North America Vertical Farming Market By Growth Mechanism (Hydroponics, Aeroponics And Aquaponics), By Structure (Building Based And Shipping Container), By Offering (Hardware, Software, And Service), By Crop Type And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecast 2022 to 2027.
North America Vertical Farming Market Size & Growth 2022 - 2027:
North America Vertical Farming Market was worth USD 0.93 billion in 2021 and expected to be growing at a CAGR of 24%, to reach USD 2.73 billion by 2026. Vertical Farming is the cutting-edge development in farming, wherein all environmental factors can be organized. In the Vertical Farming process, foods and medicines are produced in vertically arranged layers, vertically inclined surfaces or in integrated structures like warehouses, shipping containers, skyscrapers, etc
Vertical Farming techniques regulate parameters like the quantity of light, ecological factors like temperature, humidity, gases, etc., and soil nutrition factors which include the use of fertilizers and other soil products. In some Vertical Farms, natural light is used in concurrence with artificial lighting and metal reflectors, similar to greenhouses.
Drivers and Restraints of North America Vertical Farming Market:
The North America Vertical Farming market is sustained by the growth in the use of technology such as the Internet of Things (IoT) in Vertical Farming, rapidly expanding populace and increase in the annual production of crops. The efficacy of artificial lighting to enhance the yield, health, and growth rate of plants coupled with lower dependency on the weather for production is driving the market from the producer side. Increasing consumer demand for organic foods, foods free from pesticides, organic foods, and genetically modified organisms (GMOs) is the main driving force of the market. Extraordinary costs of lighting equipment and continuous maintenance requirement are the restraints faced by the Vertical Farming market.
NORTH AMERICA VERTICAL FARMING MARKET REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021– 2026 |
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Base Year |
2020 |
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Forecast Period |
2021- 2026 |
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CAGR |
24% |
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Segments Covered |
By Growth Mechanism, By Structure, By Offering |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others. |
Market Segmentation:
North America Vertical Market - By Growth Mechanism:
- Hydroponics
- Aeroponics
- Aquaponics
North America Vertical Market - By Structure:
- Buildings
- Shipping Containers
North America Vertical Market - By Offering:
- Hardware
- Software
- Service
Geographical Analysis:
The North America market has been geographically segmented into US and Canada. As of 2018, North America had the highest share in the global Vertical Farming Market. Being a developed market, the feasibility of setting up a Vertical Farm combined with the technological prowess to do so has driven the market growth. High consumer awareness and the resulting high demand for organic foods is the key driving force in the North America Vertical Farming market.
Key Players:
The key players involved in the progress of the North-America vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.
