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The global vertical farming market size is projected to reach USD 17.59 billion by 2028. According to a report published by Fortune Business Insights, titled “Vertical Farming Market Size, Share & COVID-19 Impact Analysis, By Type (Hydroponics, Aeroponics and Aquaponics), By Structure (Building-Based Vertical Farm and Shipping-Container Vertical Farm), By Component (Lighting System, Irrigation & Fertigation System, Climate Control, Sensors, and Others), and Regional Forecast, 2021-2028,” the market stood at USD 3.04 billion in 2020 and is likely to exhibit a CAGR of 25.2% during the forecast period, 2021-2028. This is attributable to the increasing focus on independent farming techniques that will favour the product’s adoption worldwide.
Heliospectra AB Secures Order Worth USD 15 million to Supply ELIXIA LED Lightning Solution
In November 2020, Heliospectra AB, a leading intelligent lighting technology for greenhouse providers, announced that it has secured an order worth USD 15 million to supply fully adjustable ELIXIA LED lighting solution for CRG Pharma Inc., a Canadian company. The company’s lighting solution is an important tool for any indoor agricultural operation or greenhouse that helps to deliver superior quality of crops. The order is likely to be completed by the fourth quarter of 2020. The companies in the global market are focusing on introducing innovative solutions and further adopting advanced technologies to ensure efficient monitoring and control of crop growth.
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Increasing Focus on Independent Farming Techniques to Propel Market Growth
The rapid-paced urbanization, the growing population rate, and depleting water sources have led to the limited availability of arable land across the globe. According to the Economic League Organization study, 80% of the total arable land globally is already occupied, and by 2050, 109 million hectares of extra land will be required to fulfil the growing food demand. The increasing concern over depleting water sources is further propelling the growers to adopt independent farming techniques that are likely to surge the demand for hydroponics, aeroponics, and aquaponics farming solutions. These techniques ensure optimum growth of crops without the need of soil and consume very little amount of water. Therefore, these factors are expected to contribute to the global vertical farming market growth during the forecast period.
Investment in R&D by Key Players to Expand Their Product Portfolio and Boost Sales Revenue
The market is fragmented by the presence of major companies that are focusing on investing in research and development activities to develop novel vertical farming techniques to cater to the growing demand from the consumers worldwide. Other key players are striving to gain a major chunk of the market share by adopting strategies such as collaborations and partnerships in the forthcoming years.
List of the Companies Operating in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
Type; Structure; Component; and Region