Vertical Farming Market - Global Forecast to 2029
| 出版社 | MarketsandMarkets |
| 出版年月 | 2024年7月 |
| ページ数 | 251 |
| 図表数 | 259 |
| 価格タイプ | シングルユーザライセンス |
| 価格 | USD 4,950 |
| 種別 | 英文調査報告書 |
Report Overview
The global vertical farming market was valued at USD 5.6 billion in 2024 and is projected to reach USD 13.7 billion by 2029; it is expected to register a CAGR of 19.7% during the forecast period.
世界の垂直農業市場は2024年に56億米ドルと評価され、2029年までに137億米ドルに達すると予測されています。予測期間中に 19.7% の CAGR を記録すると予想されます。
The market of vertical farming is progressing through several aspects:This is a human centred approach and is adopted to facilitate efficient use of available resources, water and land through influencing climate change. Altruistic demands are also driven by food security issues like population growth, urbanization and safe food. Some of the examples of benefits that could be attributed to the economic aspect includes; transportation cost, year round production and production of high valued crops. The use of IoT, Hyper intelligent transport system (HITS), AI, LED lighting, and hydroponics increases effectiveness in the organization. All of them provide the needful argument for vertical farming, which indeed can be viewed as one of the most promising models of contemporary agriculture.
“The lighting hardware type to hold the largest share during the forecast period.”
Lighting has tremendously improved owing to its pros specific to indoor vertical farms’ requirements, and the use of LED lighting has gained huge popularity. LED lights give the farmers the control of both the light composition and the brightness, so that the former are able to adjust the light to the needs of the plants, thus helping them grow faster and produce more. In addition, LED lights are energy saving, that is, they use way much power than most conventional sources of lighting. It also cuts on costs of maintenance due to their longer lasting as compared to other lamp types. Thirdly, LED lights produce comparatively little heat that reduces the possibilities of heat injury of plants and making the working condition of farmers much better. This has made the LED lighting to be popular among the vertical farm operators since it add more value to the vertical farming technique by averting the key reason behind the failure of the farming methodology in the past.
“The aeroponics growth mechanism segment to record highest market share during the forecast period.”
The aeroponic growth mechanism is anticipated to exhibit the highest growth rate in the vertical farming market due to its higher productivity in contrast to hydroponics as well as the substantially lesser utilization of water. Aeroponics occupies a lesser amount of space let plants get all optimal conditions necessary for their growth and provide rich nutrient solution directly to roots of the plant, thus it is more resourceful. The fixed cost of aeroponics, compared to hydroponics are higher, but the payback is much higher given that the yields are much higher. With the increasing global awareness towards conservation of natural resources and water the need to increase production using limited space and water especially in built-up areas is likely to boost the uptake of aeroponic systems and therefore fuel the growth of this segment in the vertical farming market.
“The shipping container-based vertical farms is likely to grow at the highest CAGR during the forecast period.”
Vertical farms use shipping containers, that is sustainable, space optimal and can easily be moved from one location to another since they are designed to be transported via sea and rail hence the name ‘shipping’ containers. Shipping container-based vertical farms are comapritively more affordable. This is due to the ability of the farms to be built in different regions fully equipped without large capital investments in infrastructure. Also, shipping container farms are climate controlled meaning less water is used during the production processes and also there is production all year round which plays a pivotal role especially in the aspects of food insecurity. Knowing this, the market for vertical farming utilizing shipping containers will inevitably grow as technology progresses in an attempt to enhance the efficiency of these systems and provide entrepreneurs and investors with a competent solution in the agriculture industry.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier 1 – 40%, Tier 2 – 45%, Tier 3 – 15%
- By Designation— C-level Executives – 40%, Directors – 30%, Others – 30%
- By Region—North America – 20%, Europe – 30%, Asia Pacific – 35%, RoW – 15%
The vertical farming market is dominated by a few globally established players such as Signify (Netherlands), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Osram (Germany), Everlight Electronics (Taiwan), and Heliospectra AB (Sweden). The study includes an in-depth competitive analysis of these key players in the vertical farming market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report segments the vertical farming market and forecasts its size by offering, growth mechanism, structure, crop type, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the vertical farming ecosystem.
Key Benefits to Buy the Report:
- Analysis of key drivers (high yield and numerous other benefits associated with vertical farming over conventional farming, advancements in light-emitting diode (led) technology, year-round crop production irrespective of weather conditions, and requirement of minimum resources). Restraint (lack of technically skilled workforce and limited crop types, and high start-up costs). Opportunity (reduced environmental impact from agriculture by adoption of vertical farming, and cannabis cultivation through vertical farming). Challenges (maintenance of temperature, humidity, and air circulation in a vertical farm, and vertical farming on a large scale)
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product and services launches in the vertical farming market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the vertical farming market across varied regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the vertical farming market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Signify (Netherlands), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Osram (Germany), Everlight Electronics (Taiwan), and Heliospectra AB (Sweden) among others in the vertical farming market.
Table of Contents
1 INTRODUCTION 23
1.1 STUDY OBJECTIVES 23
1.2 MARKET DEFINITION 23
1.3 STUDY SCOPE 24
1.3.1 MARKETS COVERED 24
1.3.2 INCLUSIONS AND EXCLUSIONS 25
1.3.3 YEARS CONSIDERED 26
1.4 CURRENCY CONSIDERED 26
1.5 LIMITATIONS 26
1.6 STAKEHOLDERS 27
1.7 SUMMARY OF CHANGES 27
2 RESEARCH METHODOLOGY 29
2.1 RESEARCH APPROACH 29
2.1.1 SECONDARY DATA 31
2.1.1.1 Key secondary sources 31
2.1.1.2 Key data from secondary sources 32
2.1.2 PRIMARY DATA 32
2.1.2.1 Intended participants and key opinion leaders in primary interviews 33
2.1.2.2 Key insights 33
2.1.2.3 Key data from primary sources 34
2.1.2.4 Breakdown of primaries 34
2.1.3 SECONDARY AND PRIMARY RESEARCH 35
2.2 MARKET SIZE ESTIMATION 35
2.2.1 BOTTOM-UP APPROACH 37
2.2.1.1 Approach to estimate market size using bottom-up analysis 37
2.2.2 TOP-DOWN APPROACH 37
2.2.2.1 Approach to estimate market size using top-down
analysis (supply side) 37
2.3 DATA TRIANGULATION 38
2.4 RESEARCH ASSUMPTIONS 39
2.5 RISK ASSESSMENT 40
3 EXECUTIVE SUMMARY 41
4 PREMIUM INSIGHTS 46
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VERTICAL FARMING MARKET 46
4.2 VERTICAL FARMING MARKET, BY OFFERING 47
4.3 VERTICAL FARMING MARKET, BY HARDWARE TYPE 47
4.4 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 48
4.5 VERTICAL FARMING MARKET, BY STRUCTURE 48
4.6 VERTICAL FARMING MARKET, BY REGION 49
5 MARKET OVERVIEW 50
5.1 MARKET DYNAMICS 50
5.1.1 DRIVERS 50
5.1.1.1 High yield associated with vertical farming over conventional farming 50
5.1.1.2 Advancements in light-emitting diode (LED) technology 51
5.1.1.3 Year-round crop production irrespective of weather conditions 51
5.1.1.4 Decrease in arable land and water scarcity amid growing urban population 52
5.1.2 RESTRAINTS 54
5.1.2.1 Lack of technically skilled workforce and limited crop types 54
5.1.2.2 High startup costs 55
5.1.3 OPPORTUNITIES 55
5.1.3.1 Reduced environmental impact from vertical agriculture 55
5.1.3.2 Potential market opportunities in Asia Pacific and Middle East 56
5.1.3.3 Growth of cannabis cultivation through vertical farming 56
5.1.4 CHALLENGES 57
5.1.4.1 Maintenance of temperature, humidity, and air circulation
in vertical farm 57
5.1.4.2 Higher energy consumption leading to high operational costs 58
5.1.4.3 Large-scale cost-intensiveness 58
5.2 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 59
5.3 PRICING ANALYSIS 60
5.3.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY LIGHTING COMPONENTS 60
5.3.2 AVERAGE SELLING PRICE OF LIGHTING COMPONENTS, BY KEY PLAYER 61
5.3.3 AVERAGE SELLING PRICE TREND OF LIGHTING COMPONENTS, BY REGION 62
5.4 SUPPLY CHAIN ANALYSIS 63
5.5 ECOSYSTEM ANALYSIS 64
5.6 INVESTMENT AND FUNDING SCENARIO 66
5.7 TECHNOLOGY ANALYSIS 66
5.7.1 KEY TECHNOLOGIES 66
5.7.1.1 Climate control systems 66
5.7.1.2 Hydroponic and aeroponic systems 67
5.7.1.3 UV and far-red light integration 67
5.7.2 COMPLEMENTARY TECHNOLOGIES 68
5.7.2.1 Smart lighting 68
5.7.2.2 LED grow lights 68
5.7.3 ADJACENT TECHNOLOGIES 68
5.7.3.1 Spectrum control technology 68
5.8 PATENT ANALYSIS 69
5.9 TRADE ANALYSIS 72
5.9.1 HS CODE 8539 – LIGHTING PRODUCTS 73
5.9.1.1 Export data 73
5.9.1.2 Import data 74
5.9.2 HS CODE 8436 – AGRICULTURAL EQUIPMENT 75
5.9.2.1 Export data 75
5.9.2.2 Import data 76
5.9.3 HS CODE 8415 – HVAC CONTROL SYSTEM 77
5.9.3.1 Export data 77
5.9.3.2 Import data 78
5.10 KEY CONFERENCES AND EVENTS, 2024–2025 79
5.11 CASE STUDY ANALYSIS 80
5.11.1 LJUSGÅRDA: SCALING UP INDOOR GROWTH WITH HELIOSPECTRA 80
5.11.2 HORTIPOLARIS: PERENNIAL SUPPORT FOR LED LIGHTING IN CULTIVATION AND RESEARCH FACILITIES BY FLUENCE BY OSRAM 80
5.11.3 AEROFARMS: IMPROVING AEROPONIC PRECISION FARMING USING AI 81
5.11.4 AEROFARMS: IOT DEPLOYMENT FOR DATA-DRIVEN INSIGHTS IN COLLABORATION WITH DELL EMC 81
5.11.5 RIAT: SIGNIFY’S LED LIGHTING SOLUTION USED FOR VERTICAL FARMING TOMATOES AND CUCUMBERS 82
5.11.6 KARMA FARM: FREIGHT FARMS ADDED HYDROPONIC SOLUTIONS TO ACHIEVE SUSTAINABILITY 82
5.12 TARIFF AND REGULATORY FRAMEWORK 83
5.12.1 TARIFFS ANALYSIS 83
5.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
5.12.3 REGULATIONS 85
5.12.4 STANDARDS 86
5.13 PORTER’S FIVE FORCES ANALYSIS 86
5.13.1 THREAT OF NEW ENTRANTS 87
5.13.2 THREAT OF SUBSTITUTES 88
5.13.3 BARGAINING POWER OF BUYERS 88
5.13.4 BARGAINING POWER OF SUPPLIERS 88
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 88
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 88
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 88
5.14.2 BUYING CRITERIA 89
5.15 IMPACT OF AI/GEN AI ON VERTICAL FARMING MARKET 90
5.15.1 INTRODUCTION 90
5.15.2 USE OF GEN AI IN VERTICAL FARMING 91
5.15.3 CASE STUDY ANALYSIS 92
5.15.3.1 John Deere: Modernizing agriculture through AI and automation 92
5.15.3.2 CropIn: Leveraging AI and data analytics to provide farmers with
real-time insights 92
5.15.3.3 California’s Central Valley: AI-controlled Irrigation to be game changer for water management in agriculture 92
5.15.3.4 CropIn and AWS: Collaborating to tackle global hunger with AI 93
5.15.4 IMPACT ON VERTICAL FARMING MARKET 93
5.15.5 ADJACENT ECOSYSTEM WORKING ON GEN AI 94
6 VERTICAL FARMING MARKET, BY OFFERING 95
6.1 INTRODUCTION 96
6.2 HARDWARE 99
6.2.1 LIGHTING 99
6.2.1.1 Lighting fixtures 101
6.2.1.1.1 High efficiency of LEDs and innovative lighting solutions
for better yield 101
6.2.1.2 Lighting control 101
6.2.1.2.1 Connected energy-saving lighting systems proven to be optimal for vertical farming 101
6.2.2 HYDROPONIC COMPONENTS 101
6.2.2.1 Appropriate utilization of nutrient-laden water to ensure high
crop growth 101
6.2.3 CLIMATE CONTROL 103
6.2.3.1 Effective HVAC systems critical to ensure high productivity through precise temperature control 103
6.2.4 SENSORS 104
6.2.4.1 Sensors to provide necessary data points for accurate monitoring
to ensure high productivity and farm efficiency 104
6.3 SOFTWARE 105
6.3.1 FARM MANAGEMENT SOFTWARE 105
6.3.1.1 Real-time monitoring and analytics help optimize crop growth and respond quickly to any issues 105
6.4 SERVICES 106
6.4.1 MANAGED & PROFESSIONAL SERVICES 106
6.4.1.1 Consulting services offer customized strategies for vertical farms, addressing specific challenges and goals 106
6.4.2 MAINTENANCE & SUPPORT SERVICES 107
6.4.2.1 Regular maintenance required by advanced technology in vertical farming to ensure optimal performance and prevent costly breakdowns 107
7 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 109
7.1 INTRODUCTION 110
7.2 HYDROPONICS 111
7.2.1 SIMPLE AND COST-EFFECTIVE INSTALLATION AND EFFICIENT GROWTH OPTION FOR CULTIVATION WITH LIMITED ARABLE LAND 111
7.3 AEROPONICS 113
7.3.1 HIGH PRODUCTIVITY AND LOW TIMEFRAME ACHIEVED USING IMPROVED MINIMAL LAND AND WATER RESOURCES 113
7.4 AQUAPONICS 114
7.4.1 MINIMAL WATER AND PESTICIDE USAGE 114
8 VERTICAL FARMING MARKET, BY STRUCTURE 116
8.1 INTRODUCTION 117
8.2 BUILDING-BASED VERTICAL FARMS 118
8.2.1 COUNTRIES WITH UNSUPPORTED CROP ENVIRONMENTS TO BE EARLY ADOPTERS OF BUILDING-BASED VERTICAL FARMS 118
8.3 SHIPPING CONTAINER-BASED VERTICAL FARMS 119
8.3.1 EMERGING VERTICAL FARMING SOLUTIONS FOR SMALL FARMERS 119
9 VERTICAL FARMING MARKET, BY CROP TYPE 121
9.1 INTRODUCTION 122
9.2 VEGETABLES 124
9.2.1 LETTUCE MAINLY CULTIVATED IN CONTROLLED ENVIRONMENTS
IN VERTICAL FARMS 124
9.3 FRUITS 124
9.3.1 INCREASE IN DEMAND FOR ORGANIC FRUITS 124
10 VERTICAL FARMING MARKET, BY REGION 125
10.1 INTRODUCTION 126
10.2 NORTH AMERICA 128
10.2.1 NORTH AMERICA: MACROECONOMIC OUTLOOK 128
10.2.2 US 132
10.2.2.1 Increase in number of vertical farms and partnerships among companies in US 132
10.2.3 CANADA 134
10.2.3.1 Presence of technologically advanced vertical farming
companies in Canada 134
10.2.4 MEXICO 136
10.2.4.1 Increase in population, deteriorating cultivation zones, and scarcity of water drive adoption of vertical farming in Mexico 136
10.3 EUROPE 136
10.3.1 EUROPE: MACROECONOMIC OUTLOOK 137
10.3.2 EU4 141
10.3.2.1 Focus on advanced technologies helps create high growth opportunities for vertical farming market in EU4 141
10.3.3 UK 142
10.3.3.1 Introduction of robotic arms for automating several vertical farming processes, such as harvesting, to reduce labor costs 142
10.3.4 SCANDINAVIA 144
10.3.4.1 Deployment of vertical farms in restaurants, retail, and grocery stores eliminates food wastage during transportation in Scandinavia 144
10.3.5 NETHERLANDS 145
10.3.5.1 Partnerships and collaborations between leading vertical farming companies are driving market’s growth in Netherlands 145
10.3.6 REST OF EUROPE 145
10.4 ASIA PACIFIC 145
10.4.1 ASIA PACIFIC: MACROECONOMIC OUTLOOK 146
10.4.2 CHINA 151
10.4.2.1 Increase in investment in vertical farming due to growth in urban population and declining agricultural land in China 151
10.4.3 JAPAN 152
10.4.3.1 High involvement in R&D for vertical farming producing growth opportunities in Japan 152
10.4.4 SINGAPORE 154
10.4.4.1 Government support and achieving food security help Singapore become global leader in vertical farming 154
10.4.5 SOUTH KOREA 155
10.4.5.1 Unavailability of land for traditional farming due to high
population density 155
10.4.6 REST OF ASIA PACIFIC 155
10.5 REST OF THE WORLD (ROW) 156
10.5.1 ROW: MACROECONOMIC OUTLOOK 156
10.5.2 SOUTH AMERICA 160
10.5.2.1 Emergence of startups involved in vertical farming 160
10.5.3 MIDDLE EAST & AFRICA 161
10.5.3.1 GCC 164
10.5.3.1.1 Scarcity of freshwater and arable land to be driver 164
10.5.3.2 Rest of the Middle East & Africa 164
11 COMPETITIVE LANDSCAPE 165
11.1 OVERVIEW 165
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024 165
11.3 REVENUE ANALYSIS, 2019–2023 167
11.4 MARKET SHARE ANALYSIS, 2023 168
11.5 COMPANY VALUATION AND FINANCIAL METRICS 171
11.5.1 COMPANY VALUATION 171
11.5.2 EV/EBIDTA 171
11.6 BRAND/PRODUCT COMPARISON 172
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 173
11.7.1 STARS 173
11.7.2 EMERGING LEADERS 173
11.7.3 PERVASIVE PLAYERS 173
11.7.4 PARTICIPANTS 173
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 175
11.7.5.1 Company footprint 175
11.7.5.2 Offering footprint 176
11.7.5.3 Growth mechanism footprint 177
11.7.5.4 Structure footprint 178
11.7.5.5 Crop type footprint 179
11.7.5.6 Regional footprint 180
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 181
11.8.1 PROGRESSIVE COMPANIES 181
11.8.2 RESPONSIVE COMPANIES 181
11.8.3 DYNAMIC COMPANIES 181
11.8.4 STARTING BLOCKS 181
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 183
11.8.5.1 Detailed list of key startups/SMEs 183
11.8.5.2 Competitive benchmarking of key startups/SMEs 184
11.9 COMPETITIVE SCENARIO AND TRENDS 185
11.9.1 PRODUCT LAUNCHES 185
11.9.2 DEALS 188
11.9.3 EXPANSIONS 196
11.9.4 OTHER DEVELOPMENTS 196
12 COMPANY PROFILES 197
12.1 KEY PLAYERS 197
12.1.1 SIGNIFY HOLDING 197
12.1.1.1 Business overview 197
12.1.1.2 Products/Solutions/Services offered 198
12.1.1.3 Recent Developments 199
12.1.1.3.1 Deals 199
12.1.1.4 MnM view 200
12.1.1.4.1 Key strengths 200
12.1.1.4.2 Strategic choices made 200
12.1.1.4.3 Weaknesses and competitive threats 200
12.1.2 AMS-OSRAM AG 201
12.1.2.1 Business overview 201
12.1.2.2 Products/Solutions/Services offered 202
12.1.2.3 Recent developments 203
12.1.2.3.1 Products/solutions/services launches 203
12.1.2.3.2 Deals 204
12.1.2.4 MnM view 205
12.1.2.4.1 Key strengths 205
12.1.2.4.2 Strategic choices made 205
12.1.2.4.3 Weaknesses and competitive threats 205
12.1.3 FREIGHT FARMS, INC. 206
12.1.3.1 Business overview 206
12.1.3.2 Products/Solutions/Services offered 206
12.1.3.3 Recent developments 207
12.1.3.3.1 Products/solutions/services launches 207
12.1.3.3.2 Deals 207
12.1.3.4 MnM views 208
12.1.3.4.1 Key strengths 208
12.1.3.4.2 Strategic choices made 208
12.1.3.4.3 Weaknesses and competitive threats 208
12.1.4 AEROFARMS 209
12.1.4.1 Business overview 209
12.1.4.2 Products/Solutions/Services offered 209
12.1.4.3 Recent developments 210
12.1.4.3.1 Deals 210
12.1.4.4 MnM view 213
12.1.4.4.1 Key strengths 213
12.1.4.4.2 Strategic choices made 213
12.1.4.4.3 Weaknesses and competitive threats 213
12.1.5 HELIOSPECTRA 214
12.1.5.1 Business overview 214
12.1.5.2 Products/Solutions/Services offered 215
12.1.5.3 Recent developments 216
12.1.5.3.1 Products/solutions/services launches 216
12.1.5.3.2 Deals 217
12.1.5.3.3 Other developments 217
12.1.5.4 MnM view 218
12.1.5.4.1 Key strengths 218
12.1.5.4.2 Strategic choices 218
12.1.5.4.3 Weaknesses and competitive threats 218
12.1.6 PLENTY UNLIMITED INC. 219
12.1.6.1 Business overview 219
12.1.6.2 Products/Solutions/Services offered 219
12.1.6.3 Recent developments 220
12.1.6.3.1 Deals 220
12.1.6.3.2 Expansions 221
12.1.7 VALOYA 222
12.1.7.1 Business overview 222
12.1.7.2 Products/Solutions/Services offered 222
12.1.7.3 Recent developments 223
12.1.7.3.1 Deals 223
12.1.8 EVERLIGHT ELECTRONICS CO., LTD 224
12.1.8.1 Business overview 224
12.1.8.2 Products/Solutions/Services offered 225
12.1.9 SPREAD CO., LTD. 226
12.1.9.1 Business overview 226
12.1.9.2 Products/Solutions/Services offered 226
12.1.9.3 Recent Developments 227
12.1.9.3.1 Deals 227
12.1.10 SKY GREENS 228
12.1.10.1 Business overview 228
12.1.10.2 Products/solutions/services offered 229
12.2 OTHER KEY PLAYERS 230
12.2.1 AMHYDRO 230
12.2.2 URBAN CROP SOLUTIONS 231
12.2.3 VERTICAL FARM SYSTEMS 232
12.2.4 BOWERY FARMING INC. 233
12.2.5 AGRICOOL 234
12.2.6 SANANBIO 235
12.2.7 INFARM 236
12.2.8 INTELLIGENT GROWTH SOLUTIONS LIMITED 237
12.2.9 4D BIOS INC 237
12.2.10 BRIGHTFARMS 238
12.2.11 VERTICAL FUTURE 239
12.2.12 CUBICFARM SYSTEMS CORP. 239
12.2.13 VERTICAL HARVEST 240
12.2.14 HYDROFARM 241
12.2.15 GENERAL HYDROPONICS 242
13 APPENDIX 243
13.1 INSIGHTS FROM INDUSTRY EXPERTS 243
13.2 DISCUSSION GUIDE 244
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 247
13.4 CUSTOMIZATION OPTIONS 249
13.5 RELATED REPORTS 249
13.6 AUTHOR DETAILS 250
LIST OF TABLES
TABLE 1 INCLUSIONS AND EXCLUSIONS 25
TABLE 2 KEY SECONDARY SOURCES 31
TABLE 3 PRIMARY PARTICIPANTS CROSS VALUE CHAIN 33
TABLE 4 RISK FACTOR ANALYSIS 40
TABLE 5 BENEFITS OF VERTICAL FARMS VERSUS OTHER METHODS 51
TABLE 6 AVERAGE SELLING PRICE OF LIGHTING COMPONENTS, BY KEY PLAYER,
2019–2023 (USD) 61
TABLE 7 AVERAGE SELLING PRICE OF LIGHTING COMPONENTS, BY REGION,
2019–2023 (USD) 62
TABLE 8 VERTICAL FARMING MARKET: ECOSYSTEM 65
TABLE 9 LIST OF GRANTED PATENTS RELATED TO VERTICAL FARMING MARKET,
2021–2023 70
TABLE 10 EXPORT DATA FOR HS CODE 8539 – LIGHTING PRODUCTS, BY COUNTRY,
2020–2023 (USD THOUSAND) 73
TABLE 11 IMPORT DATA FOR HS CODE 8539 – LIGHTING PRODUCTS, BY COUNTRY,
2020–2023 (USD THOUSAND) 74
TABLE 12 EXPORT DATA FOR HS CODE 8436 – AGRICULTURAL EQUIPMENT, BY COUNTRY, 2020–2023 (USD THOUSAND) 75
TABLE 13 IMPORT DATA FOR HS CODE 8436 – AGRICULTURAL EQUIPMENT, BY COUNTRY, 2020–2023 (USD THOUSAND) 76
TABLE 14 EXPORT DATA FOR HS CODE 8415 – HVAC CONTROL SYSTEM, BY COUNTRY,
2020–2023 (USD THOUSAND) 77
TABLE 15 IMPORT DATA FOR HS CODE 8415 – HVAC CONTROL SYSTEM, BY COUNTRY,
2020–2023 (USD THOUSAND) 78
TABLE 16 VERTICAL FARMING MARKET: DETAILED LIST OF RELATED CONFERENCES AND EVENTS, 2024–2025 79
TABLE 17 NETHERLANDS: MFN TARIFF FOR HS CODE 8436 – AGRICULTURAL EQUIPMENT EXPORTED, 2023 83
TABLE 18 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 84
TABLE 19 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 84
TABLE 20 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 84
TABLE 21 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 85
TABLE 22 VERTICAL FARMING MARKET: REGULATIONS 85
TABLE 23 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 87
TABLE 24 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY OFFERING 89
TABLE 25 KEY BUYING CRITERIA FOR TOP THREE OFFERINGS 90
TABLE 26 VERTICAL FARMING MARKET, BY OFFERING, 2020–2023 (USD MILLION) 96
TABLE 27 VERTICAL FARMING MARKET, BY OFFERING, 2024–2029 (USD MILLION) 97
TABLE 28 VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE,
2020–2023 (USD MILLION) 97
TABLE 29 VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE,
2024–2029 (USD MILLION) 98
TABLE 30 VERTICAL FARMING HARDWARE MARKET, BY REGION, 2020–2023 (USD MILLION) 98
TABLE 31 VERTICAL FARMING HARDWARE MARKET, BY REGION, 2024–2029 (USD MILLION) 99
TABLE 32 VERTICAL FARMING LIGHTING HARDWARE MARKET, BY REGION,
2020–2023 (USD MILLION) 100
TABLE 33 VERTICAL FARMING LIGHTING HARDWARE MARKET, BY REGION,
2024–2029 (USD MILLION) 100
TABLE 34 VERTICAL FARMING HYDROPONIC COMPONENTS MARKET, BY REGION,
2020–2023 (USD MILLION) 102
TABLE 35 VERTICAL FARMING HYDROPONIC COMPONENTS MARKET, BY REGION,
2024–2029 (USD MILLION) 103
TABLE 36 VERTICAL FARMING CLIMATE CONTROL MARKET, BY REGION,
2020–2023 (USD MILLION) 103
TABLE 37 VERTICAL FARMING CLIMATE CONTROL MARKET, BY REGION,
2024–2029 (USD MILLION) 104
TABLE 38 VERTICAL FARMING SENSORS MARKET, BY REGION, 2020–2023 (USD MILLION) 104
TABLE 39 VERTICAL FARMING SENSORS MARKET, BY REGION, 2024–2029 (USD MILLION) 105
TABLE 40 VERTICAL FARMING SOFTWARE MARKET, BY REGION, 2020–2023 (USD MILLION) 106
TABLE 41 VERTICAL FARMING SOFTWARE MARKET, BY REGION, 2024–2029 (USD MILLION) 106
TABLE 42 VERTICAL FARMING SERVICES MARKET, BY REGION, 2020–2023 (USD MILLION) 107
TABLE 43 VERTICAL FARMING SERVICES MARKET, BY REGION, 2024–2029 (USD MILLION) 108
TABLE 44 VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 110
TABLE 45 VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 111
TABLE 46 HYDROPONIC VERTICAL FARMING MARKET, BY REGION,
2020–2023 (USD MILLION) 112
TABLE 47 HYDROPONIC VERTICAL FARMING MARKET, BY REGION,
2024–2029 (USD MILLION) 112
TABLE 48 AEROPONIC VERTICAL FARMING MARKET, BY REGION, 2020–2023 (USD MILLION) 113
TABLE 49 AEROPONIC VERTICAL FARMING MARKET, BY REGION, 2024–2029 (USD MILLION) 114
TABLE 50 AQUAPONIC VERTICAL FARMING MARKET, BY REGION, 2020–2023 (USD MILLION) 115
TABLE 51 AQUAPONIC VERTICAL FARMING MARKET, BY REGION, 2024–2029 (USD MILLION) 115
TABLE 52 VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 117
TABLE 53 VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 118
TABLE 54 BUILDING-BASED VERTICAL FARMING MARKET, BY REGION,
2020–2023 (USD MILLION) 119
TABLE 55 BUILDING-BASED VERTICAL FARMING MARKET, BY REGION,
2024–2029 (USD MILLION) 119
TABLE 56 SHIPPING CONTAINER-BASED VERTICAL FARMING MARKET, BY REGION,
2020–2023 (USD MILLION) 120
TABLE 57 SHIPPING CONTAINER-BASED VERTICAL FARMING MARKET, BY REGION,
2024–2029 (USD MILLION) 120
TABLE 58 VERTICAL FARMING MARKET, BY CROP TYPE, 2020–2023 (THOUSAND TONS) 122
TABLE 59 VERTICAL FARMING MARKET, BY CROP TYPE, 2024–2029 (THOUSAND TONS) 123
TABLE 60 VERTICAL FARMING MARKET, BY REGION, 2020–2023 (USD MILLION) 127
TABLE 61 VERTICAL FARMING MARKET, BY REGION, 2024–2029 (USD MILLION) 127
TABLE 62 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY,
2020–2023 (USD MILLION) 129
TABLE 63 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY,
2024–2029 (USD MILLION) 130
TABLE 64 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING,
2020–2023 (USD MILLION) 130
TABLE 65 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING,
2024–2029 (USD MILLION) 130
TABLE 66 NORTH AMERICA: VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE, 2020–2023 (USD MILLION) 130
TABLE 67 NORTH AMERICA: VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE, 2024–2029 (USD MILLION) 131
TABLE 68 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 131
TABLE 69 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 131
TABLE 70 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 131
TABLE 71 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 132
TABLE 72 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 133
TABLE 73 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 133
TABLE 74 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 133
TABLE 75 US: VERTICAL FARMING MARKET, BY OFFERING, 2024–2029 (USD MILLION) 134
TABLE 76 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 135
TABLE 77 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 135
TABLE 78 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 135
TABLE 79 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 135
TABLE 80 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY/REGION,
2020–2023 (USD MILLION) 138
TABLE 81 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY/REGION,
2024–2029 (USD MILLION) 139
TABLE 82 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2020–2023 (USD MILLION) 139
TABLE 83 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2024–2029 (USD MILLION) 139
TABLE 84 EUROPE: VERTICAL FARMING MARKET FOR HARDWARE, BY HARDWARE TYPE, 2020–2023 (USD MILLION) 139
TABLE 85 EUROPE: VERTICAL FARMING MARKET FOR HARDWARE, BY HARDWARE TYPE, 2024–2029 (USD MILLION) 140
TABLE 86 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 140
TABLE 87 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 140
TABLE 88 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 140
TABLE 89 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 141
TABLE 90 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 141
TABLE 91 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 142
TABLE 92 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 142
TABLE 93 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 142
TABLE 94 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 143
TABLE 95 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 143
TABLE 96 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 143
TABLE 97 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 144
TABLE 98 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY,
2020–2023 (USD MILLION) 148
TABLE 99 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY,
2024–2029 (USD MILLION) 148
TABLE 100 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING,
2020–2023 (USD MILLION) 148
TABLE 101 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING,
2024–2029 (USD MILLION) 149
TABLE 102 ASIA PACIFIC: VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE, 2020–2023 (USD MILLION) 149
TABLE 103 ASIA PACIFIC: VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE, 2024–2029 (USD MILLION) 149
TABLE 104 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 150
TABLE 105 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 150
TABLE 106 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 150
TABLE 107 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 150
TABLE 108 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 151
TABLE 109 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 152
TABLE 110 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 152
TABLE 111 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 152
TABLE 112 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 153
TABLE 113 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 153
TABLE 114 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 154
TABLE 115 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 154
TABLE 116 ROW: VERTICAL FARMING MARKET, BY REGION, 2020–2023 (USD MILLION) 157
TABLE 117 ROW: VERTICAL FARMING MARKET, BY REGION, 2024–2029 (USD MILLION) 158
TABLE 118 ROW: VERTICAL FARMING MARKET, BY OFFERING, 2020–2023 (USD MILLION) 158
TABLE 119 ROW: VERTICAL FARMING MARKET, BY OFFERING, 2024–2029 (USD MILLION) 158
TABLE 120 ROW: VERTICAL FARMING HARDWARE MARKET, BY HARDWARE TYPE,
2020–2023 (USD MILLION) 158
TABLE 121 ROW: VERTICAL FARMING MARKET HARDWARE, BY HARDWARE TYPE,
2024–2029 (USD MILLION) 159
TABLE 122 ROW: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 159
TABLE 123 ROW: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 159
TABLE 124 ROW: VERTICAL FARMING MARKET, BY STRUCTURE, 2020–2023 (USD MILLION) 159
TABLE 125 ROW: VERTICAL FARMING MARKET, BY STRUCTURE, 2024–2029 (USD MILLION) 160
TABLE 126 SOUTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2020–2023 (USD MILLION) 160
TABLE 127 SOUTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM,
2024–2029 (USD MILLION) 161
TABLE 128 SOUTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 161
TABLE 129 SOUTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 161
TABLE 130 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY REGION,
2020–2023 (USD MILLION) 162
TABLE 131 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY REGION,
2024–2029 (USD MILLION) 163
TABLE 132 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2020–2023 (USD MILLION) 163
TABLE 133 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2024–2029 (USD MILLION) 163
TABLE 134 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2020–2023 (USD MILLION) 163
TABLE 135 MIDDLE EAST & AFRICA: VERTICAL FARMING MARKET, BY STRUCTURE,
2024–2029 (USD MILLION) 164
TABLE 136 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 165
TABLE 137 VERTICAL FARMING MARKET: DEGREE OF COMPETITION, 2023 168
TABLE 138 VERTICAL FARMING MARKET: OFFERING FOOTPRINT, 2023 176
TABLE 139 VERTICAL FARMING MARKET: GROWTH MECHANISM FOOTPRINT, 2023 177
TABLE 140 VERTICAL FARMING MARKET: STRUCTURE FOOTPRINT, 2023 178
TABLE 141 VERTICAL FARMING MARKET: CROP TYPE FOOTPRINT, 2023 179
TABLE 142 VERTICAL FARMING MARKET: REGIONAL FOOTPRINT, 2023 180
TABLE 143 VERTICAL FARMING MARKET: LIST OF KEY STARTUPS/SMES, 2023 183
TABLE 144 VERTICAL FARMING MARKET: COMPETITIVE BENCHMARKING
OF KEY STARTUPS/ SMES, 2023 184
TABLE 145 VERTICAL FARMING MARKET: PRODUCT LAUNCHES, JANUARY 2020–APRIL 2024 185
TABLE 146 VERTICAL FARMING MARKET: DEALS, JANUARY 2020–APRIL 2024 188
TABLE 147 VERTICAL FARMING MARKET: EXPANSIONS, JANUARY 2020–APRIL 2024 196
TABLE 148 VERTICAL FARMING MARKET: OTHER DEVELOPMENTS,
JANUARY 2020–APRIL 2024 196
TABLE 149 SIGNIFY HOLDING: BUSINESS OVERVIEW 197
TABLE 150 SIGNIFY HOLDING: PRODUCTS/SOLUTIONS/SERVICES OFFERED 198
TABLE 151 SIGNIFY HOLDING: DEALS 199
TABLE 152 AMS-OSRAM AG: BUSINESS OVERVIEW 201
TABLE 153 AMS-OSRAM AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 202
TABLE 154 AMS-OSRAM AG: PRODUCT LAUNCHES 203
TABLE 155 AMS-OSRAM AG: DEALS 204
TABLE 156 FREIGHT FARMS, INC. BUSINESS OVERVIEW 206
TABLE 157 FREIGHT FARMS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 206
TABLE 158 FREIGHT FARMS, INC: PRODUCTS/SOLUTIONS/SERVICES LAUNCHES 207
TABLE 159 FREIGHT FARMS, INC: DEALS 207
TABLE 160 AEROFARMS: BUSINESS OVERVIEW 209
TABLE 161 AEROFARMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 209
TABLE 162 AEROFARMS: DEALS 210
TABLE 163 HELIOSPECTRA: BUSINESS OVERVIEW 214
TABLE 164 HELIOSPECTRA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 215
TABLE 165 HELIOSPECTRA: PRODUCT LAUNCHES 216
TABLE 166 HELIOSPECTRA: DEALS 217
TABLE 167 HELIOSPECTRA: OTHER DEVELOPMENTS 217
TABLE 168 PLENTY UNLIMITED INC.: BUSINESS OVERVIEW 219
TABLE 169 PLENTY UNLIMITED INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219
TABLE 170 PLENTY UNLIMITED INC.: DEALS 220
TABLE 171 PLENTY UNLIMITED INC.: EXPANSIONS 221
TABLE 172 VALOYA: BUSINESS OVERVIEW 222
TABLE 173 VALOYA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 222
TABLE 174 VALOYA: DEALS 223
TABLE 175 EVERLIGHT ELECTRONICS CO., LTD: BUSINESS OVERVIEW 224
TABLE 176 EVERLIGHT ELECTRONICS CO., LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED 225
TABLE 177 SPREAD CO., LTD.: BUSINESS OVERVIEW 226
TABLE 178 SPREAD CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 226
TABLE 179 SPREAD CO., LTD.: DEALS 227
TABLE 180 SKY GREENS: BUSINESS OVERVIEW 228
TABLE 181 SKY GREENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 229
LIST OF FIGURES
FIGURE 1 VERTICAL FARMING MARKET SEGMENTATION 24
FIGURE 2 STUDY YEARS CONSIDERED 26
FIGURE 3 VERTICAL FARMING MARKET: RESEARCH DESIGN 30
FIGURE 4 KEY DATA FROM SECONDARY SOURCES 32
FIGURE 5 KEY INSIGHTS FROM INDUSTRY EXPERTS 33
FIGURE 6 KEY DATA FROM PRIMARY SOURCES 34
FIGURE 7 BREAKDOWN OF PRIMARIES, BY COMPANY TYPE, DESIGNATION, AND REGION 34
FIGURE 8 SECONDARY AND PRIMARY RESEARCH APPROACHES 35
FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE) – REVENUE GENERATED BY KEY PLAYERS 36
FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE) – BOTTOM-UP ESTIMATION BASED ON REGION 36
FIGURE 11 VERTICAL FARMING MARKET: BOTTOM-UP APPROACH 37
FIGURE 12 VERTICAL FARMING MARKET: TOP-DOWN APPROACH 38
FIGURE 13 DATA TRIANGULATION 38
FIGURE 14 RESEARCH ASSUMPTIONS 39
FIGURE 15 VERTICAL FARMING MARKET GROWTH TREND, 2020–2029 (USD MILLION) 41
FIGURE 16 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING
MARKET DURING FORECAST PERIOD 42
FIGURE 17 SHIPPING-BASED VERTICAL FARMS TO EXHIBIT HIGHER GROWTH
DURING FORECAST PERIOD 42
FIGURE 18 LETTUCE LIKELY TO BE MOST COMMONLY GROWN CROP ACROSS
DIFFERENT VERTICAL FARMS 43
FIGURE 19 SERVICES TO BE FASTEST-GROWING SEGMENT IN VERTICAL
FARMING MARKET DURING FORECAST PERIOD 44
FIGURE 20 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN VERTICAL FARMING
MARKET FROM 2024 TO 2029 45
FIGURE 21 INCREASE IN INVESTMENTS AND PARTNERSHIPS BETWEEN FARMS AND TECHNOLOGY PROVIDERS TO BOOST VERTICAL FARMING MARKET GROWTH 46
FIGURE 22 HARDWARE TO BE MOST ADOPTED AMONG VERTICAL FARMING
OFFERINGS IN 2024 AND 2029 47
FIGURE 23 LIGHTING SEGMENT TO GAIN MORE MARKET SHARE BETWEEN 2024 AND 2029 47
FIGURE 24 HYDROPONIC GROWTH MECHANISM TO DOMINATE MARKET FROM 2024 TO 2029 48
FIGURE 25 BUILDING-BASED VERTICAL FARMS TO ACCOUNT FOR LARGER
MARKET SHARE IN 2029 48
FIGURE 26 ASIA PACIFIC TO DOMINATE VERTICAL FARMING MARKET
DURING FORECAST PERIOD 49
FIGURE 27 VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 50
FIGURE 28 GLOBAL POPULATION, 2015–2050 (BILLION) 52
FIGURE 29 VERTICAL FARMING MARKET DRIVERS AND THEIR IMPACT 54
FIGURE 30 VERTICAL FARMING MARKET RESTRAINTS AND THEIR IMPACT 55
FIGURE 31 VERTICAL FARMING MARKET OPPORTUNITIES AND THEIR IMPACT 57
FIGURE 32 VERTICAL FARMING MARKET CHALLENGES AND THEIR IMPACT 58
FIGURE 33 REVENUE SHIFT AND NEW REVENUE POCKETS FOR VERTICAL
FARMING MARKET PLAYERS 59
FIGURE 34 AVERAGE SELLING PRICE OF LIGHTING COMPONENT OFFERED
BY KEY PLAYERS, 2023 (USD) 60
FIGURE 35 AVERAGE SELLING PRICE OF LIGHTING COMPONENTS, BY KEY
PLAYER, 2019–2023 (USD) 61
FIGURE 36 AVERAGE SELLING PRICE OF LIGHTING COMPONENTS, BY REGION,
2019–2023 (USD) 62
FIGURE 37 SUPPLY CHAIN ANALYSIS: VERTICAL FARMING MARKET 63
FIGURE 38 VERTICAL FARMING MARKET: KEY PLAYERS IN ECOSYSTEM 66
FIGURE 39 INVESTMENT AND FUNDING SCENARIO 66
FIGURE 40 NUMBER OF PATENTS GRANTED WORLDWIDE FROM 2014 TO 2023 69
FIGURE 41 REGIONAL ANALYSIS OF PATENTS GRANTED FOR VERTICAL FARMING
MARKET, 2014–2023 70
FIGURE 42 EXPORT DATA FOR HS CODE 8539 – LIGHTING PRODUCTS, BY COUNTRY,
2020–2023 (USD THOUSAND) 73
FIGURE 43 IMPORT DATA FOR HS CODE 8539 – LIGHTING PRODUCTS, BY REGION,
2020–2022 (USD THOUSAND) 74
FIGURE 44 EXPORT DATA FOR HS CODE 8436 – AGRICULTURAL EQUIPMENT, BY COUNTRY, 2020–2023 (USD THOUSAND) 75
FIGURE 45 IMPORT DATA FOR HS CODE 8436 – AGRICULTURAL EQUIPMENT, BY REGION, 2020–2022 (USD THOUSAND) 76
FIGURE 46 EXPORT DATA FOR HS CODE 8415 – HVAC CONTROL SYSTEM, BY COUNTRY,
2020–2023 (USD THOUSAND) 77
FIGURE 47 IMPORT DATA FOR HS CODE 8415 – HVAC CONTROL SYSTEM, BY REGION,
2020–2022 (USD THOUSAND) 78
FIGURE 48 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 87
FIGURE 49 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY OFFERING 89
FIGURE 50 KEY BUYING CRITERIA FOR TOP THREE OFFERINGS 90
FIGURE 51 ADOPTION OF GEN AI IN VERTICAL FARMING 91
FIGURE 52 VERTICAL FARMING MARKET, BY OFFERING 96
FIGURE 53 VERTICAL FARMING MARKET BY HARDWARE TO ACCOUNT FOR LARGEST
MARKET SHARE IN 2029 96
FIGURE 54 LIGHTING HARDWARE TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029 98
FIGURE 55 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 110
FIGURE 56 HYDROPONICS TO ACCOUNT FOR LARGEST MARKET SHARE IN 2024 AND 2029 110
FIGURE 57 VERTICAL FARMING MARKET, BY STRUCTURE 117
FIGURE 58 BUILDING-BASED VERTICAL FARMS TO HOLD LARGEST MARKET
SHARE IN 2024 AND 2029 117
FIGURE 59 LETTUCE CROP TYPE TO HOLD LARGEST MARKET SHARE DURING
FORECAST PERIOD 122
FIGURE 60 VERTICAL FARMING MARKET, BY REGION 126
FIGURE 61 SINGAPORE TO RECORD HIGHEST CAGR IN VERTICAL FARMING MARKET
DURING FORECAST PERIOD 126
FIGURE 62 ASIA PACIFIC TO RECORD HIGHEST GROWTH RATE IN VERTICAL FARMING
MARKET DURING FORECAST PERIOD 127
FIGURE 63 NORTH AMERICA: VERTICAL FARMING MARKET SNAPSHOT 129
FIGURE 64 EUROPE: VERTICAL FARMING MARKET SNAPSHOT 138
FIGURE 65 ASIA PACIFIC: VERTICAL FARMING MARKET SNAPSHOT 147
FIGURE 66 ROW: VERTICAL FARMING MARKET SNAPSHOT 157
FIGURE 67 VERTICAL FARMING MARKET: REVENUE ANALYSIS OF THREE KEY
PLAYERS, 2019–2023 167
FIGURE 68 VERTICAL FARMING MARKET SHARE ANALYSIS, 2023 169
FIGURE 69 COMPANY VALUATION OF KEY VERTICAL FARMING MARKET VENDORS,
2023 (USD BILLION) 171
FIGURE 70 FINANCIAL METRICS (EV/EBITDA) OF KEY VERTICAL FARMING MARKET
VENDORS, 2023 171
FIGURE 71 BRAND/PRODUCT COMPARISON 172
FIGURE 72 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX
(KEY PLAYERS), 2023 174
FIGURE 73 VERTICAL FARMING MARKET: COMPANY FOOTPRINT, 2023 175
FIGURE 74 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX
(STARTUPS/SMES), 2023 182
FIGURE 75 SIGNIFY HOLDING: COMPANY SNAPSHOT 198
FIGURE 76 AMS-OSRAM AG: COMPANY SNAPSHOT 202
FIGURE 77 HELIOSPECTRA: COMPANY SNAPSHOT 214
FIGURE 78 EVERLIGHT ELECTRONICS CO., LTD: COMPANY SNAPSHOT 225
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