Vertical farming market rising at rapid rate
Jan 19, 2016, Pune, India — The vertical farming market is expected to hit US $3.88 billion by 2020, at a CAGR (Compound Annual Growth Rate) of 30.7 per cent between 2015 and 2020.
Lighting and hydroponic components are set to dominate the functional devices segment of vertical farming market during the forecast period between 2015 and 2020.
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The major driving factors for the vertical farming market are the need for high quality of food with no use of pesticides, no crop failures related to weather, increasing urban population, and growth in the year-round production of crops.
The lighting component is expected to dominate the functional device segment of vertical farming market as traditional lighting systems are being replaced by energy-efficient LEDs designed to accelerate plant growth by emitting electromagnetic spectrum ideal for photosynthesis.
Hydroponics held the second-largest market size and has many advantages, such as no need for soil; low cost of water because of recycling; and lower nutrition costs owing to low wastage, which ensures stable and high yields.
The factors such as continuous growth in urban population, low availability of cultivable land, demand for high quality food, and government incentives in countries such as China, Singapore and Japan are driving the vertical farming market in the APAC region.
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