Vertical Farming Market Growing at a CAGR of 24.8% and Expected to Reach $5.8 Billion by 2022 - Exclusive Report by MarketsandMarkets

CHICAGO, June 28, 2019 /PRNewswire/ --According to the new market research report "Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering (Hardware, Software, and Service), Crop Type, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the Vertical Farming Market is estimated to be valued at USD 5.8 billion by 2022, growing at a CAGR of 24.8% between 2016 and 2022. The factors driving the growth of the vertical farming market include high quality food with no use of pesticides, less dependency on the weather for production, growing urban population, increase in the year around production of the crops, and reduced impact on the environment.

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Hydroponics growth mechanism is expected to dominate the vertical farming market between 2016 and 2022

Hydroponics is a technology of growing plants in a soilless medium or an aquatic-based environment, and is the most widely used growth mechanism in vertical farms. Exposure to risks, such as climatic changes, soil contamination, limited space in urban areas, and most importantly, low availability of water, have resulted in shortage in food production. The need to overcome these shortcoming in food production will drive the market for vertical farming in the coming years.

Building based vertical farming market to grow at the highest rate during the forecast period

Vertical farming in abandoned building is a growing trend. For example, "The Plant" vertical farm in Chicago   is providing an alternate use of abandoned buildings.  New building constructions are also being used in vertical farms, such as the new multi-storey vertical farm being attached to an existing parking lot. Such projects are going to increase in number and drive the vertical farming market in the future.

Climate control devices will be the fastest growing hardware segment of vertical farming market

Climate control in indoor farms play a crucial role in increasing yield. To ensure a protected growth environment, several factors, which influence the climate need to be controlled at the advanced level. Totally enclosed growing facilities control all aspects of the indoor climate with heaters, chillers, air-conditioning units, humidifiers, dehumidifiers, air movement fans, full-spectrum artificial lighting, CO2 enrichment, computer-integrated controllers, and sensors that continually monitor and adjust the environment automatically. These demands will drive the need for climate control devices and boost the vertical farming market in the forecast period.