According to the Graphical Research new growth forecast report titled "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.
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.
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.
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.