Product ID: SQMIG45I2097
Report ID:
SQMIG45I2097 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
60 |
Figures:
75
Global Vertical Farming Market size was valued at USD 6.88 billion in 2022 and is poised to grow from USD 8.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 20.2% in the forecast period (2024-2031).
The growing use of IoT sensors for crop production is expected to drive market demand. The data gathered from these sensors is stored and analyzed on the cloud to optimize farm management. Automation in agriculture, coupled with big data and predictive analytics, will further boost the market. Vertical farming is an effective technique for ensuring stability in crop production, especially under unfavorable climatic conditions. It offers several advantages over traditional farming methods, such as less water usage, reduced need for agrochemicals, and lower dependence on agricultural labor. Vertical farming utilizes metal reflectors and artificial lighting to maximize natural sunlight. Consumers' growing concerns about genetically modified organisms and the environmental and health effects of pesticides have led to an increased demand for organic foods. Organic product handlers and growers must comply with regulations under the Organic Foods Production Act of 1990. Artificial lighting can extend the hours of natural daylight, leading to healthier plants and increased yields. High-pressure sodium and LED lighting are popular choices, with LED lighting systems expected to grow significantly in the future. Hydroponic systems eliminate the need for pesticides and artificial ripening agents, resulting in nutritious vegetables. However, high initial investment and limited crop variety remain potential market restraints.
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Product ID: SQMIG45I2097