Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component (Hardware {Lighting}, Software), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure, Crop Type (Tomato, Berries, Lettuce, Microgreens)

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Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component (Hardware {Lighting}, Software), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure, Crop Type (Tomato, Berries, Lettuce, Microgreens)-Global Forecast to 2031

According to the research report titled, 'Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component (Hardware {Lighting}, Software), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure, Crop Type (Tomato, Berries, Lettuce, Microgreens)-Global Forecast to 2031,' the vertical farming market is projected to reach $43.88 billion by 2031, at a CAGR of 22.6% during the forecast period 2024-2031. The report provides an in-depth analysis of the global vertical farming market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2031.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and trends. The growth of this market is driven by the declining arable land and the rising need to increase crop yield, the growing population & rapid urbanization, the increasing demand for chemical-free fruits & vegetables, and growing water scarcity & changing climatic circumstances.

Furthermore, recent technological advancements in vertical farming, the rise of urban farming, and the increasing consumption of fresh foods are expected to generate growth opportunities for the stakeholders in this market. Additionally, the rising emphasis on sustainability and reducing the environmental impact of farming is a prominent trend in this market.

The key players operating in the global vertical farming market are Signify Holding B.V. (Netherlands), Heliospectra AB. (Sweden), AmHydro (U.S.), Freight Farms, Inc. (U.S.), Intelligent Growth Solutions Limited (U.K.), Everlight Electronics Co., Ltd. (China), ams-OSRAM AG (Austria), Vertical Farm Systems Pty Ltd (Australia), Urban Crop Solutions BV (Belgium), Vertical Future (U.K.), 4D Bios Inc. (U.S.), and Argus Control System Ltd. (Canada).

Based on component, the vertical farming market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of 54.7% of the vertical farming market. The growth in urban farming, the availability of technologically advanced components, the rising acceptance of precision farming techniques, and the increasing preference for advanced LED lighting and autonomous irrigation systems are the factors contributing to the large market share of this segment.

Based on growth mechanism, the vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. In 2024, the hydroponics segment is expected to account for the largest share of 61.1% of the vertical farming market. The large market share of this segment can be attributed to the rising penetration of controlled-environment agriculture, the advantages of hydroponics, such as low water consumption and less risk of soil-borne diseases, and rising technological advancements in hydroponics.

Based on structure, the vertical farming market is segmented into building-based vertical farms and shipping container-based vertical farms. In 2024, the shipping container-based vertical farms segment is expected to account for the larger share of 56.0% of the vertical farming market due to the rise in technological advancements in shipping container-based vertical farming, wide acceptance of the method across several nations, and the increasing demand for locally traced fresh produce. In addition, shipping container-based vertical farming can be established anywhere in areas with difficult weather or climate conditions. Furthermore, it is appropriate for locations facing difficulties in traditional farming. These structures are portable and do not require dedicated building space. These benefits drive the adoption of shipping container-based vertical farming, supporting the growth of this segment.

Based on crop type, the vertical farming market is segmented into tomato, berries, lettuce & leafy vegetables, pepper, cucumber, microgreens, herbs, and other crop types. In 2024, the tomato segment is expected to account for the largest share of 16.6% of the vertical farming market. The widespread use of vertical farming in tomato crop cultivation, the growing demand for tomatoes, and the high yields and natural pest suppression in vertical farming are the factors supporting the growth of this market.

Based on geography, the vertical farming market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 29.5% of the vertical farming market, followed by Europe and Asia-Pacific. The vertical farming market in North America is expected to reach $3.10 billion in 2024. North America's significant market share can be attributed to the widespread vertical farming carried out across North America, the rising adoption of precision farming methods and advanced technologies, and the increasing demand for locally sourced fresh and organic produce.

Key Questions Answered in the Report:

What is the revenue generated from the sale of vertical farming solutions?
At what rate is the global demand for vertical farming solutions projected to grow over the next 5-7 years?
What is the historical market size for vertical farming solutions?
What are the major factors influencing the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in this market?
Which component, growth mechanism, structure, and crop type segments are expected to create major traction for the players in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors in this market during the analysis period?
Who are the major players in the vertical farming market? What are their specific offerings in this market?
What are the recent developments in the vertical farming market? What are the impacts of these developments on the market?

Scope of the Report:

Vertical Farming Market Assessment-by Component

Hardware
Lighting
Irrigation Components
Climate Controllers
Sensors
Building Materials
Other Hardware
Software
Services

Vertical Farming Market Assessment-by Growth Mechanism

Hydroponics
Aeroponics
Aquaponics

Vertical Farming Market Assessment-by Structure

Building-based Vertical Farms
Shipping Container-based Vertical Farms

Vertical Farming Market Assessment-by Crop Type

Tomato
Berries
Lettuce & Leafy Vegetables
Pepper
Cucumber
Microgreens
Herbs
Other Crop Types

Vertical Farming Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- Netherlands
- Italy
- Spain
- U.K.
- Rest of Europe (RoE)
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America (RoLATAM)
Middle East & Africa
- UAE
- Israel
- Egypt
- Rest of Middle East & Africa (RoMEA)

Product Code: MRAGR - 1041265

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Segmental Analysis
- 3.2.1. Vertical Farming Market Analysis, by Component
- 3.2.2. Vertical Farming Market Analysis, by Growth Mechanism
- 3.2.3. Vertical Farming Market Analysis, by Structure
- 3.2.4. Vertical Farming Market Analysis, by Crop Type
3.3. Vertical Farming Market Analysis, by Region
3.4. Competitive Landscape & Market Competitors

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Decrease in Arable Land & Growing Need to Increase Crop Yield
  - 4.2.1.2. Population Growth & Increasing Urbanization
  - 4.2.1.3. Rising Demand for Chemical-free Fruits & Vegetables
  - 4.2.1.4. Increasing Water Scarcity & Changing Climatic Conditions
- 4.2.2. Restraints
  - 4.2.2.1. High Capital Investment Requirements for Implementing Large-scale Farms
  - 4.2.2.2. Extensive Technical Knowledge Required for Efficient Farm Management
- 4.2.3. Opportunities
  - 4.2.3.1. Technological Advancements in Vertical Farming
  - 4.2.3.2. Increasing Urban Farming & Growing Consumption of Fresh Foods
- 4.2.4. Challenges
  - 4.2.4.1. High Energy Consumption of Vertical Farms
  - 4.2.4.2. Limited Types of Crops Grown
4.3. Trends
- 4.3.1. Increasing Emphasis on Sustainability & Reducing the Environmental Impacts of Farming
4.4. Porter's Five Forces Analysis
- 4.4.1. Bargaining Power of Suppliers
- 4.4.2. Bargaining Power of Buyers
- 4.4.3. Threat of Substitutes
- 4.4.4. Threat of New Entrants
- 4.4.5. Degree of Competition

5. Vertical Farming Market Assessment-by Component

5.1. Overview
5.2. Hardware
- 5.2.1. Lighting
- 5.2.2. Irrigation Components
- 5.2.3. Climate Controllers
- 5.2.4. Sensors
- 5.2.5. Building Materials
- 5.2.6. Other Hardware
5.3. Software
5.4. Services

6. Vertical Farming Market Assessment-by Growth Mechanism

6.1. Overview
6.2. Hydroponics
6.3. Aeroponics
6.4. Aquaponics

7. Vertical Farming Market Assessment-by Structure

7.1. Overview
7.2. Building-based Vertical Farms
7.3. Shipping Container-based Vertical Farms

8. Vertical Farming Market Assessment-by Crop Type

8.1. Overview
8.2. Tomato
8.3. Berries
8.4. Lettuce & Leafy Vegetables
8.5. Pepper
8.6. Cucumber
8.7. Microgreens
8.8. Herbs
8.9. Other Crop Types

9. Vertical Farming Market Assessment-by Geography

9.1. Overview
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. Germany
- 9.3.2. France
- 9.3.3. Netherlands
- 9.3.4. Italy
- 9.3.5. Spain
- 9.3.6. U.K.
- 9.3.7. Rest of Europe
9.4. Asia-Pacific
- 9.4.1. China
- 9.4.2. Japan
- 9.4.3. India
- 9.4.4. Australia
- 9.4.5. South Korea
- 9.4.6. Rest of Asia-Pacific
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Argentina
- 9.5.3. Mexico
- 9.5.4. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. UAE
- 9.6.2. Israel
- 9.6.3. Egypt
- 9.6.4. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis*)

11.1. Signify Holding B.V.
11.2. Heliospectra AB.
11.3. AmHydro
11.4. Freight Farms, Inc.
11.5. Intelligent Growth Solutions Limited
11.6. Everlight Electronics Co., Ltd.
11.7. ams-OSRAM AG
11.8. Vertical Farm Systems Pty Ltd
11.9. Urban Crop Solutions BV
11.10. Vertical Future
11.11. 4D Bios Inc.
11.12. Argus Control System Ltd.

(Note: SWOT analysis will be provided for the top 5 companies.)

12. Appendix

12.1. Available Customization
12.2. Related Reports