Market Overview:
The global vertical farming/plant factory market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The market growth can be attributed to factors such as the increasing demand for food due to the growing population, rising awareness about healthy eating, and technological advancements in vertical farming/plant factory systems. The global vertical farming/plant factory market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into lighting, hydroponic component, climate control, and sensors. The hydroponic component segment is expected to grow at a high CAGR during the forecast period owing to its benefits such as low water usage and no soil contamination. On the basis of application,the market is divided into farms and other applications. Farms are further sub-segmented into leafy greens farms (lettuce & spinach), fruiting crops farms (strawberries & tomatoes), herbs & microgreens farms (cilantro & chives), aquaculture tanks (tilapia fish), and others). Other applications include plant propagation centers and research laboratories.
Product Definition:
Vertical farming is a type of agriculture where crops are grown in vertically stacked layers in a controlled environment. Plant factories are similar, but often use artificial lighting and other technologies to control the climate.
1. Uses less land - Vertical farms can be built much more densely than traditional farms, allowing for more crops to be grown on a smaller footprint.
2. Uses fewer resources - Vertical farming requires less water and fertilizer than traditional agriculture, because the soil is not needed and plants can be closely spaced.
Lighting:
Lighting is one of the most important components in a vertical farming/plant factory. It provides the necessary light, heat and energy required for the growth of plants. The quality and quantity of light determine how fast a plant will grow and how big it will get. A good quality lighting system can make a huge difference in increasing yield, reducing waste & saving money while also protecting plants from harmful UV rays which are proven to reduce plant life span & productivity if not filtered properly.
Hydroponic Component:
Hydroponic components are the essential parts required to set up a hydroponic system. It includes hardware and software used in the process of growing plants without soil. The complete setup is done with the help of nutrient film technique where there is no need for soil, instead, nutrients are applied directly to plant roots by using films or solutions. This method helps in increasing crop yield and also reduces water consumption by around 50%.
Application Insights:
The farms application segment accounted for more than 70.0% share of the global revenue in 2017. The key factors contributing to the large share include availability of a large labor force and expertise required to develop a vertical farm are electricity cost and water cost, which is considered as an advantage for growing crops in urban areas. Other applications such as greenhouse manufacturing, research lab and testing area are also expected to contribute significantly toward market growth over the forecast period.
Greenhouse manufacturing was one of the fastest-growing application segments owing to its ability provide year-round production with high humidity control ideal for plant cultivation along with low maintenance costs when compared with field farming techniques used today across various regions including North America, Europe, Asia Pacific and Middle East & Africa.
Other advantages provided by vertical farming includes lower operating costs when compared with field farming techniques used today across various regions including North America, Europe, Asia Pacific.
Regional Analysis:
North America dominated the global market in 2017 owing to favorable climatic conditions, technological advancements, and government initiatives. The region is expected to maintain its dominance over the forecast period due to increasing awareness among people regarding benefits of vertical farming/plant factory technology. Asia Pacific is projected to grow at a lucrative CAGR during the forecast period owing to increasing awareness about availability of crops with longer shelf life and high nutritional value in countries such as Japan and China. Moreover, supportive policies framed by governments for adoption of vertical farms are anticipated to propel regional growth over the next eight years.
Growth Factors:
- Increasing demand for quality and safe food: The world population is growing at a fast pace and the demand for quality food is increasing along with it. Vertical farming can help meet this demand by providing a controlled environment to grow crops, which leads to higher yields and safer food.
- Rising awareness of the benefits of vertical farming: As people become more aware of the benefits of vertical farming, such as its ability to produce high-quality food while using less land and water, they will be more likely to adopt it into their own lives.
- Advances in technology: With each passing year, there are new advances in technology that can help make vertical farming even more efficient and effective. This will help spur growth in the market as businesses adopt these new technologies into their operations.
- Growing interest from investors: Investors are starting to see the potential in vertical farming and are investing money into startups that specialize in this area. This will help fuel further growth within the market as these startups expand their operations globally.
Scope Of The Report
Report Attributes
Report Details
Report Title
Vertical Farming/Plant Factory Market Research Report
By Type
Lighting, Hydroponic Component, Climate Control, Sensors
By Application
Farms, Other
By Companies
AeroFarms, Aizufujikako Co., Ltd., Everlight Electronics, Genesis Photonics(GPI), Gotham Greens, Granpa Co., Ltd., Hon Hai, Hydrofarm, Inventec, Iwasaki Electric, JGC, Jingpeng Solar Powered Plant Factory, Natural Vitality, Nihon Advanced Agri Corporation, Ozu Corporation, Philips Horticulture Lamps, Rambridge, Ringdale ActiveLED, Rockwool Group, Ryobi Holdings
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
239
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Vertical Farming/Plant Factory Market Report Segments:
The global Vertical Farming/Plant Factory market is segmented on the basis of:
Types
Lighting, Hydroponic Component, Climate Control, Sensors
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Farms, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AeroFarms
- Aizufujikako Co., Ltd.
- Everlight Electronics
- Genesis Photonics(GPI)
- Gotham Greens
- Granpa Co., Ltd.
- Hon Hai
- Hydrofarm
- Inventec
- Iwasaki Electric
- JGC
- Jingpeng Solar Powered Plant Factory
- Natural Vitality
- Nihon Advanced Agri Corporation
- Ozu Corporation
- Philips Horticulture Lamps
- Rambridge
- Ringdale ActiveLED
- Rockwool Group
- Ryobi Holdings
Highlights of The Vertical Farming/Plant Factory Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Lighting
- Hydroponic Component
- Climate Control
- Sensors
- By Application:
- Farms
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Vertical Farming/Plant Factory Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Vertical farming is a type of agriculture where crops are grown in vertically stacked layers in a controlled environment. Plant factories, also known as greenhouses, use artificial light and CO2 to produce plants at high volumes and speeds.
Some of the major companies in the vertical farming/plant factory market are AeroFarms, Aizufujikako Co., Ltd., Everlight Electronics, Genesis Photonics(GPI), Gotham Greens, Granpa Co., Ltd., Hon Hai, Hydrofarm, Inventec, Iwasaki Electric, JGC, Jingpeng Solar Powered Plant Factory, Natural Vitality, Nihon Advanced Agri Corporation, Ozu Corporation, Philips Horticulture Lamps, Rambridge, Ringdale ActiveLED, Rockwool Group, Ryobi Holdings.
The vertical farming/plant factory market is expected to register a CAGR of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Vertical Farming/Plant Factory Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Vertical Farming/Plant Factory Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Vertical Farming/Plant Factory Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Vertical Farming/Plant Factory Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Vertical Farming/Plant Factory Market Size & Forecast, 2018-2028
4.5.1 Vertical Farming/Plant Factory Market Size and Y-o-Y Growth
4.5.2 Vertical Farming/Plant Factory Market Absolute $ Opportunity
Chapter 5 Global Vertical Farming/Plant Factory Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Vertical Farming/Plant Factory Market Size Forecast by Type
5.2.1 Lighting
5.2.2 Hydroponic Component
5.2.3 Climate Control
5.2.4 Sensors
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Vertical Farming/Plant Factory Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Vertical Farming/Plant Factory Market Size Forecast by Applications
6.2.1 Farms
6.2.2 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Vertical Farming/Plant Factory Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Vertical Farming/Plant Factory Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Vertical Farming/Plant Factory Analysis and Forecast
9.1 Introduction
9.2 North America Vertical Farming/Plant Factory Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Vertical Farming/Plant Factory Market Size Forecast by Type
9.6.1 Lighting
9.6.2 Hydroponic Component
9.6.3 Climate Control
9.6.4 Sensors
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Vertical Farming/Plant Factory Market Size Forecast by Applications
9.10.1 Farms
9.10.2 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Vertical Farming/Plant Factory Analysis and Forecast
10.1 Introduction
10.2 Europe Vertical Farming/Plant Factory Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Vertical Farming/Plant Factory Market Size Forecast by Type
10.6.1 Lighting
10.6.2 Hydroponic Component
10.6.3 Climate Control
10.6.4 Sensors
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Vertical Farming/Plant Factory Market Size Forecast by Applications
10.10.1 Farms
10.10.2 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Vertical Farming/Plant Factory Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Vertical Farming/Plant Factory Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Vertical Farming/Plant Factory Market Size Forecast by Type
11.6.1 Lighting
11.6.2 Hydroponic Component
11.6.3 Climate Control
11.6.4 Sensors
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Vertical Farming/Plant Factory Market Size Forecast by Applications
11.10.1 Farms
11.10.2 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Vertical Farming/Plant Factory Analysis and Forecast
12.1 Introduction
12.2 Latin America Vertical Farming/Plant Factory Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Vertical Farming/Plant Factory Market Size Forecast by Type
12.6.1 Lighting
12.6.2 Hydroponic Component
12.6.3 Climate Control
12.6.4 Sensors
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Vertical Farming/Plant Factory Market Size Forecast by Applications
12.10.1 Farms
12.10.2 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Vertical Farming/Plant Factory Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Vertical Farming/Plant Factory Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Vertical Farming/Plant Factory Market Size Forecast by Type
13.6.1 Lighting
13.6.2 Hydroponic Component
13.6.3 Climate Control
13.6.4 Sensors
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Vertical Farming/Plant Factory Market Size Forecast by Applications
13.10.1 Farms
13.10.2 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Vertical Farming/Plant Factory Market: Competitive Dashboard
14.2 Global Vertical Farming/Plant Factory Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 AeroFarms
14.3.2 Aizufujikako Co., Ltd.
14.3.3 Everlight Electronics
14.3.4 Genesis Photonics(GPI)
14.3.5 Gotham Greens
14.3.6 Granpa Co., Ltd.
14.3.7 Hon Hai
14.3.8 Hydrofarm
14.3.9 Inventec
14.3.10 Iwasaki Electric
14.3.11 JGC
14.3.12 Jingpeng Solar Powered Plant Factory
14.3.13 Natural Vitality
14.3.14 Nihon Advanced Agri Corporation
14.3.15 Ozu Corporation
14.3.16 Philips Horticulture Lamps
14.3.17 Rambridge
14.3.18 Ringdale ActiveLED
14.3.19 Rockwool Group
14.3.20 Ryobi Holdings
