The vertical farming market will reach $3.88 billion by 2020, at a CAGR of 30.7% between 2015 and 2020. The major driving factors for the vertical farming market are need for high quality of food with no use of pesticides, no crop failures related to weather, increasing urban population, and growth in the year round production of crops. Complete report on vertical farming market spread across 173 pages, profiling 11 companies and supported with 91 tables and 56 figures is now available at http://www.rnrmarketresearch.com/vertical-farming-market-by-functional-device-lighting-hydroponic-component-climate-control-and-sensors-growth-mechanism-aeroponics-hydroponics-and-others-and-by-geography-global-forecast-to-2020-market-report.html .
Lighting functional device expected to lead the vertical farming market. Lighting as a functional device, in terms of value, is expected to hold the largest share of the vertical farming market by 2020. The traditional lighting system is being replaced by LED lighting system which is more efficient, emits electromagnetic spectrum ideal for photosynthesis and generates low heat. The increased acceptance of LED lighting system by end users is driving the growth of this market.
The APAC held the largest vertical farming market share during the forecast period between 2015 and 2020. The factors such as continuous growth in urban population, low availability of cultivable land, demand for high quality food, and government incentives in countries such as China, Singapore, and Japan are driving the vertical farming market in the APAC region.
Hydroponics as a growth mechanism segment dominates the vertical farming market. The market for hydroponics as a growth mechanism is expected to be the largest between 2015 and 2020. This is mainly because of the benefits associated with it such as quicker growth, faster harvest, higher yield, and low nutrient wastage as mineral nutrients are dissolved in water and are fed directly to a plant’s root system without any involvement of soil.
The major players involved in the development of vertical farming market Aerofarms (U.S.), Farmed Here (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore). The geographic segmentation covers four major regions of the world, namely, the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Request Sample Copy of “Vertical Farming Market by Functional Device (Lighting, Hydroponic Component, Climate Control, and Sensors), Growth Mechanism (Aeroponics, Hydroponics, and Others) and by Geography - Global Forecast to 2020” research report at http://www.rnrmarketresearch.com/contacts/request-sample?rname=454924 .
On a related note, another research titled Smart Agriculture Market Global Forecast to 2022 says, the smart agriculture market is expected to reach USD 18.45 billion by 2022, at a CAGR of 13.8% between 2016 and 2022. Precision farming held the largest share of the market segmented on the basis of application in the Smart agriculture market in 2015. The market in Asia-Pacific is expected to grow at the highest CAGR in the Smart agriculture market on the basis of geography between 2016 and 2022. Companies like Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Ag Junction (U.S.), Raven Industries Inc. (U.S.), and AGCO Corporation (U.S.) have been profiled in this 145 pages research report available at http://www.rnrmarketresearch.com/smart-agriculture-market-by-hardware-and-network-platform-gps-gnss-devices-sensor-monitoring-systems-and-smart-detection-systems-network-elements-service-software-application-and-geography-global-forecast-to-2022-market-report.html .
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