Vertical Farming Industry in North America to See Bright Future

Graphical Research presents a most up-to-date report on “North
America Vertical Farming Market analysis based on Product, Technology,
Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive
Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 3.9
billion by 2024.

Among the product segments in the North America vertical farming market,
fruits, vegetables and herbs is likely to occupy a significant share of the
industry and the segment is likely to gain by more than 30% CAGR during the
forecast period. Among these lettuce and leafy greens have a substantial share
in this region. Within the aquatic species, tilapia is one of the fastest
growing species and would dominate the North America vertical farming market in
the forecast timeframe.

The need for continuous crop production throughout the year is likely to be
the key driver for the North America vertical farming market in the forecast
period. Vertical farming technique ensures stability in crop yield by
controlling the environment in which the plant grows. The product market growth
is likely to escalate in the study period as this technique ensures that the
plant obtains all nutrients required for its proper growth and is also able to
evade the uncertainties pertaining in the traditional agricultural process.
This method is also able to preserve and reuse natural resources like water and
soil. Hydroponics and aeroponics are two major technologies which use less soil
and water as compared to the conventional cultivation processes. The product
market growth will also lead to rise in organic production and reduce the use
of pesticides to ensure good health of the consumers.

Hydroponic technology is likely to hold a share of about 50% of the total
North America vertical farming market by 2024 and the requirement of less space
and soil as compared to other conventional cultivation processes will propel
the segment’s industry growth. Aquaponics is a technology of aquaculture in
which they use the waste produced by fish as a manure for the plants instead of
chemical nutrients. Vertical farming market has two major applications out of
which indoor application accounts for a substantial portion.

Key North America vertical farming market participants includes Hort
Americas, Green Sense Farms, Koninklijke Philips, Urban Crops Solutions,
Illumitex, etc.

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