North America vertical farming market is expected to grow at a CAGR of 10% during the forecast period. Increasing popularity of organic food, urbanization and shrinking fertile lands are some of the important factors driving North America vertical farming market. The need for continuous crop production is another potential driver of the market. Furthermore, factors such as rising water scarcity, increasing inclination towards environment-friendly production of fruits and vegetables, climate change, depleting ground water levels, among others are expected to fuel growth in the market during forecast years.
North America vertical farming market is segmented based on growth mechanism, structure, offering, application, crop type, country and company. Based on growth mechanism, the market can be fragmented into aeroponics, hydroponics, aquaponics and others. The hydroponics segment is expected to hold the largest market share during forecast period owing to the lower installation cost and ease of operation. Based on structure, the market can be bifurcated into building based vertical farms and shipping container vertical farms. The shipping container vertical farms structure is expected to dominate the market owing to the fact that they are easy to transport and do not require a large piece of land or a dedicated building to start cultivating. On the basis of application, the market can be divided into indoor and outdoor. The indoor segment dominates the market during the forecast period since indoor farming requires less water and gives high yield with minimum land utilization. Additionally, the crops remain protected from the adverse climatic conditions.
The major players operating in vertical farming market are Green Spirit Farms, Aerofarms, American Hydroponics, General Hydroponics, Illumitex, Inc., Green Sense Farms, LLC, Hort Americas, LLC, Plenty Unlimited, Inc., Bowery Farming Inc., Freight Farms and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, in March 2016, Illumitex (US) expanded its LED lighting services to six international countries in the vertical farming industry. Among the international vertical farms, Illumitex is currently working with Remy located in Israel, Asahi Techno in Japan, Agricool in France, and aquaponics start-ups in Norway and Italy.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of North America vertical
farming market.
- To classify and forecast North America vertical farming market based
on growth mechanism, structure,
offering, application, crop type, company and
country distribution.
- To identify drivers and challenges for North America vertical
farming market.
- To examine competitive developments such as expansions, new product
launches, mergers & acquisitions, etc., in North America vertical
farming market.
- To identify and analyze the profile of leading players operating in
North America vertical farming market.
Click here to download the sample
TechSci Research performed both primary as well as exhaustive
secondary research for this study. Initially, TechSci Research sourced a list
of manufacturers across the region. Subsequently, TechSci Research conducted
primary research surveys with the identified companies. While interviewing, the
respondents were also enquired about their competitors. Through this technique,
TechSci Research could include the manufacturers which could not be identified
due to the limitations of secondary research. TechSci Research analyzed the
manufacturers, distribution channels and presence of all major players across
the region.
TechSci
Research calculated the market size of North America vertical farming market by using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Vertical farming manufacturers and suppliers
- Market research and consulting firms
- Government bodies such as regulating
authorities and policy makers
- Organizations, forums and alliances related to
vertical farming
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as manufacturers,
suppliers and partners, end users, etc., besides allowing them in strategizing
investments and capitalizing on market opportunities.
Report Scope:
In this report, North America Vertical
Farming market has been segmented into following categories, in addition
to the industry trends which have also been detailed below:
- Market, By Growth Mechanism:
- Aeroponics
- Hydroponics
- Aquaponics
- Others
- Market, By Structure:
- Building
Based Vertical Farms
- Shipping
Container Vertical Farms
- Market, By Offering:
- Hardware
- Software
- Service
- Market, By Application:
- Market, By Crop Type:
- Fruits
- Vegetables
& Herbs
- Market, By Country:
- United
States
- Canada
- Mexico
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in North America vertical farming market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]