CHICAGO, July 31, 2024 /PRNewswire/ -- The Vertical Farming Market is estimated to be USD 5.6 billion in 2024 and is projected to reach USD 13.7 billion by 2029 at a CAGR of 19.7% from 2024 to 2029 according to a new report by MarketsandMarkets™. Agriculture IoT and AI technology, high urbanization, and a push for the necessity of vertical farming by consumers are prominent drivers for the vertical farming market. These factors include; scarcity of land especially one that is suitable for cultivation, climatic change, and an increasing demand for fresh and organically grown fruits and vegetables. Thus, more governments' support and investment and the concerns about food security, driving the vertical farming market.

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Vertical Farming Market Report Scope:

Hardware segment to account for the largest market share in the forecasted year.

The hardware segment is claimed to have the biggest share in the vertical farm market owing to their role as a necessity for managing climate for plant crops. This segment consists of the lighting, water and nutrient supply, environmental control and other instruments, which are important in the hydroponic system. Amongst these, the most profound has been observed in the area of lighting; LED lighting systems are crucial in providing the right light intensities needed for the growth of plants while conserving energy to the maximum. Additionally, an advanced means for controlling climate parameters such as temperature, humidity and CO2 level ensures optimum growing conditions all year round. Therefore, with the fresh food and local, sustainable products gaining interest constantly, the hardware solutions market should also continue to rise steadily thus confirming the key role played by the hardware segment on the vertical farming market.

Building-based vertical farms likely to dominate the overall market between 2024 and 2029.

There are several reasons why the building based vertical farm structures has been made to dominant the main actors of the overall vertical farm market. First of all, they allow being placed in any location no matter what climatic conditions in this area or outside are. This makes them particularly adequate for any country or part of the world that faces issues of conventional farming such as deserts or cities. Second of all, high efficiency is peculiar to the building-based VFs because those constructions may fit the use of water, space, and energies in the best way. Such farms can therefore be able to generate more yields per unit of area and this is because of vertical stacking.

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North America is expected to hold the significant share of the vertical farming market during the forecast period.

North America is anticipated to have significant market share in vertical farming industry owing to several factors, which would increase the acceptance and feasibility of this concept. This growth is attributed specifically to the emerging market pull for fresh localized produce, which is in line with the farm-to-table concept that is steadily gaining ground the world over. The U. S remains the most dominant in this market because of the strong support in funding for vertical farming technologies, favorable regulatory framework, and higher economic status to support venture capital funding. Also, issues like population density, limited availability of land for cultivation, and changes in climate over the years make vertical farming the best solution in the region. Biologging industry leaders such as AeroFarms and Plenty are at the forefront of revolutionizing hydroponics and automating them, a factor that will impact the growth of the sector. As such, these factors render the North American region relevant to continue dominating the Vertical Farming industry.

The key companies that offer 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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