh.
  • In February 2023, ams OSRAM collaborated with Revolution Microelectronics, a US-based controlled agriculture environment designer.
  • In February 2023, Realty Income, a commercial real estate investment trust, partnered with Plenty Unlimited Inc. The collaboration involves an investment of up to USD 1 billion to construct farming space that will be leased to Plenty Unlimited.
  • In September 2022, Freight Farms collaborated with The University of Arizona Biosphere 2.
  • In May 2022, Signify Holding, the global leader in lighting, successfully finalized the acquisition of Fluence from ams OSRAM.
  • In May 2022, ams OSRAM introduced the OSLON Optimal family of LEDs, featuring the latest 1mm2 chip designed specifically for horticulture lighting applications.
  • In August 2021, AeroFarms partnered with Nokia Bell Labs to combine their expertise and expand their joint capabilities in networking, autonomous systems, and integrated machine vision and machine learning technologies to identify and track plant interactions at the most advanced levels.
  • In August 2021, AeroFarms announced that it would expand to the Middle West region as part of a project with the World Wildlife Fund (WWF) and St. Louis Controlled Environment Agriculture Coalition (STLCEA) to demonstrate innovative strategies to minimize the environmental footprint of indoor vertical farming.
  • In July 2021, Heliospectra AB, a world leader in intelligent lighting technology for vertical farming, announced a new seller partnership with MineARC Systems, a global leader in manufacturing and supplying controlled environments. The company will represent Heliospectra’s market-leading LED lighting and lighting control solutions in the Australian market.
  • In June 2021, Osram expanded its horticulture portfolio by launching Osconiq S 5050. It addresses a key problem of used white LEDs resulting in lower energy costs and more efficient lighting for indoor farmers.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 29)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
           1.3.2 INCLUSIONS AND EXCLUSIONS
           1.3.3 GEOGRAPHICAL SCOPE
           1.3.4 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 UNITS CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
           1.8.1 IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY (Page No. - 34)
    2.1 RESEARCH DATA 
           FIGURE 1 VERTICAL FARMING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION
           FIGURE 2 VERTICAL FARMING MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primaries
                    2.1.2.2 Key data from primary sources
                    2.1.2.3 Key industry insights
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY COMPANIES FROM HARDWARE/SOFTWARE/ SERVICES OFFERED IN VERTICAL FARMING MARKET
           FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE)
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to derive market size using bottom-up analysis
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to derive market size using top-down analysis
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 7 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS 
           FIGURE 8 RESEARCH ASSUMPTIONS
    2.5 RISK ASSESSMENT 
           TABLE 1 RISK FACTOR ANALYSIS
    2.6 RECESSION IMPACT ANALYSIS 
 
3 EXECUTIVE SUMMARY (Page No. - 45)
    FIGURE 9 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD
    FIGURE 10 SHIPPING-BASED VERTICAL FARMS SEGMENT TO EXHIBIT HIGHER GROWTH DURING FORECAST PERIOD
    FIGURE 11 LETTUCE LIKELY TO BE MOST COMMONLY GROWN CROP ACROSS DIFFERENT VERTICAL FARMS
    FIGURE 12 SERVICES TO BE FASTEST-GROWING SEGMENT IN VERTICAL FARMING MARKET DURING FORECAST PERIOD
    FIGURE 13 ASIA PACIFIC TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 50)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VERTICAL FARMING MARKET 
           FIGURE 14 INCREASE IN INVESTMENTS AND PARTNERSHIPS BETWEEN FARMS AND TECHNOLOGY PROVIDERS TO BOOST VERTICAL FARMING MARKET GROWTH
    4.2 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM AND STRUCTURE 
           FIGURE 15 HYDROPONICS GROWTH MECHANISM AND BUILDING-BASED VERTICAL FARMS SEGMENTS TO HOLD LARGEST MARKET SHARES IN ASIA PACIFIC IN 2028
    4.3 VERTICAL FARMING MARKET, BY OFFERING 
           FIGURE 16 HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.4 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 
           FIGURE 17 HYDROPONICS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.5 VERTICAL FARMING MARKET, BY STRUCTURE 
           FIGURE 18 BUILDING-BASED VERTICAL FARMS SEGMENT TO HOLD LARGEST MARKET SHARE FROM 2023 TO 2028
    4.6 VERTICAL FARMING MARKET, BY CROP TYPE 
           FIGURE 19 LETTUCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.7 VERTICAL FARMING MARKET, BY REGION 
           FIGURE 20 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 54)
    5.1 MARKET DYNAMICS 
           FIGURE 21 VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.1.1 DRIVERS
                    FIGURE 22 ANALYSIS OF IMPACT OF DRIVERS ON VERTICAL FARMING MARKET
                    5.1.1.1 Potential for higher yields compared with conventional farming methods
                    5.1.1.2 Continuous advancements in light-emitting diode (LED) technology
                    5.1.1.3 Year-round crop production, irrespective of weather conditions
                               FIGURE 23 DAMAGE AND LOSS TO CROPS, BY TYPE OF CALAMITY, 2003–2016
                    5.1.1.4 Requirement for minimum resources
                               FIGURE 24 GLOBAL POPULATION GROWTH, 2015–2050
                    5.1.1.5 Limited arable land
           5.1.2 RESTRAINTS
                    FIGURE 25 ANALYSIS OF IMPACT OF RESTRAINTS ON VERTICAL FARMING MARKET
                    5.1.2.1 Lack of technically skilled workforce and choice of limited cultivable crops
                    5.1.2.2 High initial capital investment requirements
           5.1.3 OPPORTUNITIES
                    FIGURE 26 ANALYSIS OF IMPACT OF OPPORTUNITIES ON VERTICAL FARMING MARKET
                    5.1.3.1 Ability to reduce ecological footprint of agriculture
                    5.1.3.2 Potential market opportunities in Asia Pacific and Middle East
                    5.1.3.3 Viability to cultivate Cannabis using vertical farming technique
           5.1.4 CHALLENGES
                    FIGURE 27 ANALYSIS OF IMPACT OF CHALLENGES ON VERTICAL FARMING MARKET
                    5.1.4.1 Maintenance of temperature, humidity, and air circulation in vertical farms
                    5.1.4.2 Energy-intensive nature of vertical farming, leading to high operational costs
                    5.1.4.3 Difficulty in achieving economies of scale
    5.2 SUPPLY CHAIN ANALYSIS 
           FIGURE 28 VERTICAL FARMING MARKET: SUPPLY CHAIN ANALYSIS
    5.3 ECOSYSTEM MAPPING 
           TABLE 2 VERTICAL FARMING MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM
           FIGURE 29 VERTICAL FARMING MARKET: SYSTEM MANUFACTURERS AND CROP PRODUCERS
    5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 30 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR VERTICAL FARMING MARKET PLAYERS
    5.5 TECHNOLOGY ANALYSIS 
    5.6 PRICING ANALYSIS 
           FIGURE 31 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS, BY POWER OUTPUT
    5.7 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS 
           FIGURE 32 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 33 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS
           FIGURE 34 IMPACT ANALYSIS OF PORTER’S FIVE FORCES
           TABLE 3 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.8.1 INTENSITY OF COMPETITIVE RIVALRY
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF BUYERS
           5.8.4 BARGAINING POWER OF SUPPLIERS
           5.8.5 THREAT OF NEW ENTRANTS
    5.9 CASE STUDY ANALYSIS 
           5.9.1 LJUSGÅRDA IMPLEMENTED HELIOSPECTRA’S LED LIGHTING IN INDOOR GROWTH FACILITY
           5.9.2 HORTIPOLARIS CULTIVATION AND RESEARCH FACILITY IMPLEMENTED FLUENCE LED LIGHTING SOLUTION
           5.9.3 AEROFARMS USES ADVANCED TECHNOLOGIES TO TAKE VERTICAL FARMING TO NEW HEIGHTS
           5.9.4 BENEFITS OF IOT DEPLOYMENT IN INDOOR VERTICAL FARMS
           5.9.5 RIAT USED SIGNIFY’S LED LIGHTING SOLUTION TO GROW TOMATOES AND CUCUMBERS IN VERTICAL FARMS
           5.9.6 KARMA FARM ADOPTED HYDROPONIC SOLUTION FOR YEAR-ROUND CROP PRODUCTION
    5.10 PATENT ANALYSIS 
           FIGURE 35 NUMBER OF PATENTS GRANTED WORLDWIDE FROM 2013 TO 2022
           TABLE 4 TOP 20 PATENT OWNERS FROM 2013 TO 2022
           FIGURE 36 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2013 TO 2022
           5.10.1 VERTICAL FARMING MARKET: LIST OF KEY PATENTS
                    TABLE 5 VERTICAL FARMING MARKET: LIST OF KEY PATENTS
    5.11 TRADE ANALYSIS 
           TABLE 6 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION)
           FIGURE 37 IMPORT DATA FOR MAJOR COUNTRIES, 2018–2022
           TABLE 7 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION)
           FIGURE 38 EXPORT DATA FOR MAJOR COUNTRIES, 2018–2022
    5.12 KEY CONFERENCES AND EVENTS, 2023–2024 
           TABLE 8 VERTICAL FARMING MARKET: DETAILED LIST OF RELATED CONFERENCES AND EVENTS
    5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 39 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS
                    TABLE 9 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS
           5.13.2 BUYING CRITERIA
                    FIGURE 40 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS
                    TABLE 10 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS
    5.14 TARIFFS AND REGULATORY FRAMEWORK 
           5.14.1 TARIFFS
                    TABLE 11 TARIFF, BY COUNTRY
           5.14.2 REGULATIONS
                    TABLE 12 VERTICAL FARMING MARKET: REGULATIONS
           5.14.3 STANDARDS
 
6 VERTICAL FARMING MARKET, BY GROWTH MECHANISM (Page No. - 84)
    6.1 INTRODUCTION 
           FIGURE 41 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD
           TABLE 13 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
           TABLE 14 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
    6.2 HYDROPONICS 
           6.2.1 YEAR-ROUND CULTIVATION MECHANISM SUITABLE FOR GROWING CROPS IN LOCATIONS WITH LIMITED ARABLE LAND
                    TABLE 15 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 16 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 AEROPONICS 
           6.3.1 USES PATENTED TECHNOLOGY TO ACHIEVE HIGH PRODUCTIVITY WITHIN SHORT TIMEFRAME
                    TABLE 17 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 18 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.4 AQUAPONICS 
           6.4.1 ELIMINATES USAGE OF PESTICIDES AND FERTILIZERS
                    TABLE 19 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 20 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
 
7 VERTICAL FARMING MARKET, BY STRUCTURE (Page No. - 91)
    7.1 INTRODUCTION 
           FIGURE 42 BUILDING-BASED VERTICAL FARMS TO ACCOUNT FOR LARGER MARKET SHARE BY 2028
           TABLE 21 VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
           TABLE 22 VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
    7.2 BUILDING-BASED VERTICAL FARMS 
           7.2.1 COUNTRIES WITH UNSUPPORTED CROP ENVIRONMENTS TEND TO BE EARLY ADOPTERS OF BUILDING-BASED VERTICAL FARMS
                    TABLE 23 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 24 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.3 SHIPPING CONTAINER-BASED VERTICAL FARMS 
           7.3.1 EMERGING VERTICAL FARMING SOLUTIONS FOR SMALL FARMERS
                    TABLE 25 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 26 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
 
8 VERTICAL FARMING MARKET, BY CROP TYPE (Page No. - 96)
    8.1 INTRODUCTION 
           FIGURE 43 LETTUCE SEGMENT TO LEAD VERTICAL FARMING MARKET DURING FORECAST PERIOD
           TABLE 27 VERTICAL FARMING MARKET, BY CROP TYPE, 2019–2022 (MILLION METRIC TONS)
           TABLE 28 VERTICAL FARMING MARKET, BY CROP TYPE, 2023–2028 (MILLION METRIC TONS)
           TABLE 29 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (MILLION METRIC TONS)
           TABLE 30 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (MILLION METRIC TONS)
    8.2 VEGETABLES 
           8.2.1 LETTUCE PREDOMINANTLY CULTIVATED IN VERTICAL FARMS
    8.3 FRUITS 
           8.3.1 STRAWBERRIES AND POMEGRANATES AMONG MOST GROWN FRUITS IN VERTICAL FARMS
 
9 VERTICAL FARMING MARKET, BY OFFERING (Page No. - 101)
    9.1 INTRODUCTION 
           FIGURE 44 HARDWARE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET BY 2028
           TABLE 31 VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
           TABLE 32 VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
           FIGURE 45 LIGHTING SEGMENT TO DOMINATE VERTICAL FARMING HARDWARE MARKET DURING FORECAST PERIOD
           TABLE 33 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 34 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2023–2028 (USD MILLION)
           TABLE 35 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
           TABLE 36 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.2 HARDWARE 
           9.2.1 LIGHTING
                    TABLE 37 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 38 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2023–2028 (USD MILLION)
                    9.2.1.1 Lighting fixtures
                               9.2.1.1.1 Electrical devices used to create artificial light in vertical farms using electric lamps
                    9.2.1.2 Lighting control
                               9.2.1.2.1 Connected energy-saving lighting systems prove to be ideal for vertical farming
           9.2.2 HYDROPONIC COMPONENTS
                    9.2.2.1 Utilize nutrient-laden water appropriately to ensure high crop growth
                               TABLE 39 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 40 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2023–2028 (USD MILLION)
           9.2.3 CLIMATE CONTROL
                    9.2.3.1 Use effective HVAC systems to ensure high productivity through precise temperature control
                               TABLE 41 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 42 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2023–2028 (USD MILLION)
           9.2.4 SENSORS
                    9.2.4.1 Provide necessary data points for accurate monitoring to maximize productivity and farm efficiency
                               TABLE 43 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 44 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2023–2028 (USD MILLION)
    9.3 SOFTWARE 
           9.3.1 FACILITATE CALCULATIONS AND MANAGEMENT PROCESSES IN AGRICULTURE FOR INCREASED EFFICIENCY
                    TABLE 45 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 46 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.4 SERVICES 
           9.4.1 INCLUDE CONSULTING, MAINTENANCE, AND SUPPORT SERVICES
                    TABLE 47 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 48 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
 
10 VERTICAL FARMING MARKET, BY REGION (Page No. - 113)
     10.1 INTRODUCTION 
             FIGURE 46 SINGAPORE TO BE FASTEST-GROWING VERTICAL FARMING MARKET DURING FORECAST PERIOD
             TABLE 49 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 50 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.2 NORTH AMERICA 
             FIGURE 47 NORTH AMERICA: VERTICAL FARMING MARKET SNAPSHOT
             10.2.1 NORTH AMERICA: RECESSION IMPACT
                        FIGURE 48 NORTH AMERICA: IMPACT OF RECESSION
                        TABLE 51 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 52 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        TABLE 53 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                        TABLE 54 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                        TABLE 55 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                        TABLE 56 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                        TABLE 57 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 58 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 59 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)
                        TABLE 60 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)
             10.2.2 US
                        10.2.2.1 Increasing number of vertical farms and partnerships among companies to boost market growth
                                     TABLE 61 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 62 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 63 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 64 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 65 US: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 66 US: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.2.3 CANADA
                        10.2.3.1 Presence of technologically advanced vertical farming companies to foster market growth
                                     TABLE 67 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 68 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 69 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 70 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 71 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 72 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.2.4 MEXICO
                        10.2.4.1 Population growth and deteriorating cultivation zones to drive adoption of vertical farming
     10.3 EUROPE 
             FIGURE 49 EUROPE: VERTICAL FARMING MARKET SNAPSHOT
             10.3.1 EUROPE: RECESSION IMPACT
                        FIGURE 50 EUROPE: IMPACT OF RECESSION
                        TABLE 73 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 74 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        TABLE 75 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                        TABLE 76 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                        TABLE 77 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                        TABLE 78 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                        TABLE 79 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 80 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 81 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)
                        TABLE 82 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)
             10.3.2 EU4
                        10.3.2.1 Emergence of various vertical farming startups to drive market
                                     TABLE 83 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 84 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 85 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 86 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 87 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 88 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.3.3 UK
                        10.3.3.1 High demand for locally sourced and sustainable food options to favor vertical farming market growth
                                     TABLE 89 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 90 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 91 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 92 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 93 UK: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 94 UK: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.3.4 SCANDINAVIA
                        10.3.4.1 Need to reduce transportation footprint of food to lead to adoption of vertical farming practices
             10.3.5 NETHERLANDS
                        10.3.5.1 Partnerships and collaborations between leading vertical farming companies to drive market
             10.3.6 REST OF EUROPE
     10.4 ASIA PACIFIC 
             FIGURE 51 ASIA PACIFIC: VERTICAL FARMING MARKET SNAPSHOT
             10.4.1 ASIA PACIFIC: RECESSION IMPACT
                        FIGURE 52 ASIA PACIFIC: IMPACT OF RECESSION
                        TABLE 95 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 96 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        TABLE 97 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                        TABLE 98 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                        TABLE 99 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                        TABLE 100 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                        TABLE 101 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 102 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 103 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)
                        TABLE 104 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)
             10.4.2 CHINA
                        10.4.2.1 Increasing urban population and declining agricultural land to create opportunities for market players
                                     TABLE 105 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 106 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 107 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 108 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 109 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 110 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.4.3 JAPAN
                        10.4.3.1 Presence of multiple vertical farming companies to support market growth
                                     TABLE 111 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                                     TABLE 112 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                                     TABLE 113 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                                     TABLE 114 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                                     TABLE 115 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 116 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             10.4.4 SINGAPORE
                        10.4.4.1 Focus on achieving food security to accelerate adoption of vertical farming
             10.4.5 REST OF ASIA PACIFIC
     10.5 REST OF THE WORLD 
             10.5.1 REST OF THE WORLD: RECESSION IMPACT
                        FIGURE 53 REST OF THE WORLD: IMPACT OF RECESSION
                        TABLE 117 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)
                        TABLE 118 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)
                        TABLE 119 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)
                        TABLE 120 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)
                        TABLE 121 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)
                        TABLE 122 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)
                        TABLE 123 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 124 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 125 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)
                        TABLE 126 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)
             10.5.2 MIDDLE EAST
                        10.5.2.1 Lack of arable land to result in adoption of vertical farming
             10.5.3 AFRICA
                        10.5.3.1 Scarcity of freshwater and arable land to boost demand for vertical farming
             10.5.4 SOUTH AMERICA
                        10.5.4.1 Emergence of startups involved in vertical farming to boost market growth
 
11 COMPETITIVE LANDSCAPE (Page No. - 153)
     11.1 OVERVIEW 
             TABLE 127 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS
     11.2 MARKET SHARE AND RANKING ANALYSIS 
             TABLE 128 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (LIGHTING PROVIDERS), 2022
             FIGURE 54 COMPANY MARKET SHARE ANALYSIS, 2022
             TABLE 129 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (CROP PRODUCERS), 2022
     11.3 5-YEAR COMPANY REVENUE ANALYSIS 
             FIGURE 55 REVENUE ANALYSIS FOR KEY COMPANIES, 2018–2022
     11.4 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022 
             FIGURE 56 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022
             11.4.1 STARS
             11.4.2 PERVASIVE PLAYERS
             11.4.3 EMERGING LEADERS
             11.4.4 PARTICIPANTS
     11.5 COMPETITIVE BENCHMARKING 
             TABLE 130 COMPANY FOOTPRINT
             TABLE 131 COMPANY OFFERING FOOTPRINT
             TABLE 132 COMPANY REGION FOOTPRINT
     11.6 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022 
             FIGURE 57 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022
             11.6.1 PROGRESSIVE COMPANIES
             11.6.2 RESPONSIVE COMPANIES
             11.6.3 DYNAMIC COMPANIES
             11.6.4 STARTING BLOCKS
                        TABLE 133 VERTICAL FARMING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (CROP PRODUCERS)
     11.7 COMPETITIVE SCENARIOS AND TRENDS 
             11.7.1 PRODUCT LAUNCHES
                        TABLE 134 VERTICAL FARMING MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS
             11.7.2 DEALS
                        TABLE 135 VERTICAL FARMING MARKET: DEALS
             11.7.3 EXPANSIONS
                        TABLE 136 VERTICAL FARMING MARKET: OTHERS
 
12 COMPANY PROFILES (Page No. - 172)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
     12.1 INTRODUCTION 
     12.2 KEY PLAYERS 
             12.2.1 SIGNIFY HOLDING
                        TABLE 137 SIGNIFY HOLDING: COMPANY OVERVIEW
                        FIGURE 58 SIGNIFY HOLDING: COMPANY SNAPSHOT
                        TABLE 138 SIGNIFY HOLDING: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 139 SIGNIFY HOLDING: DEALS
             12.2.2 AMS-OSRAM AG
                        TABLE 140 AMS-OSRAM AG: COMPANY OVERVIEW
                        FIGURE 59 AMS-OSRAM AG: COMPANY SNAPSHOT
                        TABLE 141 AMS-OSRAM AG: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 142 AMS-OSRAM AG: PRODUCT LAUNCHES
                        TABLE 143 AMS-OSRAM AG: DEALS
             12.2.3 FREIGHT FARMS, INC.
                        TABLE 144 FREIGHT FARMS, INC.: COMPANY OVERVIEW
                        TABLE 145 FREIGHT FARMS, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 146 FREIGHT FARMS, INC.: PRODUCT LAUNCHES
                        TABLE 147 FREIGHT FARMS, INC.: DEALS
             12.2.4 AEROFARMS
                        TABLE 148 AEROFARMS: COMPANY OVERVIEW
                        TABLE 149 AEROFARMS: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 150 AEROFARMS: DEALS
                        TABLE 151 AEROFARMS: OTHERS
             12.2.5 SKY GREENS
                        TABLE 152 SKY GREENS: COMPANY OVERVIEW
                        TABLE 153 SKY GREENS: PRODUCT/SOLUTION/SERVICE OFFERINGS
             12.2.6 SPREAD CO., LTD.
                        TABLE 154 SPREAD CO., LTD.: COMPANY OVERVIEW
                        TABLE 155 SPREAD CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 156 SPREAD CO., LTD.: DEALS
             12.2.7 PLENTY UNLIMITED INC.
                        TABLE 157 PLENTY UNLIMITED INC.: COMPANY OVERVIEW
                        TABLE 158 PLENTY UNLIMITED INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 159 PLENTY UNLIMITED INC.: DEALS
                        TABLE 160 PLENTY UNLIMITED INC.: OTHERS
             12.2.8 VALOYA
                        TABLE 161 VALOYA: COMPANY OVERVIEW
                        TABLE 162 VALOYA: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 163 VALOYA: DEALS
             12.2.9 EVERLIGHT ELECTRONICS CO., LTD.
                        TABLE 164 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY OVERVIEW
                        FIGURE 60 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT
                        TABLE 165 EVERLIGHT ELECTRONICS CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS
             12.2.10 HELIOSPECTRA
                        TABLE 166 HELIOSPECTRA: COMPANY OVERVIEW
                        FIGURE 61 HELIOSPECTRA: COMPANY SNAPSHOT
                        TABLE 167 HELIOSPECTRA: PRODUCT/SOLUTION/SERVICE OFFERINGS
                        TABLE 168 HELIOSPECTRA: PRODUCT LAUNCHES
                        TABLE 169 HELIOSPECTRA: DEALS
     12.3 OTHER KEY PLAYERS 
             12.3.1 GREEN SENSE FARMS HOLDINGS, INC.
             12.3.2 AMHYDRO
             12.3.3 URBAN CROP SOLUTIONS
             12.3.4 VERTICAL FARM SYSTEMS
             12.3.5 BOWERY FARMING INC.
             12.3.6 AGRICOOL
             12.3.7 SANANBIO
             12.3.8 GP SOLUTIONS, INC.
             12.3.9 INFARM
             12.3.10 ALTIUS FARMS
             12.3.11 INTELLIGENT GROWTH SOLUTIONS LIMITED
             12.3.12 4D BIOS INC
             12.3.13 FUTURE CROPS
             12.3.14 BRIGHTFARMS
             12.3.15 VERTICAL FUTURE LTD.
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
 
13 APPENDIX (Page No. - 218)
     13.1 INSIGHTS FROM INDUSTRY EXPERTS 
     13.2 DISCUSSION GUIDE 
     13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     13.4 CUSTOMIZATION OPTIONS 
     13.5 RELATED REPORTS 
     13.6 AUTHOR DETAILS 
 

 

Two basic sources of information-secondary and primary-have been used to identify and collect information for an extensive technical and commercial study of the vertical farming market. Secondary sources include company websites, magazines, industry news, associations, and databases (OneSource, Factiva, and Bloomberg). Primary sources mainly comprise several experts from the core and related industries, along with preferred component suppliers, lighting and sensors manufacturers, distributors, technology developers, system integrators, alliances, standards, and certification organizations related to various segments of this industry’s value chain. They have been interviewed to understand, obtain, and verify critical information as well as assess future market trends and prospects. Key players in the vertical farming market have been identified through secondary research, and their market rankings have been determined through primary and secondary research. This research also includes the study of annual reports of market players to identify the top players and interviews with key opinion leaders such as CEOs, Directors, and Marketing Personnel.

After the complete market engineering (including calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research has been conducted to verify and validate critical market numbers.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information relevant to this study on the vertical farming market. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, certified publications, and articles by recognized authors; directories; and databases.

The global size of the vertical farming market has been obtained from the secondary data available through paid and unpaid sources. It has also been determined by analyzing the product portfolios of the leading companies and rating them based on the quality of their offerings.

Secondary research has been used to gather key information about the industry's supply chain, the market's monetary chain, the total number of key players, and market segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both the market- and technology-oriented perspectives. It has also been conducted to identify and analyze the industry trends and key developments undertaken from both the market- and technology perspectives.

Primary Research

Various primary sources have been interviewed in the primary research process to obtain qualitative and quantitative information about the market across four main regions-Asia Pacific, North America, Europe, and the Rest of the World (the Middle East, Africa, and South America). Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology directors, and other key executives from major companies and organizations operating in the vertical farming market or related markets.

After completing market engineering, primary research was conducted to gather information and verify and validate critical numbers from other sources. Primary research has also been conducted to identify various market segments; industry trends; key players; competitive landscape; and key market dynamics, such as drivers, restraints, opportunities, and challenges, along with key strategies adopted by market players. Most primary interviews have been conducted with the market’s supply side. This primary data has been collected through questionnaires, emails, and telephonic interviews.

Vertical Farming Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches have been used to estimate and validate the size of the vertical farming market and other dependent markets. Key players in the market have been identified through secondary research, and their market positions in the respective regions have been determined through primary and secondary research. This entire procedure includes studying the top players’ annual and financial reports and databases and extensive interviews with industry leaders such as CEOs, vice presidents, directors, and marketing executives for key insights.

All percentage share breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. 

Vertical Farming Market: Bottom-Up Approach

Vertical Farming Market Size, and Bottom-Up Approach

Vertical Farming Market: Top-Down Approach

Vertical Farming Market Size, and Top-Down Approach

Data Triangulation

After arriving at the overall market size through the above process, the market has been split into several segments. The market breakdown and data triangulation procedures have been employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all the segments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Market Definition

Vertical farming is a method of cultivating crops on a vertical stack in an urban setup. In vertical farming, an artificial environment is created inside a facility, using technology, which helps plants grow with high nutritious content in a short period compared with traditional farming. Growth, productivity, and quality of plants depend on technologies such as climate control, air purification, lighting, and pump and irrigation systems. Vertical farming can be done using three different growth mechanisms: hydroponics, aeroponics, and aquaponics. Vertical farms can be of various types, such as building-based, shipping container-based, and deep farms. The output of the vertical farms is multi-fold compared with conventional farming in the same area of a farm, as crops are grown using vertical stacks in vertical farms in a controlled environment agriculture technology, increasing the quantity of produce. In contrast, in conventional farming, crops are planted at a single level, making vertical farming an efficient farming technique.

Key Stakeholders

  • Raw material vendors
  • Original technology designers and suppliers
  • Raw material and component suppliers
  • Vertical farming system manufacturers
  • Assembly manufacturers
  • System integrators
  • Assembly and packaging vendors
  • Technical universities
  • Research institutes and organizations
  • Market research and consulting firms
  • Original equipment manufacturers (OEMs)

Report Objectives

The following are the primary objectives of the study.

  • To define, describe, and forecast the vertical farming market by growth mechanism, structure, and offering, in terms of value.
  • To define, describe, and forecast the vertical farming market by crop type, in terms of volume
  • To forecast the market size, in terms of value, for various segments with regard to four main regions, namely, the North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To understand and analyze the impact of evolving technologies on the overall value chain of the vertical farming market and upcoming trends in the ecosystem
  • To highlight the impact of Porter's five forces on the vertical farming ecosystem and analyze the underlying market opportunities
  • To analyze the associated use cases in the vertical farming business and their impact on the business strategies adopted by key players
  • To provide key industry trends and associated important regulations impacting the global  vertical farming market
  • To strategically analyze the micromarkets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the global vertical farming market
  • To forecast and compare the market size of pre-recession with that of the post-recession at global, and regional levels
  • To strategically profile the key players and comprehensively analyze their market shares and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive developments such as joint ventures, mergers and acquisitions, new product developments, expansions, and research & development in the global vertical farming market

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Company Information:

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Report Code
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Published ON
Jun, 2023
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