The vertical Farming marketis projected to reach USD 9.7 billion by 2026 from USD 3.6 billion at CAGR of 25.0% during the forecast period. Services segment is expected to witness highest CAGR of 28.8%. It was observed that the growth rate was 11.4% from 2021 to 2022.

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Vertical farming is a technique of cultivating crops on a vertically inclined surface in an urban environment. instead of growing a single layer of crops over a large land area, stacks of crops are grown in an upward direction.

In vertical farming, an artificial environment is created inside a facility using technologies that help plants grow with high nutrition in a short time compared with traditional farming. Growth, productivity, and quality of plants depend on technologies, such as climate control, air purification, lighting, and pump and irrigation systems.

Agriculture has come a long way since its traditional roots, with vertical farming emerging as a game-changer in the industry. Vertical farming is a revolutionary approach to agriculture that involves stacking multiple layers of crops in a controlled environment, such as a skyscraper or shipping container. This approach offers numerous benefits over traditional agriculture, including increased crop yields, reduced water usage, year-round crop production, and the ability to grow crops in urban areas.

The global vertical farming market is expected to experience significant growth in the coming years, driven by advancements in technology and increasing consumer demand for locally-grown, pesticide-free produce.

One of the key drivers of the vertical farming market is the use of LED lighting to provide the optimal spectrum of light for plant growth. LED lights are energy-efficient, have a long lifespan, and can be customized to match the specific needs of different crops. Additionally, advances in hydroponic systems and smart irrigation technologies are allowing farmers to control the growing environment with precision, resulting in higher crop yields and reduced waste.

Another important factor in the growth of the vertical farming market is the increasing demand for locally-grown, sustainable produce. With urbanization on the rise, many consumers are seeking fresh, healthy food options that are grown close to home. Vertical farming enables this by allowing crops to be grown in urban areas, reducing the need for transportation and providing consumers with access to fresh produce.

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In conclusion, the vertical farming market is poised for rapid growth in the coming years. With its numerous benefits over traditional agriculture, and increasing consumer demand for locally-grown, sustainable produce, vertical farming is set to revolutionize the agriculture industry.

Some of the key players in the vertical farming market includes Signify (Netherlands), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Osram  (Germany), Everlight Electronics (Taiwan), Heliospectra AB (Sweden).These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to further expand their presence in the vertical farming market.