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.
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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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.
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Major Key Players covered in this report:
• Eden Green Technology
• Elevate Farms Inc.
• OSRAM GmbH
• Plenty Unlimited Inc.
NORTH AMERICA VERTICAL FARMING MARKET SEGMENTATION
North America Vertical Farming Market, by Growth Mechanism
North America Vertical Farming Market, by Component
• Climate Control
• Irrigation Component
• Building Material
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