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Market trends and business perspectives

Report: US vertical farming market worth $3 billion by 2024

The US vertical farming market is projected to reach values of around $3 billion by 2024, growing at a CAGR of more than 24% during 2018-2024, according to a new report from Research and Markets.

The vertical farming technique offers speedier supply chain for seedling production and with an eight-week turnaround time of seedling ordering system.

These systems will help farmers to meet the growing demand and offer promotions and special offers to consumers in the US market.

The increasing focus on plug development and reduced shrink of plants will encourage companies to introduce innovative technologies in the market.

The “Vertical Farming Market in US – Industry Outlook and Forecast 2019-2024” report says the market is driven by the movement of agriculture toward a more sustainable model.

The use of layout and workflow optimisation will enable proper optimisation and the highest labour efficiency in the US market.

The market research report provides in-depth market analysis and segmental analysis of the US vertical farming market by growth systems, environment, and technology.

The US vertical farming market is highly fragmented, due to the presence of a various number of technology providers and produce providers.

The prominent players are focusing on increasing efficient operations and good marketing to expand their businesses across countries in the world market.

Smaller companies are integrating automation and other technologies to sustain the level of competition in the US market.

The integration of data and analytics, sensors, and app-based technology to optimise the environment, keep a tab on the health of the crops, post-harvest technology, management of nutrient supply, and other such factors will drive revenues.

The major vendors in the US vertical farming market are: Aerofarm; Plenty; Green Spirit Farms; and Bowery Farming, says the report.