Vertical Farming Market Outlook
Vertical Farming market size was valued at USD 6.7 billion in 2023 and is estimated to reach a value of USD 86.7 billion by 2035 with a CAGR of 24.1% during the forecast period 2024-2035.A growing number of people living in densely populated areas, dwindling amounts of arable land, climate change, and environmental degradation are the main elements driving the expansion of the vertical farming sector. The advances in hydroponics, artificial intelligence, and the Internet of Things boost productivity and efficiency in operations while satisfying consumer demand for locally grown, fresh products. In addition, resource conservation, the need for food security, and government backing for agriculture have all aided in the development of vertical farming technology as a form of resilient agriculture.
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Impact of AI/Gen AI on vertical farming market
Robotics and automation, image analysis, precision agriculture, and crop optimization are among the primary applications of AI/Gen AI in the vertical farming market share. In order to maximize crop yield and minimize resource use, precision agriculture uses artificial intelligence (AI) to evaluate data. With the goal of maximizing space use and increasing revenue, crop optimizers offer the best crop design under specific scenarios. Farm layouts and optimization methods are also planned and proven using it. The health of the plants, insect incursions, and plant growth are all monitored by image analysis, which often allows for early detection. Artificial Intelligence enhances the capabilities of robots, yielding higher output, productivity, and profitability.
Artificial Intelligence (AI) enhances precision in agriculture by precisely tracking and meeting each plant's needs. AI algorithms assist in figuring out how much water, light, and nutrients are needed for optimal growth by collecting and analyzing data in real-time.
Vertical Farming Market Trends
A variety of automated technologies, such as robotic arms, drones, and conveyors, are referred to as "vertical farming robots" and are intended to simplify a variety of agricultural management, cultivation, and harvesting chores. These sophisticated robotic devices use machine learning and computer vision to carry out precise tasks like planting seeds, keeping an eye on crop health, and accurately and effectively harvesting crops.
Some of the key drivers driving market expansion include the rising demand for premium food, the development of autonomous farming methods, and the rate of urbanization. Food is now more necessary as a result of these considerations. By 2030, there will likely be a considerable increase in the demand for food due to population expansion. Customers can now cultivate vegetables in a warehouse or multi-story building by using vertical gardening techniques.
Vertical Farming market Segments
By Farming Type
- Hydroponics
- Aeroponics
- Aquaponics
By Structure
- Building-based Vertical Farms
- Shipping Container-based Vertical Farms
By Technology
- Lighting (LED, Fluorescent, HPS, etc.)
- Climate Control (HVAC, Dehumidifiers, etc.)
- Sensors (pH sensors, Nutrient sensors, etc.)
- Irrigation Systems
- Software (Farm Management Software, Data Analytics, etc.)
Competitive Landscape
- AeroFarms (U.S.),
- Illumitex, Inc. (U.S.),
- American Hydroponics (U.S.),
- Agrilution GmbH,
- Brightfarms Inc.,
- Everlight Electronics Co., Ltd.,
- Freight Farms,
- GrowUp Urban Farms Ltd.,
- Green Sense Farms,
- LLC, Vertical Farm Systems.
Vertical Farming Market Growth Factors
Two major causes are driving the increased demand for vertical farming: the higher nutritional value of crops grown in vertical systems and the changing climate dynamics that impact conventional agricultural operations. This cutting-edge farming technique uses advanced hydroponics and aeroponics to maximize crop growth and resource efficiency while growing crops in vertically stacked layers inside of climate-controlled indoor spaces.
Vertical Farming market Opportunities
Integration of Technology with Vertical Farming
Robotics, IoT, big data analytics, and artificial intelligence (AI) are just a few of the technologies that can be used in vertical farming to maximize crop growth. In vertical farms, the growing environment may be continuously observed, evaluated, tested, and enhanced through predictive analysis with the aid of big data analytics, Internet of Things, and simulation modeling. Furthermore, because sensor and actuator technologies are commonly employed in vertical farms, the Internet of Things forms the foundation of this industry. The integration of crop-specific solutions, pertinent hardware, and devices for real-time data gathering, analysis, and autonomous actuator application is a major contribution made by numerous technology-based enterprises to the viability of crop cultivation technology.
vertical farming market Restraint
High Operational and Maintenance Costs
One of the biggest components of the initial cost is the cost of creating a vertical farm, which is mostly dependent on the materials required. The initial expenses vary depending on the crop-growing technique aquaponics, aeroponics, and hydroponics, for example. Hydroponic farming, for example, is a large-scale commercial operation that is usually more cost-effective than other medium- and small-scale businesses. A few pieces of equipment are water pipelines, shelving units, pumps, lighting, and climate control systems. Additionally, labor costs, pollination, reliance on technology, and no proven economics are some of the elements that influence the operating and maintenance costs of vertical farming. The demand for the worldwide vertical farming market is therefore being restrained over the forecast period by these factors.
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