Vertical Farming Market Overview:
A research team conducted extensive primary and secondary research for the Vertical Farming market analysis. Secondary research was conducted to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.
The market’s numerous users are discussed, as well as the factors driving the Vertical Farming market’s growth. Market participants, geographic areas, and specific requirements all contribute data. This market-ready study proposal provides a comprehensive overview of all significant advancements that are currently in use across all market segments. It is recommended that key data analysis be presented in the form of statistics, infographics, and presentations.
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Reduced Environmental Impact from Agriculture is creating a huge opportunity for the market:
Vertical farming plays an important role in reducing the environmental impact of agriculture. It reduces the amount of water needed to produce the same or more plants. It also eliminates the use of chemicals and pesticides used to grow crops, reducing the need for transportation. The whole process of vertical farming is carried out organically. It significantly eliminates the use of chemicals and leverages natural solutions such as the use of fish to produce nutrient-rich waste in plants with the Aquaponics growth mechanism of vertical farming. In addition, vertical farming is carried out in a controlled environment, so it is unaffected by all kinds of dangerous pests and eliminates the use of pesticides. These all qualities are atract the consumers and drives the growth of vertical farming market.
Vertical Farming Market Segmentation:
The market is divided into three types: aquaponics, aeroponics, and hydroponics. In 2020, hydroponics held a 41.2% share of the market, dominating it. Making the most of limited space, hydroponic farms are frequently vertically grown, with LED lighting for each layer of the plant. This makes them a viable option for growing plants indoors. For space savings, crops can be planted much closer together. Crops are grown hydroponically, also referred to as “soilless agriculture,” without the use of soil. The roots are developed in this section in a liquid nutrient solution. Hydroponic farming was introduced because it has low startup costs, water-saving techniques, is simple to use, and yields higher profits.
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Vertical Farming Market Key players:
- Green Spirit Farms
- Bowery farming
- BrightFarms
- Gotham Greens
- Iron Ox
- Infarm
- Agricool
- CropOne
- Illumitex
- PodPonics
COVID-19 Impact on Vertical Farming market:
The COVID-19 outbreak has had a significant impact on the Vertical Farming market. Due to the global economic downturn and a labour shortage, the development of Vertical Farming production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Vertical Farming market in 2020. However, given the high demand for Vertical Farming, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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