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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Vertical Farming market. Market segmentation includes Component (Lighting, Hydroponic Components, Climate Control, Sensors, Software & Services); Structure (Shipping Container, Building-based); Growth Mechanism (Hydroponics, Aeroponics, Aquaponics).

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24 November 8:34 a.m., Silicon Valley, California - According to the new market research report, the global market for Vertical Farming is projected to grow at a CAGR of 14% reach US$6.8 Billion by 2027, driven by need to meet the rising food demands of an increasing population amidst diminishing availability of arable land and environmental issues such as soil erosion, natural calamities and erratic rainfall. The growing focus on pesticide free, environment friendly methods to produce nutritious, healthy and safe and locally growth food for consumption is also favoring market growth. The global Vertical Farming market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Lighting, one of the segments analyzed and sized in this study, is forecast to grow at over 13.9% and reach a market size of US$2.2 billion by the end of the analysis period. The United States is forecast to readjust to a 13.2% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$461 million growing at a CAGR of 12.5% over the next couple of years. In addition, over US$252 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Lighting segment will reach a market size of US$296 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Lighting segment in this country against this backdrop will grow at a CAGR of 16.6% over the next couple of years to create an addressable market opportunity worth US$283.6 million by the year 2027.

Farming has evolved owing to the increasing population and rising demands of consumers. Producers are continuously looking for methods to grow more produce by using lesser resources and land. Vertical farming is one of the latest methods of growing plants by stacking them one above another in a closed and controlled environment. Vertical farming is a method where all the environmental aspects are controlled, and the production takes place vertically in structures of stacked layers such as shipping containers, skyscrapers, or warehouses. Vertical farming is emerging as the solution to meet the rising food demands of an increasing population amidst reducing availability of fertile land. This is particularly relevant in today's world as climatic change, erratic rainfall and soil erosion are major concerns in most arid parts of the world. Expanding global population and the rising demand for a variety of foods and crops is necessitating focus on alternative farming conditions as supplements to traditional cultivation. The indoor plantation method is also an ideal way to keep the farm products protected against inclement weather conditions as they are safe inside walls and sheltered environment. Rising incidence of heart diseases, obesity and other life-threatening diseases is also driving consumers to seek healthier options, thus presenting opportunities for vertical farming market. The concept of vertical farming is garnering significant attention during the ongoing COVID-19 crisis that has triggered the demand for locally-grown foods. Vertical farming offers organic fruits and vegetables while consuming less land and water in comparison to traditional agriculture. Innovations and technological advancements in the field of vertical farming in recent years are likely to aid market growth. Light, humidity, and nutrient sensors are being used to monitor growth of crops. Further, automation is being introduced in vertical farming to standardize quality, to reduce production and distribution costs and to cut down marketing time. However, indoor farming entails a huge initial expenditure including labor, technological and electricity expenses.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 719. Among this pool, 144 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 29 unique participations, a total of 13 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Samsung Group
Koninklijke Philips NV
OSRAM GmbH
Everlight Electronics Co., Ltd.
Heliospectra AB
Aerofarms LLC
Agrilution GmbH
American Hydroponics
Green Sense Farms, LLC
Illumitex, Inc.
Sky Greens
Vertical Farm Systems Pty Ltd.

Segments Covered in the Report -
Component (Lighting, Hydroponic Components, Climate Control, Sensors, Software & Services)
Growth Mechanism (Hydroponics, Aeroponics, Aquaponics)
Structure (Shipping Container, Building-based)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
Rest of World.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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