AI, and Robotics to Fuel Growth of Vertical Farming Crops Market
One of the major driving factors for the expansion of vertical farming crops market is the growing awareness about sustainable farming amid rising urbanisation, and consistently depleting arable and fertile land. The vertical farming market is expected to grow rapidly boosted by new technologies such as robotics, Artificial Intelligence (AI), analytics, and the Internet of Things (IoT) getting integrated. In terms of yield, vertical farming has a substantial benefit. Vertical farming has been discovered to produce 240 times greater agricultural production with 99 % less land, 95 % less water, and zero chemicals.
Rising technology breakthroughs, such as analytics and automation, make it possible to effectively manage crop output across farms; as a result, market participants are embracing these technologies to increase production and crop health, hence assisting the market’s growth. For instance, to produce good and healthful food, Plenty's farm in San Francisco uses IoT, robots, big data, climate management, LED lighting control systems, and Al technologies. Temperature, irrigation, and lighting are all controlled by Al-powered robots at the workplace. Similarly, Bimantis, a firm based in India, created The GreenSage, a farming system that is combined with IoT-powered solutions. The solution automates the monitoring and control of light, plant growth, nutrients, and air quality.
LED lighting technology functions as a supplement to the sun, ensuring higher productivity with little power consumption, thereby expanding the vertical farming market. In October 2020 the VYPR 3x and VYPR DUO 32 lighting systems were launched by OSRAM GmbH's brand Fluence, which is a leading global provider of energy-efficient LED lighting solutions for farm production and commercial cannabis. This new launch will aid in the company's product line expansion.
Low Installation Costs and Ease of Use of Hydroponics to Proliferate the Vertical Farming Crops Market Growth
The hydroponics segment is expected to maintain its dominance throughout the forecast period. With its low installation costs and ease of use, hydroponics is a popular growth mechanism. It is a method of growing plants without soil in which a mineral solution is inserted around the plant roots in place of soil. Furthermore, the hydroponics method eliminates the risk of soil organisms causing disease. Consumers' growing awareness of the dangers of pesticides is expected to drive up demand for hydroponics. However, due to proper nutrient control, hydroponically grown plants result in higher yields than comparable soil-grown plants. Furthermore, plant roots are immersed in the chemical solution and checked on a regular basis to ensure that the proper chemical composition is maintained for growth.
Technological Advancements and Rising Demand for Organic Foods in Asia Pacific to Drive Growth of Vertical Farming Crops Market
Asia Pacific is expected to dominate the global vertical farming crops market over the forecast period. The primary drivers of the market are technological advancements and rising demand for organic foods. The Asia Pacific region's population is rapidly increasing. The growing population stimulates food demand, creating new opportunities for vertical farming crops market participants. Furthermore, increasing urbanisation and the adoption of modern agricultural practices are propelling the market. Furthermore, major vertical farming crops market participants are actively focusing on innovation. To increase production, key companies are heavily investing in R&D and implementing emerging technologies.
Furthermore, the region's growth is fuelled by the growing popularity of vertical farming in countries such as Japan, India, and China. Expanding cities and towns, improved people's lifestyles, rising per capita income, and government initiatives to promote the use of modern agricultural techniques are driving the growth of the vertical farming crops market. For instance, over 200 small-scale lettuce vertical farming factories use artificial light in Japan, and the number of such factor factories is expected to double by 2025.
Europe is expected to experience significant growth over the forecast period as genetically modified crop technology expands. Furthermore, the growing use of nanotechnology and robotics in agriculture boosts regional market demand. The use of nanotechnology aids in the improvement of food packaging as well as disease and pest control. The European Environment Agency has launched several initiatives to build vertical farms to address the challenges of continuous population growth and climate change, as well as to produce food in an environmentally friendly manner. As a result, market demand in the region has increased. In March 2020, ‘Signify’ expanded its partnership with Planet Farms (Italy), a European vertical farm operator. Signify will provide horticulture LED grow lights to five additional vertical farms that Planet Farms plans to establish in various European countries, including Switzerland and the United Kingdom in future.
Global Vertical Farming Crops Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in August 2021, Cargill collaborated with vertical farming pioneer AeroFarms to boost cocoa bean yields and develop more climate-resilient farming practices. Together, the two organisations will test various indoor growing technologies, such as aeroponics and hydroponics, as well as light, carbon dioxide, irrigation, and nutrients, to determine the best conditions for cocoa tree growth. On the other hand, in July 2021 Heliospectra AB, a global leader in intelligent lighting technology for vertical farming, announced a new seller partnership with MineARC Systems, a global leader in the manufacture and supply of controlled environments. Heliospectra's market-leading LED lighting and lighting control solutions will be represented in Australia by the company.
A few of the players in the vertical farming crops market include Aerofarms LLC, Agricool, Badia farms, Bowery farming inc., Brightfarms, Farm.One, inc., Gotham greens, Infarm gmbh, Plenty unlimited inc., and Sky urban solutions holding PTE ltd.
Global Vertical Farming Crops Market is Segmented as Below:
By Crop Type
By End User
By Farming Technique
Key Elements Included In The Study: Global Vertical Farming Crops Market
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