(EMAILWIRE.COM, December 14, 2018 ) The vertical farming market is expected to grow at a CAGR of 24.8% from 2016 and reach USD 5.80 billion by 2022. The base year used for study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the vertical farming market based on offering, growth mechanism, structure, crop type, and geography. It has been estimated that the lighting segment based on the hardware offering would hold a large share of the vertical farming market. However, the vertical farming market for climate control segment is expected to grow at the highest CAGR between 2016 and 2022.

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Of all the major hardware offerings, the lighting device and hydroponic growth mechanism is expected to dominate the vertical farming market. The services segment is expected to witness the highest growth in the market. The growing research and technological advancements related to robotics and automation in vertical farming is increasing the demand for consulting, integration, and support services.

Among all the growth mechanisms, the hydroponics growth mechanism held the major share of the vertical farming market in 2015 as this is a widely adopted growth mechanism because of the less complexity in implementation. The aeroponics growth mechanism is expected to grow at the highest CAGR between 2016 and 2022. Aeroponics growth mechanism is advantageous as it facilitates faster plant growth, wherein more number of plants could be grown in lesser time than under normal conditions.

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The vertical farming market by structure includes building-based and shipping-container vertical farms. The shipping-container vertical farm is expected to have a higher market share between 2016 and 2022, as these containers feature innovative climate technology and growing equipment, along with the perfect environment throughout the year, regardless of geographic location for high-volume and consistent harvests. The building-based vertical farms are expected to grow at a faster rate between 2016 and 2022 owing to their wide acceptance in China, Japan, and other Asian countries.

Asia-Pacific (APAC) is estimated to hold the largest share of the vertical farming market by 2022

The vertical farming market in Asia-Pacific (APAC) is expected to have the largest share by 2022 owing to the increase in population and limited fertile agriculture land. China has a tremendous potential in this market, China is investing a significant amount of effort for developing vertical farming systems to feed its urban population. Japan is one of the key countries in which over 150 plant factories are equipped with artificial lights in operational form.

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Major players involved in the development of the vertical farming market are Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore) among others.

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