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Vertical Farming Market to Hit $17.59 Billion by 2028; Increasing Preference for Independent Farming Techniques to Augment Growth

June 03, 2021 | Information & Technology

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.

To get a detailed report summary and research scope of this market, click here:


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.   

Industry Development:

  • April 2020 – AeroFarms announced an investment of about USD 42 million to build an indoor vertical farm in Cane Creek Centre of Danville. The company is expanding its business in vertical farming to offer enriched quality food and further aims to hold a dominant position in the U.S.

List of the Companies Operating in the Global Market:

  • AeroFarms (New Jersey, United States)

  • BrightFarms. (New York, United States)

  • Plenty (California, United States)

  • Freight Farms, Inc. (Massachusetts, United States)

  • Illumitex Inc. (Texas, United States)

  • 4D Bios, Inc. (Massachusetts, United States)

  • Thrive Agritech (New York, United States)

  • Heliospectra AB (Sweden)

  • Everlight Electronics (Taiwan)

  • Signify (The Netherlands)

  • Osram (Munich, Germany)

  • Sky Greens (Singapore)

  • Spread Co., Ltd. (London, UK)

  • Valoya Ltd. (Finland)

  • Bowery Farmi (New York, United States)

  • Green Spirit Farms (Massachusetts, United States)

  • Green Sense Farms LLC (Portage, United States)

Further Report Findings:

  • North America stood at USD 957.1 million in 2020 and is expected to hold the highest position in the market in the forthcoming years. This is attributable to the legalization of cannabis in most of the states in the U.S. that is propelling the growers to adopt vertical farming techniques in the region.

  • The market in Europe is expected to hold the second position during the forecast period. This is ascribable to factors such as the growing demand for home farming in countries such as France, Germany, and Spain between 2021 and 2028.

  • Based on type, the hydroponics segment is expected to hold the largest global vertical farming market share backed by the increasing adoption of this technique globally that aids in optimum growth of products without the need of soil and water. The segment held a market share of about 36.5% in terms of revenue in 2020.

Table of Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



Value (USD billion)


Type; Structure; Component; and Region

By Type

  • Hydroponics

  • Aeroponics

  • Aquaponics     

By Structure

  • Building-Based Vertical Farms

  • Shipping-Container Vertical Farms

By Component

  • Lighting System

  • Irrigation and Fertigation System

  • Climate Control

  • Sensors

  • Others

By Region

  • North America ((By Type, By Structure, By Component, and By Country)

    • The United States

    • Canada

  • Europe ((By Type, By Structure, By Component, and By Country)

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia Pacific ((By Type, By Structure, By Component, and By Country)

    • China

    • Japan

    • India

    • Singapore

    • Southeast Asia

    • Rest of Asia Pacific

  • The Middle East & Africa ((By Type, By Structure, By Component, and By Country)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America (By Type, By Structure, By Component, and By Country)

    • Brazil

    • Mexico

    • Argentina

    • Rest of South America

Vertical Farming Market
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  • 2017-2019
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