elianagrace226@gmail.com

30 North Gould Street, Sheridan, WY 82801

25.11.2021

Increasing demand for high-quality food, independent agriculture technique, and growing urbanization are some of the critical factors responsible for the growth of the vertical farming market. These factors have increased the requirement for food. Demand for food is expected to witness significant growth with a growing population by 2028. The adoption of the vertical cultivation technique allows the consumers to grow crops in a warehouse or a multi-story building. The lighting segment led the market and accounted for more than 43% of the global revenue in 2020. The high share of the lighting segment can be attributed to the dependence of vertical farms on artificial lighting. Artificial lights provide sufficient light intensities required for crop growth. The climate control segment is expected to register a high CAGR of around 25% between 2021 and 2028. Increasing adoption of hydroponic components by farmers to minimize the weight load and infrastructure needed to support the equipment is anticipated to drive the demand for hydroponic components.

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