垂直農法市場:成長メカニズム別(水耕栽培、エアロポニックス、アクアポニックス)、構造別(建物ベース、輸送コンテナベース)、作物タイプ別、提供品目別(照明、センサー、気候制御、ソフトウェア、サービス)、地域別 - 2028年までの世界予測Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based and Shipping container-based), Crop Type, Offering (Lighting, Sensors, Climate Control, Software, Services) & Region - Global Forecast to 2028 垂直農法市場は、2023年には51億米ドルと推定され、2028年には153億米ドルに達すると予測されている。垂直農法市場は、今後数年間で著しい成長を遂げるだろう。この成長の原動力のひとつは、新鮮で地元産の食品に... もっと見る
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サマリー垂直農法市場は、2023年には51億米ドルと推定され、2028年には153億米ドルに達すると予測されている。垂直農法市場は、今後数年間で著しい成長を遂げるだろう。この成長の原動力のひとつは、新鮮で地元産の食品に対する需要の高まりである。消費者が食品の原産地と品質に意識を向けるようになるにつれて、農場から食卓へという選択肢を求める声が急増し続けている。垂直農法は、この需要に応えるための革新的で持続可能なソリューションを提示している。2023年から2028年にかけて最大の市場シェアを占めるハードウェア・セグメント 垂直農法市場は、ハードウェア・セグメントが予測期間を通じて支配的であろう。LED照明、センサー、気候制御などのハードウェアコンポーネントは、垂直農法に顕著な利点を提供する。LED照明は、エネルギー効率という点で従来の選択肢を凌駕しており、その結果、運転コストが削減され、熱生産が少なくなり、これは垂直農場で特に有益である。センサーは、温度、湿度、光量、栄養レベルなど様々な要因を監視する上で重要な役割を果たし、植物にとって最適な生育条件を実現する。この最適化された環境は、作物の収量の増加や品質の向上につながります。さらに、気候制御システムは、植物の成長に合わせた一貫した環境を保証します。さらに、これらのシステムは垂直農場を害虫や病気から守り、健康的で生産性の高い栽培環境を確保するのに役立ちます。LED照明、センサー、気候制御ハードウェア装置を垂直農法に組み込むことで、効率、生産性、植物の健康が大幅に向上する。 アクアポニックス成長メカニズム 予測期間中に有利な成長を提供するセグメント 垂直農法におけるアクアポニックスの成長の可能性は、いくつかの要因によって大きい。アクアポニックスは、閉鎖系での植物と魚の共生栽培を含み、魚の排泄物は植物に栄養分を供給し、植物は魚のために水をろ過する。この技術は垂直農業に大きなメリットをもたらす。重要な利点のひとつは水の節約だ。アクアポニックスは水の使用効率が非常に高く、従来の農法に比べて水の消費量が最大90%少ない。水はシステム内で継続的にリサイクル・再利用され、廃棄物を最小限に抑え、持続可能性を促進する。さらに、アクアポニックスは高い生産性を示し、コンパクトな面積で大量の食料を生産する。統合されたシステムは、水や栄養素などの資源の利用を最適化し、効率的な成長と収穫をもたらす。 レタスは垂直農法で最も栽培されている作物のひとつ レタスが垂直農法で大きなシェアを占めているのにはいくつかの理由があり、この農法で他と比べて最も栽培されている作物のひとつとなっている。レタスは葉物野菜であり、成長サイクルが比較的短く、垂直方向に過剰なスペースを必要としない。そのため、作物を積み重ねて栽培する垂直栽培システムや垂直タワーに適している。レタスはコンパクトなサイズであるため、利用可能な垂直スペースを効率的に利用することができ、1平方メートル当たりの収穫量を最大化することができる。さらに、レタスは市場で高い需要があり、特に垂直農法農場が一般的に立地する都市部では需要が高い。レタスはサラダ、サンドウィッチ、ラップの定番食材であり、新鮮な地元産の農産物を求める健康志向の消費者に人気のある選択肢となっている。垂直農場が都市中心部に近いため、消費者への迅速な配送とアクセスが可能になり、従来の農場からの長距離輸送に比べ、レタスがより新鮮な状態で市場に届くことが保証される。 予測期間中、北米が垂直農法市場を支配する可能性が高い 北米の垂直農法市場は、いくつかの要因によって優位性を保っている。第一に、この地域の人口の多さと拡大が、新鮮で地元産の農産物に対する高い需要を生み出している。垂直農法は、天候に左右されない通年栽培を可能にすることで、この需要に対応している。さらに、南北アメリカは堅調な経済と多額のベンチャー資本へのアクセスを誇り、垂直農法産業の成長を後押ししている。さらに、北米の特定の政府は、財政的インセンティブや規制支援を提供することで、垂直農法セクターを積極的に支援している。このような政府の支援は、業界の成長と革新に資する環境を作り出している。 二次調査を通じて収集したいくつかのセグメントとサブセグメントの市場規模を決定・検証する過程で、垂直農法市場の主要関係者に広範な一次インタビューを実施した。以下は、本レポートの主要参加者のプロフィールの内訳である。 - 企業タイプ別:ティア1:40%、ティア2:45%、ティア3:15 - 役職別Cレベル経営幹部 - 40%、取締役 - 30%、その他 - 30 - 地域別北米:20%、APAC:35%、欧州:30%、RoW:15 本レポートでは、垂直農法市場の主要プレイヤーを紹介し、その市場シェアを分析しています。本レポートに掲載されている企業は、Signify(オランダ)、Osram(ドイツ)、Freight Farms(米国)、AeroFarms(米国)、Sky Greens(シンガポール)、Spread(日本)、Plenty(米国)、Valoya(フィンランド)、Everlight Electronics(台湾)、Heliospectra AB(スウェーデン)、Green Sense Farms(米国)、Agrilution(ドイツ)、American Hydroponics(米国)である、Urban Crop solutions(ベルギー)、Vertical Farm Systems(オーストラリア)、bowery Farming(米国)、Agricool(フランス)、Sananbio(米国)、Growpod Solutions(米国)、Infarm(ドイツ)、Altius Farms(米国)、Intelligent Growth Solutions(スコットランド)、4D BIOS INC(米国)、Future Crops(オランダ)、Bright Farms(米国)、Swegreen(スウェーデン)、Vertical Future Ltd(英国)。 調査範囲 本レポートでは、垂直農法市場を構造、成長メカニズム、提供物、作物タイプ、地域に基づいて区分している。また、この市場に関する主な促進要因、阻害要因、課題、機会について説明し、市場シェア分析、バリューチェーン分析、ポーターの5つの力分析、貿易分析、エコシステム、技術動向、価格分析、主要特許、標準とフレームワーク、ケーススタディ/使用事例についても記載しています。 本レポートを購入する理由 1.主な推進要因(垂直農法が従来農法より高い収量をもたらすこと、発光ダイオード(LED)技術の進歩、天候に左右されない通年の作物生産、必要最小限の資源、限られた耕作可能地)、阻害要因(技術熟練労働力の不足、作物の種類の制限、高い立ち上げコスト)の分析、機会(垂直農法の採用による農業による環境負荷の低減、アジア太平洋および中東における潜在的な市場機会、垂直農法による大麻栽培)、および課題(垂直農法における温度、湿度、空気循環の維持、高い運用コストにつながる高いエネルギー消費、大規模な垂直農法)が垂直農法市場の成長に影響を与えている。 2.製品開発/イノベーション:垂直農法市場における今後の技術、研究開発活動、新製品・サービスの発売に関する詳細な洞察 3.市場開発:有利な市場に関する包括的な情報 - 本レポートは様々な地域の垂直農法市場を分析しています。 4.市場の多様化:垂直農法市場における新製品&サービス、未開拓地域、最近の開発、投資に関する詳細な情報 5.競争力の評価:Signify Holding(オランダ)、ams-OSRAM AG(ドイツ)、Freight Farms, Inc.(米国)、AeroFarms(米国)、Sky Greens(シンガポール)、株式会社スプレッド(日本)、Plenty Unlimited Inc.(日本)、Plenty Unlimited Inc.(米国)、Valoya(フィンランド)、EVERLIGHT ELECTRONICS CO.(台湾)、Heliospectra (スウェーデン)などの垂直農法市場戦略がある。 目次1 INTRODUCTION 291.1 STUDY OBJECTIVES 29 1.2 MARKET DEFINITION 29 1.3 STUDY SCOPE 30 1.3.1 MARKETS COVERED 30 1.3.2 INCLUSIONS AND EXCLUSIONS 30 1.3.3 GEOGRAPHICAL SCOPE 31 1.3.4 YEARS CONSIDERED 31 1.4 CURRENCY CONSIDERED 31 1.5 UNITS CONSIDERED 32 1.6 LIMITATIONS 32 1.7 STAKEHOLDERS 32 1.8 SUMMARY OF CHANGES 32 1.8.1 IMPACT OF RECESSION 33 2 RESEARCH METHODOLOGY 34 2.1 RESEARCH DATA 34 FIGURE 1 VERTICAL FARMING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION 34 FIGURE 2 VERTICAL FARMING MARKET: RESEARCH DESIGN 35 2.1.1 SECONDARY DATA 36 2.1.1.1 Secondary sources 36 2.1.2 PRIMARY DATA 36 2.1.2.1 Breakdown of primaries 37 2.1.2.2 Key data from primary sources 37 2.1.2.3 Key industry insights 38 2.1.3 SECONDARY AND PRIMARY RESEARCH 38 2.2 MARKET SIZE ESTIMATION 39 FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY COMPANIES FROM HARDWARE/SOFTWARE/ SERVICES OFFERED IN VERTICAL FARMING MARKET 39 FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE) 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to derive market size using bottom-up analysis 40 FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 41 2.2.2 TOP-DOWN APPROACH 41 2.2.2.1 Approach to derive market size using top-down analysis 41 FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 41 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 42 FIGURE 7 DATA TRIANGULATION 42 2.4 RESEARCH ASSUMPTIONS 43 FIGURE 8 RESEARCH ASSUMPTIONS 43 2.5 RISK ASSESSMENT 44 TABLE 1 RISK FACTOR ANALYSIS 44 2.6 RECESSION IMPACT ANALYSIS 44 3 EXECUTIVE SUMMARY 45 FIGURE 9 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 45 FIGURE 10 SHIPPING-BASED VERTICAL FARMS SEGMENT TO EXHIBIT HIGHER GROWTH DURING FORECAST PERIOD 46 FIGURE 11 LETTUCE LIKELY TO BE MOST COMMONLY GROWN CROP ACROSS DIFFERENT VERTICAL FARMS 47 FIGURE 12 SERVICES TO BE FASTEST-GROWING SEGMENT IN VERTICAL FARMING MARKET DURING FORECAST PERIOD 47 FIGURE 13 ASIA PACIFIC TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 48 4 PREMIUM INSIGHTS 50 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VERTICAL FARMING MARKET 50 FIGURE 14 INCREASE IN INVESTMENTS AND PARTNERSHIPS BETWEEN FARMS AND TECHNOLOGY PROVIDERS TO BOOST VERTICAL FARMING MARKET GROWTH 50 4.2 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM AND STRUCTURE 51 FIGURE 15 HYDROPONICS GROWTH MECHANISM AND BUILDING-BASED VERTICAL FARMS SEGMENTS TO HOLD LARGEST MARKET SHARES IN ASIA PACIFIC IN 2028 51 4.3 VERTICAL FARMING MARKET, BY OFFERING 51 FIGURE 16 HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 51 4.4 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 52 FIGURE 17 HYDROPONICS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 52 4.5 VERTICAL FARMING MARKET, BY STRUCTURE 52 FIGURE 18 BUILDING-BASED VERTICAL FARMS SEGMENT TO HOLD LARGEST MARKET SHARE FROM 2023 TO 2028 52 4.6 VERTICAL FARMING MARKET, BY CROP TYPE 53 FIGURE 19 LETTUCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 53 4.7 VERTICAL FARMING MARKET, BY REGION 53 FIGURE 20 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET DURING FORECAST PERIOD 53 5 MARKET OVERVIEW 54 5.1 MARKET DYNAMICS 54 FIGURE 21 VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 54 5.1.1 DRIVERS 55 FIGURE 22 ANALYSIS OF IMPACT OF DRIVERS ON VERTICAL FARMING MARKET 55 5.1.1.1 Potential for higher yields compared with conventional farming methods 55 5.1.1.2 Continuous advancements in light-emitting diode (LED) technology 56 5.1.1.3 Year-round crop production, irrespective of weather conditions 56 FIGURE 23 DAMAGE AND LOSS TO CROPS, BY TYPE OF CALAMITY, 2003–2016 57 5.1.1.4 Requirement for minimum resources 57 FIGURE 24 GLOBAL POPULATION GROWTH, 2015–2050 57 5.1.1.5 Limited arable land 58 5.1.2 RESTRAINTS 58 FIGURE 25 ANALYSIS OF IMPACT OF RESTRAINTS ON VERTICAL FARMING MARKET 58 5.1.2.1 Lack of technically skilled workforce and choice of limited cultivable crops 59 5.1.2.2 High initial capital investment requirements 59 5.1.3 OPPORTUNITIES 59 FIGURE 26 ANALYSIS OF IMPACT OF OPPORTUNITIES ON VERTICAL FARMING MARKET 59 5.1.3.1 Ability to reduce ecological footprint of agriculture 60 5.1.3.2 Potential market opportunities in Asia Pacific and Middle East 60 5.1.3.3 Viability to cultivate Cannabis using vertical farming technique 61 5.1.4 CHALLENGES 61 FIGURE 27 ANALYSIS OF IMPACT OF CHALLENGES ON VERTICAL FARMING MARKET 61 5.1.4.1 Maintenance of temperature, humidity, and air circulation in vertical farms 62 5.1.4.2 Energy-intensive nature of vertical farming, leading to high operational costs 62 5.1.4.3 Difficulty in achieving economies of scale 62 5.2 SUPPLY CHAIN ANALYSIS 63 FIGURE 28 VERTICAL FARMING MARKET: SUPPLY CHAIN ANALYSIS 63 5.3 ECOSYSTEM MAPPING 64 TABLE 2 VERTICAL FARMING MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM 64 FIGURE 29 VERTICAL FARMING MARKET: SYSTEM MANUFACTURERS AND CROP PRODUCERS 65 5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65 FIGURE 30 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR VERTICAL FARMING MARKET PLAYERS 65 5.5 TECHNOLOGY ANALYSIS 66 5.6 PRICING ANALYSIS 66 FIGURE 31 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS, BY POWER OUTPUT 66 5.7 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS 67 FIGURE 32 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS 67 5.8 PORTER’S FIVE FORCES ANALYSIS 67 FIGURE 33 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 68 FIGURE 34 IMPACT ANALYSIS OF PORTER’S FIVE FORCES 68 TABLE 3 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 69 5.8.1 INTENSITY OF COMPETITIVE RIVALRY 69 5.8.2 THREAT OF SUBSTITUTES 69 5.8.3 BARGAINING POWER OF BUYERS 69 5.8.4 BARGAINING POWER OF SUPPLIERS 69 5.8.5 THREAT OF NEW ENTRANTS 69 5.9 CASE STUDY ANALYSIS 70 5.9.1 LJUSGÅRDA IMPLEMENTED HELIOSPECTRA’S LED LIGHTING IN INDOOR GROWTH FACILITY 70 5.9.2 HORTIPOLARIS CULTIVATION AND RESEARCH FACILITY IMPLEMENTED FLUENCE LED LIGHTING SOLUTION 70 5.9.3 AEROFARMS USES ADVANCED TECHNOLOGIES TO TAKE VERTICAL FARMING TO NEW HEIGHTS 71 5.9.4 BENEFITS OF IOT DEPLOYMENT IN INDOOR VERTICAL FARMS 71 5.9.5 RIAT USED SIGNIFY’S LED LIGHTING SOLUTION TO GROW TOMATOES AND CUCUMBERS IN VERTICAL FARMS 72 5.9.6 KARMA FARM ADOPTED HYDROPONIC SOLUTION FOR YEAR-ROUND CROP PRODUCTION 72 5.10 PATENT ANALYSIS 73 FIGURE 35 NUMBER OF PATENTS GRANTED WORLDWIDE FROM 2013 TO 2022 73 TABLE 4 TOP 20 PATENT OWNERS FROM 2013 TO 2022 73 FIGURE 36 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2013 TO 2022 74 5.10.1 VERTICAL FARMING MARKET: LIST OF KEY PATENTS 74 TABLE 5 VERTICAL FARMING MARKET: LIST OF KEY PATENTS 74 5.11 TRADE ANALYSIS 76 TABLE 6 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION) 76 FIGURE 37 IMPORT DATA FOR MAJOR COUNTRIES, 2018–2022 77 TABLE 7 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION) 77 FIGURE 38 EXPORT DATA FOR MAJOR COUNTRIES, 2018–2022 78 5.12 KEY CONFERENCES AND EVENTS, 2023–2024 78 TABLE 8 VERTICAL FARMING MARKET: DETAILED LIST OF RELATED CONFERENCES AND EVENTS 78 5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 80 5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 80 FIGURE 39 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS 80 TABLE 9 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS 80 5.13.2 BUYING CRITERIA 81 FIGURE 40 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS 81 TABLE 10 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS 81 5.14 TARIFFS AND REGULATORY FRAMEWORK 82 5.14.1 TARIFFS 82 TABLE 11 TARIFF, BY COUNTRY 82 5.14.2 REGULATIONS 82 TABLE 12 VERTICAL FARMING MARKET: REGULATIONS 82 5.14.3 STANDARDS 83 6 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 84 6.1 INTRODUCTION 85 FIGURE 41 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 85 TABLE 13 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 85 TABLE 14 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 85 6.2 HYDROPONICS 86 6.2.1 YEAR-ROUND CULTIVATION MECHANISM SUITABLE FOR GROWING CROPS IN LOCATIONS WITH LIMITED ARABLE LAND 86 TABLE 15 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 87 TABLE 16 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 87 6.3 AEROPONICS 87 6.3.1 USES PATENTED TECHNOLOGY TO ACHIEVE HIGH PRODUCTIVITY WITHIN SHORT TIMEFRAME 87 TABLE 17 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 88 TABLE 18 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 89 6.4 AQUAPONICS 89 6.4.1 ELIMINATES USAGE OF PESTICIDES AND FERTILIZERS 89 TABLE 19 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 90 TABLE 20 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 90 7 VERTICAL FARMING MARKET, BY STRUCTURE 91 7.1 INTRODUCTION 92 FIGURE 42 BUILDING-BASED VERTICAL FARMS TO ACCOUNT FOR LARGER MARKET SHARE BY 2028 92 TABLE 21 VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 92 TABLE 22 VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 92 7.2 BUILDING-BASED VERTICAL FARMS 93 7.2.1 COUNTRIES WITH UNSUPPORTED CROP ENVIRONMENTS TEND TO BE EARLY ADOPTERS OF BUILDING-BASED VERTICAL FARMS 93 TABLE 23 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 93 TABLE 24 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 94 7.3 SHIPPING CONTAINER-BASED VERTICAL FARMS 94 7.3.1 EMERGING VERTICAL FARMING SOLUTIONS FOR SMALL FARMERS 94 TABLE 25 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 95 TABLE 26 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 95 8 VERTICAL FARMING MARKET, BY CROP TYPE 96 8.1 INTRODUCTION 97 FIGURE 43 LETTUCE SEGMENT TO LEAD VERTICAL FARMING MARKET DURING FORECAST PERIOD 97 TABLE 27 VERTICAL FARMING MARKET, BY CROP TYPE, 2019–2022 (MILLION METRIC TONS) 97 TABLE 28 VERTICAL FARMING MARKET, BY CROP TYPE, 2023–2028 (MILLION METRIC TONS) 98 TABLE 29 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (MILLION METRIC TONS) 98 TABLE 30 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (MILLION METRIC TONS) 98 8.2 VEGETABLES 99 8.2.1 LETTUCE PREDOMINANTLY CULTIVATED IN VERTICAL FARMS 99 8.3 FRUITS 99 8.3.1 STRAWBERRIES AND POMEGRANATES AMONG MOST GROWN FRUITS IN VERTICAL FARMS 99 9 VERTICAL FARMING MARKET, BY OFFERING 101 9.1 INTRODUCTION 102 FIGURE 44 HARDWARE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET BY 2028 102 TABLE 31 VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 102 TABLE 32 VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 102 FIGURE 45 LIGHTING SEGMENT TO DOMINATE VERTICAL FARMING HARDWARE MARKET DURING FORECAST PERIOD 103 TABLE 33 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 103 TABLE 34 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2023–2028 (USD MILLION) 104 TABLE 35 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 104 TABLE 36 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 104 9.2 HARDWARE 104 9.2.1 LIGHTING 105 TABLE 37 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2019–2022 (USD MILLION) 106 TABLE 38 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2023–2028 (USD MILLION) 106 9.2.1.1 Lighting fixtures 106 9.2.1.1.1 Electrical devices used to create artificial light in vertical farms using electric lamps 106 9.2.1.2 Lighting control 107 9.2.1.2.1 Connected energy-saving lighting systems prove to be ideal for vertical farming 107 9.2.2 HYDROPONIC COMPONENTS 107 9.2.2.1 Utilize nutrient-laden water appropriately to ensure high crop growth 107 TABLE 39 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2019–2022 (USD MILLION) 108 TABLE 40 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2023–2028 (USD MILLION) 108 9.2.3 CLIMATE CONTROL 108 9.2.3.1 Use effective HVAC systems to ensure high productivity through precise temperature control 108 TABLE 41 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2019–2022 (USD MILLION) 109 TABLE 42 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2023–2028 (USD MILLION) 109 9.2.4 SENSORS 109 9.2.4.1 Provide necessary data points for accurate monitoring to maximize productivity and farm efficiency 109 TABLE 43 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2019–2022 (USD MILLION) 110 TABLE 44 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2023–2028 (USD MILLION) 110 9.3 SOFTWARE 110 9.3.1 FACILITATE CALCULATIONS AND MANAGEMENT PROCESSES IN AGRICULTURE FOR INCREASED EFFICIENCY 110 TABLE 45 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 111 TABLE 46 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 111 9.4 SERVICES 112 9.4.1 INCLUDE CONSULTING, MAINTENANCE, AND SUPPORT SERVICES 112 TABLE 47 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 112 TABLE 48 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 112 10 VERTICAL FARMING MARKET, BY REGION 113 10.1 INTRODUCTION 114 FIGURE 46 SINGAPORE TO BE FASTEST-GROWING VERTICAL FARMING MARKET DURING FORECAST PERIOD 114 TABLE 49 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 114 TABLE 50 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 115 10.2 NORTH AMERICA 115 FIGURE 47 NORTH AMERICA: VERTICAL FARMING MARKET SNAPSHOT 116 10.2.1 NORTH AMERICA: RECESSION IMPACT 116 FIGURE 48 NORTH AMERICA: IMPACT OF RECESSION 117 TABLE 51 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 117 TABLE 52 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 117 TABLE 53 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 118 TABLE 54 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 118 TABLE 55 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 118 TABLE 56 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 118 TABLE 57 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 119 TABLE 58 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 119 TABLE 59 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 119 TABLE 60 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 120 10.2.2 US 120 10.2.2.1 Increasing number of vertical farms and partnerships among companies to boost market growth 120 TABLE 61 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 121 TABLE 62 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 121 TABLE 63 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 121 TABLE 64 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 122 TABLE 65 US: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 122 TABLE 66 US: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 122 10.2.3 CANADA 122 10.2.3.1 Presence of technologically advanced vertical farming companies to foster market growth 122 TABLE 67 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 123 TABLE 68 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 123 TABLE 69 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 124 TABLE 70 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 124 TABLE 71 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 124 TABLE 72 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 124 10.2.4 MEXICO 125 10.2.4.1 Population growth and deteriorating cultivation zones to drive adoption of vertical farming 125 10.3 EUROPE 125 FIGURE 49 EUROPE: VERTICAL FARMING MARKET SNAPSHOT 126 10.3.1 EUROPE: RECESSION IMPACT 126 FIGURE 50 EUROPE: IMPACT OF RECESSION 127 TABLE 73 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 127 TABLE 74 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 128 TABLE 75 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 128 TABLE 76 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 128 TABLE 77 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 128 TABLE 78 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 129 TABLE 79 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 129 TABLE 80 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 129 TABLE 81 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 130 TABLE 82 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 130 10.3.2 EU4 130 10.3.2.1 Emergence of various vertical farming startups to drive market 130 TABLE 83 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 131 TABLE 84 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 131 TABLE 85 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 131 TABLE 86 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 132 TABLE 87 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 132 TABLE 88 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 132 10.3.3 UK 132 10.3.3.1 High demand for locally sourced and sustainable food options to favor market growth 132 TABLE 89 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 133 TABLE 90 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 133 TABLE 91 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 134 TABLE 92 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 134 TABLE 93 UK: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 134 TABLE 94 UK: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 134 10.3.4 SCANDINAVIA 135 10.3.4.1 Need to reduce transportation footprint of food to lead to adoption of vertical farming practices 135 10.3.5 NETHERLANDS 135 10.3.5.1 Partnerships and collaborations between leading vertical farming companies to drive market 135 10.3.6 REST OF EUROPE 136 10.4 ASIA PACIFIC 136 FIGURE 51 ASIA PACIFIC: VERTICAL FARMING MARKET SNAPSHOT 137 10.4.1 ASIA PACIFIC: RECESSION IMPACT 137 FIGURE 52 ASIA PACIFIC: IMPACT OF RECESSION 138 TABLE 95 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 138 TABLE 96 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 138 TABLE 97 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 139 TABLE 98 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 139 TABLE 99 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 139 TABLE 100 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 139 TABLE 101 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 140 TABLE 102 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 140 TABLE 103 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 140 TABLE 104 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 141 10.4.2 CHINA 141 10.4.2.1 Increasing urban population and declining agricultural land to create opportunities for market players 141 TABLE 105 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 142 TABLE 106 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 142 TABLE 107 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 142 TABLE 108 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 142 TABLE 109 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 143 TABLE 110 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 143 10.4.3 JAPAN 143 10.4.3.1 Presence of multiple vertical farming companies to support market growth 143 TABLE 111 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 144 TABLE 112 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 144 TABLE 113 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 144 TABLE 114 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 145 TABLE 115 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 145 TABLE 116 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 145 10.4.4 SINGAPORE 145 10.4.4.1 Focus on achieving food security to accelerate adoption of vertical farming 145 10.4.5 REST OF ASIA PACIFIC 146 10.5 REST OF THE WORLD 147 10.5.1 REST OF THE WORLD: RECESSION IMPACT 147 FIGURE 53 REST OF THE WORLD: IMPACT OF RECESSION 147 TABLE 117 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 148 TABLE 118 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 148 TABLE 119 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 148 TABLE 120 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 148 TABLE 121 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 149 TABLE 122 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 149 TABLE 123 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 149 TABLE 124 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 150 TABLE 125 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 150 TABLE 126 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 150 10.5.2 MIDDLE EAST 151 10.5.2.1 Lack of arable land to result in adoption of vertical farming 151 10.5.3 AFRICA 151 10.5.3.1 Scarcity of freshwater and arable land to boost demand for vertical farming 151 10.5.4 SOUTH AMERICA 152 10.5.4.1 Emergence of startups involved in vertical farming to boost market growth 152 11 COMPETITIVE LANDSCAPE 153 11.1 OVERVIEW 153 TABLE 127 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 153 11.2 MARKET SHARE AND RANKING ANALYSIS 155 TABLE 128 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (LIGHTING PROVIDERS), 2022 155 FIGURE 54 COMPANY MARKET SHARE ANALYSIS, 2022 155 TABLE 129 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (CROP PRODUCERS), 2022 156 11.3 5-YEAR COMPANY REVENUE ANALYSIS 157 FIGURE 55 REVENUE ANALYSIS FOR KEY COMPANIES, 2018–2022 157 11.4 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022 158 FIGURE 56 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022 158 11.4.1 STARS 158 11.4.2 PERVASIVE PLAYERS 158 11.4.3 EMERGING LEADERS 159 11.4.4 PARTICIPANTS 159 11.5 COMPETITIVE BENCHMARKING 159 TABLE 130 COMPANY FOOTPRINT 159 TABLE 131 COMPANY OFFERING FOOTPRINT 160 TABLE 132 COMPANY REGION FOOTPRINT 161 11.6 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022 161 FIGURE 57 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022 162 11.6.1 PROGRESSIVE COMPANIES 162 11.6.2 RESPONSIVE COMPANIES 162 11.6.3 DYNAMIC COMPANIES 162 11.6.4 STARTING BLOCKS 163 TABLE 133 VERTICAL FARMING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (CROP PRODUCERS) 163 11.7 COMPETITIVE SCENARIOS AND TRENDS 164 11.7.1 PRODUCT LAUNCHES 164 TABLE 134 VERTICAL FARMING MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS 164 11.7.2 DEALS 166 TABLE 135 VERTICAL FARMING MARKET: DEALS 166 11.7.3 EXPANSIONS 170 TABLE 136 VERTICAL FARMING MARKET: OTHERS 170 12 COMPANY PROFILES 172 (Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 12.1 INTRODUCTION 172 12.2 KEY PLAYERS 172 12.2.1 SIGNIFY HOLDING 172 TABLE 137 SIGNIFY HOLDING: COMPANY OVERVIEW 173 FIGURE 58 SIGNIFY HOLDING: COMPANY SNAPSHOT 173 TABLE 138 SIGNIFY HOLDING: PRODUCT/SOLUTION/SERVICE OFFERINGS 174 TABLE 139 SIGNIFY HOLDING: DEALS 174 12.2.2 AMS-OSRAM AG 176 TABLE 140 AMS-OSRAM AG: COMPANY OVERVIEW 176 FIGURE 59 AMS-OSRAM AG: COMPANY SNAPSHOT 177 TABLE 141 AMS-OSRAM AG: PRODUCT/SOLUTION/SERVICE OFFERINGS 178 TABLE 142 AMS-OSRAM AG: PRODUCT LAUNCHES 178 TABLE 143 AMS-OSRAM AG: DEALS 180 12.2.3 FREIGHT FARMS, INC. 181 TABLE 144 FREIGHT FARMS, INC.: COMPANY OVERVIEW 181 TABLE 145 FREIGHT FARMS, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS 181 TABLE 146 FREIGHT FARMS, INC.: PRODUCT LAUNCHES 182 TABLE 147 FREIGHT FARMS, INC.: DEALS 182 12.2.4 AEROFARMS 184 TABLE 148 AEROFARMS: COMPANY OVERVIEW 184 TABLE 149 AEROFARMS: PRODUCT/SOLUTION/SERVICE OFFERINGS 184 TABLE 150 AEROFARMS: DEALS 185 TABLE 151 AEROFARMS: OTHERS 186 12.2.5 SKY GREENS 188 TABLE 152 SKY GREENS: COMPANY OVERVIEW 188 TABLE 153 SKY GREENS: PRODUCT/SOLUTION/SERVICE OFFERINGS 188 12.2.6 SPREAD CO., LTD. 190 TABLE 154 SPREAD CO., LTD.: COMPANY OVERVIEW 190 TABLE 155 SPREAD CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS 190 TABLE 156 SPREAD CO., LTD.: DEALS 191 12.2.7 PLENTY UNLIMITED INC. 192 TABLE 157 PLENTY UNLIMITED INC.: COMPANY OVERVIEW 192 TABLE 158 PLENTY UNLIMITED INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS 192 TABLE 159 PLENTY UNLIMITED INC.: DEALS 193 TABLE 160 PLENTY UNLIMITED INC.: OTHERS 193 12.2.8 VALOYA 195 TABLE 161 VALOYA: COMPANY OVERVIEW 195 TABLE 162 VALOYA: PRODUCT/SOLUTION/SERVICE OFFERINGS 195 TABLE 163 VALOYA: DEALS 196 12.2.9 EVERLIGHT ELECTRONICS CO., LTD. 197 TABLE 164 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY OVERVIEW 197 FIGURE 60 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT 198 TABLE 165 EVERLIGHT ELECTRONICS CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS 199 12.2.10 HELIOSPECTRA 200 TABLE 166 HELIOSPECTRA: COMPANY OVERVIEW 200 FIGURE 61 HELIOSPECTRA: COMPANY SNAPSHOT 200 TABLE 167 HELIOSPECTRA: PRODUCT/SOLUTION/SERVICE OFFERINGS 201 TABLE 168 HELIOSPECTRA: PRODUCT LAUNCHES 202 TABLE 169 HELIOSPECTRA: DEALS 202 12.3 OTHER KEY PLAYERS 204 12.3.1 GREEN SENSE FARMS HOLDINGS, INC. 204 12.3.2 AMHYDRO 205 12.3.3 URBAN CROP SOLUTIONS 206 12.3.4 VERTICAL FARM SYSTEMS 207 12.3.5 BOWERY FARMING INC. 208 12.3.6 AGRICOOL 209 12.3.7 SANANBIO 210 12.3.8 GP SOLUTIONS, INC. 211 12.3.9 INFARM 212 12.3.10 ALTIUS FARMS 213 12.3.11 INTELLIGENT GROWTH SOLUTIONS LIMITED 214 12.3.12 4D BIOS INC 214 12.3.13 FUTURE CROPS 215 12.3.14 BRIGHTFARMS 216 12.3.15 VERTICAL FUTURE LTD. 217 *Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies. 13 APPENDIX 218 13.1 INSIGHTS FROM INDUSTRY EXPERTS 218 13.2 DISCUSSION GUIDE 218 13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 222 13.4 CUSTOMIZATION OPTIONS 224 13.5 RELATED REPORTS 224 13.6 AUTHOR DETAILS 225
SummaryThe vertical farming market is estimated to be USD 5.1 billion in 2023, and it is expected to to reach USD 15.3 billion by 2028; growing at a CAGR of 24.7% from 2023 to 2028. The vertical farming market is set to experience remarkable growth in the coming years. One of the driving factors behind this growth is the escalating demand for fresh, locally produced food. As consumers become more conscious of the origin and quality of their food, the desire for farm-to-table options continues to surge. Vertical farming presents an innovative and sustainable solution to meet this demand. Table of Contents1 INTRODUCTION 291.1 STUDY OBJECTIVES 29 1.2 MARKET DEFINITION 29 1.3 STUDY SCOPE 30 1.3.1 MARKETS COVERED 30 1.3.2 INCLUSIONS AND EXCLUSIONS 30 1.3.3 GEOGRAPHICAL SCOPE 31 1.3.4 YEARS CONSIDERED 31 1.4 CURRENCY CONSIDERED 31 1.5 UNITS CONSIDERED 32 1.6 LIMITATIONS 32 1.7 STAKEHOLDERS 32 1.8 SUMMARY OF CHANGES 32 1.8.1 IMPACT OF RECESSION 33 2 RESEARCH METHODOLOGY 34 2.1 RESEARCH DATA 34 FIGURE 1 VERTICAL FARMING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION 34 FIGURE 2 VERTICAL FARMING MARKET: RESEARCH DESIGN 35 2.1.1 SECONDARY DATA 36 2.1.1.1 Secondary sources 36 2.1.2 PRIMARY DATA 36 2.1.2.1 Breakdown of primaries 37 2.1.2.2 Key data from primary sources 37 2.1.2.3 Key industry insights 38 2.1.3 SECONDARY AND PRIMARY RESEARCH 38 2.2 MARKET SIZE ESTIMATION 39 FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY COMPANIES FROM HARDWARE/SOFTWARE/ SERVICES OFFERED IN VERTICAL FARMING MARKET 39 FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE) 40 2.2.1 BOTTOM-UP APPROACH 40 2.2.1.1 Approach to derive market size using bottom-up analysis 40 FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 41 2.2.2 TOP-DOWN APPROACH 41 2.2.2.1 Approach to derive market size using top-down analysis 41 FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 41 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 42 FIGURE 7 DATA TRIANGULATION 42 2.4 RESEARCH ASSUMPTIONS 43 FIGURE 8 RESEARCH ASSUMPTIONS 43 2.5 RISK ASSESSMENT 44 TABLE 1 RISK FACTOR ANALYSIS 44 2.6 RECESSION IMPACT ANALYSIS 44 3 EXECUTIVE SUMMARY 45 FIGURE 9 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 45 FIGURE 10 SHIPPING-BASED VERTICAL FARMS SEGMENT TO EXHIBIT HIGHER GROWTH DURING FORECAST PERIOD 46 FIGURE 11 LETTUCE LIKELY TO BE MOST COMMONLY GROWN CROP ACROSS DIFFERENT VERTICAL FARMS 47 FIGURE 12 SERVICES TO BE FASTEST-GROWING SEGMENT IN VERTICAL FARMING MARKET DURING FORECAST PERIOD 47 FIGURE 13 ASIA PACIFIC TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 48 4 PREMIUM INSIGHTS 50 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VERTICAL FARMING MARKET 50 FIGURE 14 INCREASE IN INVESTMENTS AND PARTNERSHIPS BETWEEN FARMS AND TECHNOLOGY PROVIDERS TO BOOST VERTICAL FARMING MARKET GROWTH 50 4.2 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM AND STRUCTURE 51 FIGURE 15 HYDROPONICS GROWTH MECHANISM AND BUILDING-BASED VERTICAL FARMS SEGMENTS TO HOLD LARGEST MARKET SHARES IN ASIA PACIFIC IN 2028 51 4.3 VERTICAL FARMING MARKET, BY OFFERING 51 FIGURE 16 HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 51 4.4 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 52 FIGURE 17 HYDROPONICS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 52 4.5 VERTICAL FARMING MARKET, BY STRUCTURE 52 FIGURE 18 BUILDING-BASED VERTICAL FARMS SEGMENT TO HOLD LARGEST MARKET SHARE FROM 2023 TO 2028 52 4.6 VERTICAL FARMING MARKET, BY CROP TYPE 53 FIGURE 19 LETTUCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 53 4.7 VERTICAL FARMING MARKET, BY REGION 53 FIGURE 20 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET DURING FORECAST PERIOD 53 5 MARKET OVERVIEW 54 5.1 MARKET DYNAMICS 54 FIGURE 21 VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 54 5.1.1 DRIVERS 55 FIGURE 22 ANALYSIS OF IMPACT OF DRIVERS ON VERTICAL FARMING MARKET 55 5.1.1.1 Potential for higher yields compared with conventional farming methods 55 5.1.1.2 Continuous advancements in light-emitting diode (LED) technology 56 5.1.1.3 Year-round crop production, irrespective of weather conditions 56 FIGURE 23 DAMAGE AND LOSS TO CROPS, BY TYPE OF CALAMITY, 2003–2016 57 5.1.1.4 Requirement for minimum resources 57 FIGURE 24 GLOBAL POPULATION GROWTH, 2015–2050 57 5.1.1.5 Limited arable land 58 5.1.2 RESTRAINTS 58 FIGURE 25 ANALYSIS OF IMPACT OF RESTRAINTS ON VERTICAL FARMING MARKET 58 5.1.2.1 Lack of technically skilled workforce and choice of limited cultivable crops 59 5.1.2.2 High initial capital investment requirements 59 5.1.3 OPPORTUNITIES 59 FIGURE 26 ANALYSIS OF IMPACT OF OPPORTUNITIES ON VERTICAL FARMING MARKET 59 5.1.3.1 Ability to reduce ecological footprint of agriculture 60 5.1.3.2 Potential market opportunities in Asia Pacific and Middle East 60 5.1.3.3 Viability to cultivate Cannabis using vertical farming technique 61 5.1.4 CHALLENGES 61 FIGURE 27 ANALYSIS OF IMPACT OF CHALLENGES ON VERTICAL FARMING MARKET 61 5.1.4.1 Maintenance of temperature, humidity, and air circulation in vertical farms 62 5.1.4.2 Energy-intensive nature of vertical farming, leading to high operational costs 62 5.1.4.3 Difficulty in achieving economies of scale 62 5.2 SUPPLY CHAIN ANALYSIS 63 FIGURE 28 VERTICAL FARMING MARKET: SUPPLY CHAIN ANALYSIS 63 5.3 ECOSYSTEM MAPPING 64 TABLE 2 VERTICAL FARMING MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM 64 FIGURE 29 VERTICAL FARMING MARKET: SYSTEM MANUFACTURERS AND CROP PRODUCERS 65 5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65 FIGURE 30 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR VERTICAL FARMING MARKET PLAYERS 65 5.5 TECHNOLOGY ANALYSIS 66 5.6 PRICING ANALYSIS 66 FIGURE 31 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS, BY POWER OUTPUT 66 5.7 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS 67 FIGURE 32 AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS 67 5.8 PORTER’S FIVE FORCES ANALYSIS 67 FIGURE 33 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 68 FIGURE 34 IMPACT ANALYSIS OF PORTER’S FIVE FORCES 68 TABLE 3 VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 69 5.8.1 INTENSITY OF COMPETITIVE RIVALRY 69 5.8.2 THREAT OF SUBSTITUTES 69 5.8.3 BARGAINING POWER OF BUYERS 69 5.8.4 BARGAINING POWER OF SUPPLIERS 69 5.8.5 THREAT OF NEW ENTRANTS 69 5.9 CASE STUDY ANALYSIS 70 5.9.1 LJUSGÅRDA IMPLEMENTED HELIOSPECTRA’S LED LIGHTING IN INDOOR GROWTH FACILITY 70 5.9.2 HORTIPOLARIS CULTIVATION AND RESEARCH FACILITY IMPLEMENTED FLUENCE LED LIGHTING SOLUTION 70 5.9.3 AEROFARMS USES ADVANCED TECHNOLOGIES TO TAKE VERTICAL FARMING TO NEW HEIGHTS 71 5.9.4 BENEFITS OF IOT DEPLOYMENT IN INDOOR VERTICAL FARMS 71 5.9.5 RIAT USED SIGNIFY’S LED LIGHTING SOLUTION TO GROW TOMATOES AND CUCUMBERS IN VERTICAL FARMS 72 5.9.6 KARMA FARM ADOPTED HYDROPONIC SOLUTION FOR YEAR-ROUND CROP PRODUCTION 72 5.10 PATENT ANALYSIS 73 FIGURE 35 NUMBER OF PATENTS GRANTED WORLDWIDE FROM 2013 TO 2022 73 TABLE 4 TOP 20 PATENT OWNERS FROM 2013 TO 2022 73 FIGURE 36 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2013 TO 2022 74 5.10.1 VERTICAL FARMING MARKET: LIST OF KEY PATENTS 74 TABLE 5 VERTICAL FARMING MARKET: LIST OF KEY PATENTS 74 5.11 TRADE ANALYSIS 76 TABLE 6 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION) 76 FIGURE 37 IMPORT DATA FOR MAJOR COUNTRIES, 2018–2022 77 TABLE 7 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION) 77 FIGURE 38 EXPORT DATA FOR MAJOR COUNTRIES, 2018–2022 78 5.12 KEY CONFERENCES AND EVENTS, 2023–2024 78 TABLE 8 VERTICAL FARMING MARKET: DETAILED LIST OF RELATED CONFERENCES AND EVENTS 78 5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 80 5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 80 FIGURE 39 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS 80 TABLE 9 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS 80 5.13.2 BUYING CRITERIA 81 FIGURE 40 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS 81 TABLE 10 KEY BUYING CRITERIA FOR TOP 3 OFFERINGS 81 5.14 TARIFFS AND REGULATORY FRAMEWORK 82 5.14.1 TARIFFS 82 TABLE 11 TARIFF, BY COUNTRY 82 5.14.2 REGULATIONS 82 TABLE 12 VERTICAL FARMING MARKET: REGULATIONS 82 5.14.3 STANDARDS 83 6 VERTICAL FARMING MARKET, BY GROWTH MECHANISM 84 6.1 INTRODUCTION 85 FIGURE 41 HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD 85 TABLE 13 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 85 TABLE 14 VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 85 6.2 HYDROPONICS 86 6.2.1 YEAR-ROUND CULTIVATION MECHANISM SUITABLE FOR GROWING CROPS IN LOCATIONS WITH LIMITED ARABLE LAND 86 TABLE 15 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 87 TABLE 16 HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 87 6.3 AEROPONICS 87 6.3.1 USES PATENTED TECHNOLOGY TO ACHIEVE HIGH PRODUCTIVITY WITHIN SHORT TIMEFRAME 87 TABLE 17 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 88 TABLE 18 AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 89 6.4 AQUAPONICS 89 6.4.1 ELIMINATES USAGE OF PESTICIDES AND FERTILIZERS 89 TABLE 19 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 90 TABLE 20 AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 90 7 VERTICAL FARMING MARKET, BY STRUCTURE 91 7.1 INTRODUCTION 92 FIGURE 42 BUILDING-BASED VERTICAL FARMS TO ACCOUNT FOR LARGER MARKET SHARE BY 2028 92 TABLE 21 VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 92 TABLE 22 VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 92 7.2 BUILDING-BASED VERTICAL FARMS 93 7.2.1 COUNTRIES WITH UNSUPPORTED CROP ENVIRONMENTS TEND TO BE EARLY ADOPTERS OF BUILDING-BASED VERTICAL FARMS 93 TABLE 23 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 93 TABLE 24 BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 94 7.3 SHIPPING CONTAINER-BASED VERTICAL FARMS 94 7.3.1 EMERGING VERTICAL FARMING SOLUTIONS FOR SMALL FARMERS 94 TABLE 25 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 95 TABLE 26 SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 95 8 VERTICAL FARMING MARKET, BY CROP TYPE 96 8.1 INTRODUCTION 97 FIGURE 43 LETTUCE SEGMENT TO LEAD VERTICAL FARMING MARKET DURING FORECAST PERIOD 97 TABLE 27 VERTICAL FARMING MARKET, BY CROP TYPE, 2019–2022 (MILLION METRIC TONS) 97 TABLE 28 VERTICAL FARMING MARKET, BY CROP TYPE, 2023–2028 (MILLION METRIC TONS) 98 TABLE 29 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (MILLION METRIC TONS) 98 TABLE 30 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (MILLION METRIC TONS) 98 8.2 VEGETABLES 99 8.2.1 LETTUCE PREDOMINANTLY CULTIVATED IN VERTICAL FARMS 99 8.3 FRUITS 99 8.3.1 STRAWBERRIES AND POMEGRANATES AMONG MOST GROWN FRUITS IN VERTICAL FARMS 99 9 VERTICAL FARMING MARKET, BY OFFERING 101 9.1 INTRODUCTION 102 FIGURE 44 HARDWARE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET BY 2028 102 TABLE 31 VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 102 TABLE 32 VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 102 FIGURE 45 LIGHTING SEGMENT TO DOMINATE VERTICAL FARMING HARDWARE MARKET DURING FORECAST PERIOD 103 TABLE 33 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 103 TABLE 34 HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2023–2028 (USD MILLION) 104 TABLE 35 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 104 TABLE 36 HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 104 9.2 HARDWARE 104 9.2.1 LIGHTING 105 TABLE 37 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2019–2022 (USD MILLION) 106 TABLE 38 HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2023–2028 (USD MILLION) 106 9.2.1.1 Lighting fixtures 106 9.2.1.1.1 Electrical devices used to create artificial light in vertical farms using electric lamps 106 9.2.1.2 Lighting control 107 9.2.1.2.1 Connected energy-saving lighting systems prove to be ideal for vertical farming 107 9.2.2 HYDROPONIC COMPONENTS 107 9.2.2.1 Utilize nutrient-laden water appropriately to ensure high crop growth 107 TABLE 39 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2019–2022 (USD MILLION) 108 TABLE 40 HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2023–2028 (USD MILLION) 108 9.2.3 CLIMATE CONTROL 108 9.2.3.1 Use effective HVAC systems to ensure high productivity through precise temperature control 108 TABLE 41 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2019–2022 (USD MILLION) 109 TABLE 42 HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2023–2028 (USD MILLION) 109 9.2.4 SENSORS 109 9.2.4.1 Provide necessary data points for accurate monitoring to maximize productivity and farm efficiency 109 TABLE 43 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2019–2022 (USD MILLION) 110 TABLE 44 HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2023–2028 (USD MILLION) 110 9.3 SOFTWARE 110 9.3.1 FACILITATE CALCULATIONS AND MANAGEMENT PROCESSES IN AGRICULTURE FOR INCREASED EFFICIENCY 110 TABLE 45 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 111 TABLE 46 SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 111 9.4 SERVICES 112 9.4.1 INCLUDE CONSULTING, MAINTENANCE, AND SUPPORT SERVICES 112 TABLE 47 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 112 TABLE 48 SERVICES: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 112 10 VERTICAL FARMING MARKET, BY REGION 113 10.1 INTRODUCTION 114 FIGURE 46 SINGAPORE TO BE FASTEST-GROWING VERTICAL FARMING MARKET DURING FORECAST PERIOD 114 TABLE 49 VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 114 TABLE 50 VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 115 10.2 NORTH AMERICA 115 FIGURE 47 NORTH AMERICA: VERTICAL FARMING MARKET SNAPSHOT 116 10.2.1 NORTH AMERICA: RECESSION IMPACT 116 FIGURE 48 NORTH AMERICA: IMPACT OF RECESSION 117 TABLE 51 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 117 TABLE 52 NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 117 TABLE 53 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 118 TABLE 54 NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 118 TABLE 55 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 118 TABLE 56 NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 118 TABLE 57 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 119 TABLE 58 NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 119 TABLE 59 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 119 TABLE 60 NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 120 10.2.2 US 120 10.2.2.1 Increasing number of vertical farms and partnerships among companies to boost market growth 120 TABLE 61 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 121 TABLE 62 US: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 121 TABLE 63 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 121 TABLE 64 US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 122 TABLE 65 US: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 122 TABLE 66 US: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 122 10.2.3 CANADA 122 10.2.3.1 Presence of technologically advanced vertical farming companies to foster market growth 122 TABLE 67 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 123 TABLE 68 CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 123 TABLE 69 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 124 TABLE 70 CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 124 TABLE 71 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 124 TABLE 72 CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 124 10.2.4 MEXICO 125 10.2.4.1 Population growth and deteriorating cultivation zones to drive adoption of vertical farming 125 10.3 EUROPE 125 FIGURE 49 EUROPE: VERTICAL FARMING MARKET SNAPSHOT 126 10.3.1 EUROPE: RECESSION IMPACT 126 FIGURE 50 EUROPE: IMPACT OF RECESSION 127 TABLE 73 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 127 TABLE 74 EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 128 TABLE 75 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 128 TABLE 76 EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 128 TABLE 77 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 128 TABLE 78 EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 129 TABLE 79 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 129 TABLE 80 EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 129 TABLE 81 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 130 TABLE 82 EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 130 10.3.2 EU4 130 10.3.2.1 Emergence of various vertical farming startups to drive market 130 TABLE 83 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 131 TABLE 84 EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 131 TABLE 85 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 131 TABLE 86 EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 132 TABLE 87 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 132 TABLE 88 EU4: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 132 10.3.3 UK 132 10.3.3.1 High demand for locally sourced and sustainable food options to favor market growth 132 TABLE 89 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 133 TABLE 90 UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 133 TABLE 91 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 134 TABLE 92 UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 134 TABLE 93 UK: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 134 TABLE 94 UK: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 134 10.3.4 SCANDINAVIA 135 10.3.4.1 Need to reduce transportation footprint of food to lead to adoption of vertical farming practices 135 10.3.5 NETHERLANDS 135 10.3.5.1 Partnerships and collaborations between leading vertical farming companies to drive market 135 10.3.6 REST OF EUROPE 136 10.4 ASIA PACIFIC 136 FIGURE 51 ASIA PACIFIC: VERTICAL FARMING MARKET SNAPSHOT 137 10.4.1 ASIA PACIFIC: RECESSION IMPACT 137 FIGURE 52 ASIA PACIFIC: IMPACT OF RECESSION 138 TABLE 95 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 138 TABLE 96 ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 138 TABLE 97 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 139 TABLE 98 ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 139 TABLE 99 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 139 TABLE 100 ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 139 TABLE 101 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 140 TABLE 102 ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 140 TABLE 103 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 140 TABLE 104 ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 141 10.4.2 CHINA 141 10.4.2.1 Increasing urban population and declining agricultural land to create opportunities for market players 141 TABLE 105 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 142 TABLE 106 CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 142 TABLE 107 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 142 TABLE 108 CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 142 TABLE 109 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 143 TABLE 110 CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 143 10.4.3 JAPAN 143 10.4.3.1 Presence of multiple vertical farming companies to support market growth 143 TABLE 111 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 144 TABLE 112 JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 144 TABLE 113 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 144 TABLE 114 JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 145 TABLE 115 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 145 TABLE 116 JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 145 10.4.4 SINGAPORE 145 10.4.4.1 Focus on achieving food security to accelerate adoption of vertical farming 145 10.4.5 REST OF ASIA PACIFIC 146 10.5 REST OF THE WORLD 147 10.5.1 REST OF THE WORLD: RECESSION IMPACT 147 FIGURE 53 REST OF THE WORLD: IMPACT OF RECESSION 147 TABLE 117 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 148 TABLE 118 REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION) 148 TABLE 119 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION) 148 TABLE 120 REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION) 148 TABLE 121 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION) 149 TABLE 122 REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION) 149 TABLE 123 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 149 TABLE 124 REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION) 150 TABLE 125 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION) 150 TABLE 126 REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION) 150 10.5.2 MIDDLE EAST 151 10.5.2.1 Lack of arable land to result in adoption of vertical farming 151 10.5.3 AFRICA 151 10.5.3.1 Scarcity of freshwater and arable land to boost demand for vertical farming 151 10.5.4 SOUTH AMERICA 152 10.5.4.1 Emergence of startups involved in vertical farming to boost market growth 152 11 COMPETITIVE LANDSCAPE 153 11.1 OVERVIEW 153 TABLE 127 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS 153 11.2 MARKET SHARE AND RANKING ANALYSIS 155 TABLE 128 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (LIGHTING PROVIDERS), 2022 155 FIGURE 54 COMPANY MARKET SHARE ANALYSIS, 2022 155 TABLE 129 VERTICAL FARMING MARKET: DEGREE OF COMPETITION (CROP PRODUCERS), 2022 156 11.3 5-YEAR COMPANY REVENUE ANALYSIS 157 FIGURE 55 REVENUE ANALYSIS FOR KEY COMPANIES, 2018–2022 157 11.4 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022 158 FIGURE 56 VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022 158 11.4.1 STARS 158 11.4.2 PERVASIVE PLAYERS 158 11.4.3 EMERGING LEADERS 159 11.4.4 PARTICIPANTS 159 11.5 COMPETITIVE BENCHMARKING 159 TABLE 130 COMPANY FOOTPRINT 159 TABLE 131 COMPANY OFFERING FOOTPRINT 160 TABLE 132 COMPANY REGION FOOTPRINT 161 11.6 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022 161 FIGURE 57 VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022 162 11.6.1 PROGRESSIVE COMPANIES 162 11.6.2 RESPONSIVE COMPANIES 162 11.6.3 DYNAMIC COMPANIES 162 11.6.4 STARTING BLOCKS 163 TABLE 133 VERTICAL FARMING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (CROP PRODUCERS) 163 11.7 COMPETITIVE SCENARIOS AND TRENDS 164 11.7.1 PRODUCT LAUNCHES 164 TABLE 134 VERTICAL FARMING MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS 164 11.7.2 DEALS 166 TABLE 135 VERTICAL FARMING MARKET: DEALS 166 11.7.3 EXPANSIONS 170 TABLE 136 VERTICAL FARMING MARKET: OTHERS 170 12 COMPANY PROFILES 172 (Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 12.1 INTRODUCTION 172 12.2 KEY PLAYERS 172 12.2.1 SIGNIFY HOLDING 172 TABLE 137 SIGNIFY HOLDING: COMPANY OVERVIEW 173 FIGURE 58 SIGNIFY HOLDING: COMPANY SNAPSHOT 173 TABLE 138 SIGNIFY HOLDING: PRODUCT/SOLUTION/SERVICE OFFERINGS 174 TABLE 139 SIGNIFY HOLDING: DEALS 174 12.2.2 AMS-OSRAM AG 176 TABLE 140 AMS-OSRAM AG: COMPANY OVERVIEW 176 FIGURE 59 AMS-OSRAM AG: COMPANY SNAPSHOT 177 TABLE 141 AMS-OSRAM AG: PRODUCT/SOLUTION/SERVICE OFFERINGS 178 TABLE 142 AMS-OSRAM AG: PRODUCT LAUNCHES 178 TABLE 143 AMS-OSRAM AG: DEALS 180 12.2.3 FREIGHT FARMS, INC. 181 TABLE 144 FREIGHT FARMS, INC.: COMPANY OVERVIEW 181 TABLE 145 FREIGHT FARMS, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS 181 TABLE 146 FREIGHT FARMS, INC.: PRODUCT LAUNCHES 182 TABLE 147 FREIGHT FARMS, INC.: DEALS 182 12.2.4 AEROFARMS 184 TABLE 148 AEROFARMS: COMPANY OVERVIEW 184 TABLE 149 AEROFARMS: PRODUCT/SOLUTION/SERVICE OFFERINGS 184 TABLE 150 AEROFARMS: DEALS 185 TABLE 151 AEROFARMS: OTHERS 186 12.2.5 SKY GREENS 188 TABLE 152 SKY GREENS: COMPANY OVERVIEW 188 TABLE 153 SKY GREENS: PRODUCT/SOLUTION/SERVICE OFFERINGS 188 12.2.6 SPREAD CO., LTD. 190 TABLE 154 SPREAD CO., LTD.: COMPANY OVERVIEW 190 TABLE 155 SPREAD CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS 190 TABLE 156 SPREAD CO., LTD.: DEALS 191 12.2.7 PLENTY UNLIMITED INC. 192 TABLE 157 PLENTY UNLIMITED INC.: COMPANY OVERVIEW 192 TABLE 158 PLENTY UNLIMITED INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS 192 TABLE 159 PLENTY UNLIMITED INC.: DEALS 193 TABLE 160 PLENTY UNLIMITED INC.: OTHERS 193 12.2.8 VALOYA 195 TABLE 161 VALOYA: COMPANY OVERVIEW 195 TABLE 162 VALOYA: PRODUCT/SOLUTION/SERVICE OFFERINGS 195 TABLE 163 VALOYA: DEALS 196 12.2.9 EVERLIGHT ELECTRONICS CO., LTD. 197 TABLE 164 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY OVERVIEW 197 FIGURE 60 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT 198 TABLE 165 EVERLIGHT ELECTRONICS CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS 199 12.2.10 HELIOSPECTRA 200 TABLE 166 HELIOSPECTRA: COMPANY OVERVIEW 200 FIGURE 61 HELIOSPECTRA: COMPANY SNAPSHOT 200 TABLE 167 HELIOSPECTRA: PRODUCT/SOLUTION/SERVICE OFFERINGS 201 TABLE 168 HELIOSPECTRA: PRODUCT LAUNCHES 202 TABLE 169 HELIOSPECTRA: DEALS 202 12.3 OTHER KEY PLAYERS 204 12.3.1 GREEN SENSE FARMS HOLDINGS, INC. 204 12.3.2 AMHYDRO 205 12.3.3 URBAN CROP SOLUTIONS 206 12.3.4 VERTICAL FARM SYSTEMS 207 12.3.5 BOWERY FARMING INC. 208 12.3.6 AGRICOOL 209 12.3.7 SANANBIO 210 12.3.8 GP SOLUTIONS, INC. 211 12.3.9 INFARM 212 12.3.10 ALTIUS FARMS 213 12.3.11 INTELLIGENT GROWTH SOLUTIONS LIMITED 214 12.3.12 4D BIOS INC 214 12.3.13 FUTURE CROPS 215 12.3.14 BRIGHTFARMS 216 12.3.15 VERTICAL FUTURE LTD. 217 *Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies. 13 APPENDIX 218 13.1 INSIGHTS FROM INDUSTRY EXPERTS 218 13.2 DISCUSSION GUIDE 218 13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 222 13.4 CUSTOMIZATION OPTIONS 224 13.5 RELATED REPORTS 224 13.6 AUTHOR DETAILS 225
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