The vertical farming market in North America was pegged at USD 703.0 million in 2017 and is expected to reach USD 2,802.5 million by 2024. The vertical farming market is poised to grow at a CAGR of 21.9% during the forecast period (2018–2024).
The increasing demand for organic products and the increasing adoption of techniques that are conducive for the climate is the primary factor aiding towards the growth of the vertical farming market in North America. The use of this technique requires less water than the traditional vertical farms and as the result, it greatly saves the energy requirement for the manufacturers that are contributing towards the enhanced demand for the vertical farming market in the region. The demand for organic products in the region is increasing at a rapid pace owing to the nutritional content available in those products. The content of antioxidants is greater in the organic products than those available in the conservatively produced crops.
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Based on offering, the North American vertical farming market is categorized into hardware and software. The hardware type is further segmented into lighting, hydroponics components, climate control, and sensors. Vertical farming comprises two structures building-based vertical farms and shipping container vertical farms. The technique is largely used for growing several crops such as lettuce, spinach, tomato, and others in North America.
The U.S. accounted for the major share in the North American vertical farming market in 2017 as the country is creating spaces for building-based vertical farms and it is helping the manufacturers to satisfy the increasing demand of the consumers for food. Moreover, vertical farming is enabling the country to fulfill the required demands of the consumers as commercial growers are developing vertical farms in this region and will continue to do so shortly.
In terms of hardware type, lighting is generating the largest revenue for the vertical farming market in this region. Lighting is expected to grow at a CAGR of 21.5% during 2018– 2024. On the contrary, lettuce accounted for the largest share in the North American vertical farming market.
U.S. is expected to contribute the largest revenue of USD 1,184.6 million by 2024 and growing at a CAGR of 22.5% during 2018–2024 in the vertical farming market in this region.
AeroFarms, Gotham Greens, Bright Farms, Vertical Harvest, Home Town Farms, Infinite Harvest, Lufa Farms, Beijing IEDA Protected Horticulture, Farmed Here, Garden Fresh Farms, Metro Farms, Green Sense Farms, Indoor Harvest, Sky Vegetables, Sundrop Farms, and Ecopia Farms are some of the major players operating in the vertical farming market in North America.
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