North America Vertical Farming Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics) and Component (Lighting, Sensor, Climate Control, Irrigation Component, Building Material, and Others)

Code: TIPRE00025863 | Pages: 91 | Industry: Food and Beverages | Date: Nov 2021
Covid

Market Introduction

Vertical farming is one of the modern farming practices, wherein the plants are cultivated in a closed environment without the use of soil. Crops are grown in an artificial condition, where atmospheric parameters, such as temperature, humidity, and lights, are controlled. Nutrients required for the growth of plants are integrated in water and are circulated or sprayed on the roots of the plants. The vertical farming consists of three techniques that are hydroponics, aquaponics, and aeroponics. Moreover, with the advancement in technologies, vertical farming operators are now deploying AI and IoT systems in farms for improving the overall efficiency of various operations.

 


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Market Overview and Dynamics

The North America vertical farming market is expected to reach US$ 6,523.6 million by 2028 from an estimated value of US$ 1,469.4 million in 2021; it is likely to grow at a CAGR of 25.70% from 2021 to 2028. The factors attributed to driving the growth of market are the rise in popularity of organic food and increasing benefits of vertical farming compared to conventional farming. However, the high initial investments and maintenance costs may hamper the growth of the North America vertical farming market in the forecast period.

Over the years, the vertical farming market has picked up significant momentum. The rising awareness pertaining to the benefits offered by vertical farming has emerged as the key factor driving this growth. Since vertical farming does not depend on weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Compared to conventional farming, it increases production by nearly 240 times while requiring 99% less land and 98% less water. The rise of next-generation, AI-powered vertical farming technologies that have been a noticeable help in reducing the consumption of both land and water is boosting the growth of this market substantially. In the near future, the vertical farming market is likely to gain from the increasing demand for creating a sustainable agricultural ecosystem. Technological advancements, such as the increased use of controlled environmental resources and agriculturally unfavourable locations, mainly skyscrapers, shipping containers, and vacant warehouses, are expected to boost the market. Ascending focus on recapturing evaporated water and recycling of products, in a bid to reduce wastage, is also projected to add to the market’s rise in the coming years. Another important factor that is expected to support the vertical farming market going forward is the high yield of fresh local crops that vertical farming help achieve. Along with expanding agricultural operations, the increasing demand for organic and healthy produce among urban consumers, especially in the wake of the COVID-19 pandemic, is likely to pave the way for this market’s rise over the next few years.

Regions such as the US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The lower production volumes have had severe impacts on supply chain and vertical farming equipment providers. Moreover, market players in region operating with limited workforce and the scheduled deliveries of vertical farming equipment was affected in 2020. However, as vaccination drive was initiated, and containment measure were relaxed the real-time location system market started to gain traction in 2021. There is also a growing adoption of environment-friendly and profitable technology in North America which is anticipated to propel the growth of the vertical farming market. 

 

Key Market Segments

Based on type, the North America vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The hydroponics segment led the highest share of the vertical farming market in 2021, however, the aeroponics segment is expected to account the largest share of the market by 2021-2028.

Based on component, the North America vertical farming market is bifurcated into lighting, sensor, climate control, irrigation component, building material, and others. In 2021, the lighting segment is likely to hold the largest share of the market, however climate control is expected to grow at the fastest rate during the coming years.

 

Major Sources and Companies Listed

A few of the primary and secondary sources associated with this report on the North America vertical farming market are the World Health Organization (WHO) and US Department of Agriculture (USDA).

 

Reasons to buy the report

  • Determine prospective investment areas based on a detailed trend analysis of North America vertical farming market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different addictions therapeutics segments in the top spending countries and identify the opportunities offered by each of them.
  • Strengthen your knowledge of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels driving the North America vertical farming market, providing a clear picture of future opportunities that will help analyze, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs undertaken by the different countries within the North America vertical farming market.

 

NORTH AMERICA VERTICAL FARMING MARKET SEGMENTATION

By Growth Mechanism

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Component

  • Lighting
  • Sensor
  • Climate Control
  • Irrigation Component
  • Building Material
  • Others

By Country

  • US
  • Canada
  • Mexico

Company Profiles

  • Eden Green Technology
  • Elevate Farms Inc.
  • iFarm
  • OSRAM GmbH
  • Plenty Unlimited Inc.
  • Agrilution
  • AeroFarms

 

 

TABLE OF CONTENTS

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           Vertical Farming Market Landscape

4.1         Market Overview

4.2         PEST Analysis

4.2.1        North America

5.           Vertical Farming Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Benefits of Vertical Farming Compared to Conventional Farming

5.1.2        Rise in Popularity of Organic Food Leading to Increased Uptake of Vertical Farming

5.2         Market Restraints

5.2.1        High Initial Investments and Maintenance Costs

5.3         Market Opportunities

5.3.1        Artificial Intelligence and Robotics to Revolutionize Vertical Farming

5.4         Future Trends

5.4.1        Rapid Developments in Precision Farming Technologies

5.5         Impact Analysis of Drivers and Restraints

6.           Vertical Farming Market – North America Analysis

6.1         Vertical Farming Market North America Overview

6.2         Vertical Farming Market – North America Revenue and Forecast to 2028 (US$ Million)

7.           Vertical Farming Market Analysis – By Growth Mechanism

7.1         Overview

7.2         Vertical Farming Market, By Growth Mechanism (2020 and 2028)

7.3         Hydroponics

7.3.1        Overview

7.3.2        Hydroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

7.4         Aeroponics

7.4.1        Overview

7.4.2        Aeroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

7.5         Aquaponics

7.5.1        Overview

7.5.2        Aquaponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.           Vertical Farming Market – By Component

8.1         Overview

8.2         Vertical Farming Market, by Component (2020 and 2028)

8.3         Lighting

8.3.1        Overview

8.3.2        Lighting: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.4         Sensor

8.4.1        Overview

8.4.2        Sensor: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.5         Climate Control

8.5.1        Overview

8.5.2        Climate Control: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.6         Irrigation Component

8.6.1        Overview

8.6.2        Irrigation Component: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.7         Building Material

8.7.1        Overview

8.7.2        Building Material: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

8.8         Others

8.8.1        Overview

8.8.2        Others: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

9.           Vertical Farming Market – North America Analysis

9.1         North America: Vertical Farming Market

9.1.1        Overview

9.1.2        North America Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)

9.1.3        North America Vertical Farming Market Breakdown, By Growth Mechanism

9.1.4        North America Vertical Farming Market Breakdown, By Component

9.1.5        North America Vertical Farming Market Breakdown, by Country

9.1.5.1          US Vertical Farming Market, Revenue and Forecast to 2028

9.1.5.1.1          US Vertical Farming Market Breakdown, by Growth Mechanism

9.1.5.1.2          US Vertical Farming Market Breakdown, By Component

9.1.5.2          Canada Vertical Farming Market, Revenue and Forecast to 2028

9.1.5.2.1          Canada Vertical Farming Market Breakdown, by Growth Mechanism

9.1.5.2.2          Canada Vertical Farming Market Breakdown, By Component

9.1.5.3          Mexico Vertical Farming Market, Revenue and Forecast to 2028

9.1.5.3.1          Mexico Vertical Farming Market Breakdown, by Growth Mechanism

9.1.5.3.2          Mexico Vertical Farming Market Breakdown, By Component

10.        Vertical Farming Market- COVID-19 Impact Analysis

10.1      North America

11.        Industry Landscape

11.1      Overview

11.2      Market Initiative

12.        Company Profiles

12.1      Eden Green Technology

12.1.1     Key Facts

12.1.2     Business Description

12.1.3     Products and Services

12.1.4     Financial Overview

12.1.5     SWOT Analysis

12.1.6     Key Developments

12.2      Elevate Farms Inc.

12.2.1     Key Facts

12.2.2     Business Description

12.2.3     Products and Services

12.2.4     Financial Overview

12.2.5     SWOT Analysis

12.2.6     Key Developments

12.3      iFarm

12.3.1     Key Facts

12.3.2     Business Description

12.3.3     Products and Services

12.3.4     Financial Overview

12.3.5     SWOT Analysis

12.3.6     Key Developments

12.4      OSRAM GmbH

12.4.1     Key Facts

12.4.2     Business Description

12.4.3     Products and Services

12.4.4     Financial Overview

12.4.5     SWOT Analysis

12.4.6     Key Developments

12.5      Plenty Unlimited Inc.

12.5.1     Key Facts

12.5.2     Business Description

12.5.3     Products and Services

12.5.4     Financial Overview

12.5.5     SWOT Analysis

12.5.6     Key Developments

12.6      Agrilution

12.6.1     Key Facts

12.6.2     Business Description

12.6.3     Products and Services

12.6.4     Financial Overview

12.6.5     SWOT Analysis

12.6.6     Key Developments

12.7      AeroFarms

12.7.1     Key Facts

12.7.2     Business Description

12.7.3     Products and Services

12.7.4     Financial Overview

12.7.5     SWOT Analysis

12.7.6     Key Developments

13.        Appendix

13.1      About The Insight Partners

13.2      Word Index

 


LIST OF TABLES

Table 1.             North America Vertical Farming Market, Revenue and Forecast To 2028 – By Growth Mechanism (US$ Million)

Table 2.             North America Vertical Farming Market, Revenue and Forecast To 2028 – By Component (US$ Million)

Table 3.             North America Vertical Farming Market, Revenue and Forecast To 2028 – By Country (US$ Million)

Table 4.             US Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)

Table 5.             US Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 6.             Canada Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)

Table 7.             Canada Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 8.             Mexico Vertical Farming Market, Revenue and Forecast to 2028 – By Growth Mechanism (US$ Million)

Table 9.             Mexico Vertical Farming Market, Revenue and Forecast to 2028 – By Component (US$ Million)

Table 10.          List of Abbreviation

 


LIST OF FIGURES

Figure 1.           Vertical Farming Market Segmentation

Figure 2.           Vertical Farming Market Segmentation – By Country

Figure 3.           North America Vertical Farming Market Overview

Figure 4.           Hydroponics Segment Held the Largest Market Share in 2020

Figure 5.           Lighting Held the Largest Market Share in 2020

Figure 6.           U.S was the Largest Revenue Contributor in 2020

Figure 7.           North America – PEST Analysis

Figure 8.           Vertical Farming Market Impact Analysis of Drivers and Restraints

Figure 9.           North America Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10.        Vertical Farming Market Revenue Share, by Growth Mechanism (2020 and 2028)

Figure 11.        Hydroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12.        Aeroponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 13.        Aquaponics: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 14.        Vertical Farming Market Revenue Share, by Component (2020 and 2028)

Figure 15.        Lighting: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16.        Sensor: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.        Climate Control: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 18.        Irrigation Component: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 19.        Building Material: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20.        Others: Vertical Farming Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21.        North America Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)

Figure 22.        North America Vertical Farming Market Breakdown, By Growth Mechanism, 2020 & 2028 (%)

Figure 23.        North America Vertical Farming Market Breakdown, By Component, 2020 & 2028 (%)

Figure 24.        North America Vertical Farming Market Breakdown, by Country, 2020 & 2028 (%)

Figure 25.        US Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)

Figure 26.        Canada Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)

Figure 27.        Mexico Vertical Farming Market, Revenue and Forecast to 2028 (US$ Million)

Figure 28.        Impact of COVID-19 Pandemic in North American Country Markets

 

  1. Eden Green Technology
  2. Elevate Farms Inc.
  3. iFarm
  4. OSRAM GmbH
  5. Plenty Unlimited Inc.
  6. Agrilution
  7. AeroFarms
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America vertical farming market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the North America vertical farming market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution. 
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