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Vertical Farming Market Growth is Impacted by the Shift of Population from Rural to Urban Areas
Vertical farming can be done by various mechanisms, such as hydroponics, aquaponics, and aeroponics. Hydroponics helps plants grow in water, aeroponics helps grow plants suspended in air.
By: BIS Research
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The global vertical farming market is anticipated to progress to a great extent since its initiation as a basic system to being an ideal solution for sustainable agriculture. Vertical farming is used to produce various vegetables and fruits on vertically inclined surfaces. Unlike conventional farming of vegetables and other fruits on a single level, such as in a field or a greenhouse, the vertical farming method produces foods in vertically stacked layers generally incorporated into structures such as a shipping container, repurposed warehouse, and skyscraper. Vertical farming involves the integration of numerous technologies such as big data analytics, robotics, artificial intelligence (AI), and the internet of things (IoT) so that crops can be produced perfectly without any agronomic constraint.
Vertical farming offers various opportunities, such as demand from countries with less arable land and unfavorable climate and integration of technology with vertical farming. Further, challenges hindering the growth of the global vertical farming market include the need for constant monitoring, high operational and maintenance cost, and not being suitable for all types of crops.
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The U.S. is a major player in North America vertical farming market. The U.S. is dominated by key players of vertical farming, including Aero Farms, Plenty Unlimited Inc., Bowery Farming, and Gotham Greens, among others. The country produces a wide range of green vegetables, such as kale, arugula, lettuce, and pak choi. In 2019, there were more than 2,000 vertical farms in the U.S., out of which 60% of the market was driven by small to medium scale companies.