1	INTRODUCTION	29
1.1	STUDY OBJECTIVES	29
1.2	MARKET DEFINITION	29
1.3	STUDY SCOPE	30
1.3.1	MARKETS COVERED	30
1.3.2	INCLUSIONS AND EXCLUSIONS	30
1.3.3	GEOGRAPHICAL SCOPE	31
1.3.4	YEARS CONSIDERED	31
1.4	CURRENCY CONSIDERED	31
1.5	UNITS CONSIDERED	32
1.6	LIMITATIONS	32
1.7	STAKEHOLDERS	32
1.8	SUMMARY OF CHANGES	32
1.8.1	IMPACT OF RECESSION	33
2	RESEARCH METHODOLOGY	34
2.1	RESEARCH DATA	34
FIGURE 1	VERTICAL FARMING MARKET: PROCESS FLOW OF MARKET SIZE ESTIMATION	34
FIGURE 2	VERTICAL FARMING MARKET: RESEARCH DESIGN	35
2.1.1	SECONDARY DATA	36
2.1.1.1	Secondary sources	36
2.1.2	PRIMARY DATA	36
2.1.2.1	Breakdown of primaries	37
2.1.2.2	Key data from primary sources	37
2.1.2.3	Key industry insights	38
2.1.3	SECONDARY AND PRIMARY RESEARCH	38
2.2	MARKET SIZE ESTIMATION	39
FIGURE 3	MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY COMPANIES FROM HARDWARE/SOFTWARE/ SERVICES OFFERED IN VERTICAL FARMING MARKET	39
FIGURE 4	MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (DEMAND SIDE)	40
2.2.1	BOTTOM-UP APPROACH	40
2.2.1.1	Approach to derive market size using bottom-up analysis	40
FIGURE 5	MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH	41
2.2.2	TOP-DOWN APPROACH	41
2.2.2.1	Approach to derive market size using top-down analysis	41
FIGURE 6	MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH	41
 
2.3	MARKET BREAKDOWN AND DATA TRIANGULATION	42
FIGURE 7	DATA TRIANGULATION	42
2.4	RESEARCH ASSUMPTIONS	43
FIGURE 8	RESEARCH ASSUMPTIONS	43
2.5	RISK ASSESSMENT	44
TABLE 1	RISK FACTOR ANALYSIS	44
2.6	RECESSION IMPACT ANALYSIS	44
3	EXECUTIVE SUMMARY	45
FIGURE 9	HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD	45
FIGURE 10	SHIPPING-BASED VERTICAL FARMS SEGMENT TO EXHIBIT HIGHER GROWTH DURING FORECAST PERIOD	46
FIGURE 11	LETTUCE LIKELY TO BE MOST COMMONLY GROWN CROP ACROSS DIFFERENT VERTICAL FARMS	47
FIGURE 12	SERVICES TO BE FASTEST-GROWING SEGMENT IN VERTICAL FARMING MARKET DURING FORECAST PERIOD	47
FIGURE 13	ASIA PACIFIC TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD	48
4	PREMIUM INSIGHTS	50
4.1	ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VERTICAL FARMING MARKET	50
FIGURE 14	INCREASE IN INVESTMENTS AND PARTNERSHIPS BETWEEN FARMS AND TECHNOLOGY PROVIDERS TO BOOST VERTICAL FARMING MARKET GROWTH	50
4.2	ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM AND STRUCTURE	51
FIGURE 15	HYDROPONICS GROWTH MECHANISM AND BUILDING-BASED VERTICAL FARMS SEGMENTS TO HOLD LARGEST MARKET SHARES IN ASIA PACIFIC IN 2028	51
4.3	VERTICAL FARMING MARKET, BY OFFERING	51
FIGURE 16	HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD	51
4.4	VERTICAL FARMING MARKET, BY GROWTH MECHANISM	52
FIGURE 17	HYDROPONICS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD	52
4.5	VERTICAL FARMING MARKET, BY STRUCTURE	52
FIGURE 18	BUILDING-BASED VERTICAL FARMS SEGMENT TO HOLD LARGEST MARKET SHARE FROM 2023 TO 2028	52
4.6	VERTICAL FARMING MARKET, BY CROP TYPE	53
FIGURE 19	LETTUCE SEGMENT TO LEAD MARKET DURING FORECAST PERIOD	53
4.7	VERTICAL FARMING MARKET, BY REGION	53
FIGURE 20	ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET DURING FORECAST PERIOD	53
 
5	MARKET OVERVIEW	54
5.1	MARKET DYNAMICS	54
FIGURE 21	VERTICAL FARMING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES	54
5.1.1	DRIVERS	55
FIGURE 22	ANALYSIS OF IMPACT OF DRIVERS ON VERTICAL FARMING MARKET	55
5.1.1.1	Potential for higher yields compared with conventional farming methods	55
5.1.1.2	Continuous advancements in light-emitting diode (LED) technology	56
5.1.1.3	Year-round crop production, irrespective of weather conditions	56
FIGURE 23	DAMAGE AND LOSS TO CROPS, BY TYPE OF CALAMITY, 2003–2016	57
5.1.1.4	Requirement for minimum resources	57
FIGURE 24	GLOBAL POPULATION GROWTH, 2015–2050	57
5.1.1.5	Limited arable land	58
5.1.2	RESTRAINTS	58
FIGURE 25	ANALYSIS OF IMPACT OF RESTRAINTS ON VERTICAL FARMING MARKET	58
5.1.2.1	Lack of technically skilled workforce and choice of limited cultivable crops	59
5.1.2.2	High initial capital investment requirements	59
5.1.3	OPPORTUNITIES	59
FIGURE 26	ANALYSIS OF IMPACT OF OPPORTUNITIES ON VERTICAL FARMING MARKET	59
5.1.3.1	Ability to reduce ecological footprint of agriculture	60
5.1.3.2	Potential market opportunities in Asia Pacific and Middle East	60
5.1.3.3	Viability to cultivate Cannabis using vertical farming technique	61
5.1.4	CHALLENGES	61
FIGURE 27	ANALYSIS OF IMPACT OF CHALLENGES ON VERTICAL FARMING MARKET	61
5.1.4.1	Maintenance of temperature, humidity, and air circulation in vertical farms	62
5.1.4.2	Energy-intensive nature of vertical farming, leading to high operational costs	62
5.1.4.3	Difficulty in achieving economies of scale	62
5.2	SUPPLY CHAIN ANALYSIS	63
FIGURE 28	VERTICAL FARMING MARKET: SUPPLY CHAIN ANALYSIS	63
5.3	ECOSYSTEM MAPPING	64
TABLE 2	VERTICAL FARMING MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM	64
FIGURE 29	VERTICAL FARMING MARKET: SYSTEM MANUFACTURERS AND CROP PRODUCERS	65
5.4	TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS	65
FIGURE 30	REVENUE SHIFTS AND NEW REVENUE POCKETS FOR VERTICAL FARMING MARKET PLAYERS	65
5.5	TECHNOLOGY ANALYSIS	66
5.6	PRICING ANALYSIS	66
FIGURE 31	AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS, BY POWER OUTPUT	66
5.7	AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS	67
FIGURE 32	AVERAGE SELLING PRICE OF LED LIGHTING SOLUTIONS OFFERED BY KEY PLAYERS	67
5.8	PORTER’S FIVE FORCES ANALYSIS	67
FIGURE 33	VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS	68
FIGURE 34	IMPACT ANALYSIS OF PORTER’S FIVE FORCES	68
TABLE 3	VERTICAL FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS	69
5.8.1	INTENSITY OF COMPETITIVE RIVALRY	69
5.8.2	THREAT OF SUBSTITUTES	69
5.8.3	BARGAINING POWER OF BUYERS	69
5.8.4	BARGAINING POWER OF SUPPLIERS	69
5.8.5	THREAT OF NEW ENTRANTS	69
5.9	CASE STUDY ANALYSIS	70
5.9.1	LJUSGÅRDA IMPLEMENTED HELIOSPECTRA’S LED LIGHTING IN INDOOR GROWTH FACILITY	70
5.9.2	HORTIPOLARIS CULTIVATION AND RESEARCH FACILITY IMPLEMENTED FLUENCE LED LIGHTING SOLUTION	70
5.9.3	AEROFARMS USES ADVANCED TECHNOLOGIES TO TAKE VERTICAL FARMING TO NEW HEIGHTS	71
5.9.4	BENEFITS OF IOT DEPLOYMENT IN INDOOR VERTICAL FARMS	71
5.9.5	RIAT USED SIGNIFY’S LED LIGHTING SOLUTION TO GROW TOMATOES AND CUCUMBERS IN VERTICAL FARMS	72
5.9.6	KARMA FARM ADOPTED HYDROPONIC SOLUTION FOR YEAR-ROUND CROP PRODUCTION	72
5.10	PATENT ANALYSIS	73
FIGURE 35	NUMBER OF PATENTS GRANTED WORLDWIDE FROM 2013 TO 2022	73
TABLE 4	TOP 20 PATENT OWNERS FROM 2013 TO 2022	73
FIGURE 36	TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS FROM 2013 TO 2022	74
5.10.1	VERTICAL FARMING MARKET: LIST OF KEY PATENTS	74
TABLE 5	VERTICAL FARMING MARKET: LIST OF KEY PATENTS	74
5.11	TRADE ANALYSIS	76
TABLE 6	IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION)	76
FIGURE 37	IMPORT DATA FOR MAJOR COUNTRIES, 2018–2022	77
TABLE 7	EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8424, BY COUNTRY, 2018–2022 (USD MILLION)	77
FIGURE 38	EXPORT DATA FOR MAJOR COUNTRIES, 2018–2022	78
5.12	KEY CONFERENCES AND EVENTS, 2023–2024	78
TABLE 8	VERTICAL FARMING MARKET: DETAILED LIST OF RELATED CONFERENCES AND EVENTS	78
5.13	KEY STAKEHOLDERS AND BUYING CRITERIA	80
5.13.1	KEY STAKEHOLDERS IN BUYING PROCESS	80
FIGURE 39	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS	80
TABLE 9	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 OFFERINGS	80
 
5.13.2	BUYING CRITERIA	81
FIGURE 40	KEY BUYING CRITERIA FOR TOP 3 OFFERINGS	81
TABLE 10	KEY BUYING CRITERIA FOR TOP 3 OFFERINGS	81
5.14	TARIFFS AND REGULATORY FRAMEWORK	82
5.14.1	TARIFFS	82
TABLE 11	TARIFF, BY COUNTRY	82
5.14.2	REGULATIONS	82
TABLE 12	VERTICAL FARMING MARKET: REGULATIONS	82
5.14.3	STANDARDS	83
6	VERTICAL FARMING MARKET, BY GROWTH MECHANISM	84
6.1	INTRODUCTION	85
FIGURE 41	HYDROPONICS SEGMENT TO DOMINATE VERTICAL FARMING MARKET DURING FORECAST PERIOD	85
TABLE 13	VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	85
TABLE 14	VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	85
6.2	HYDROPONICS	86
6.2.1	YEAR-ROUND CULTIVATION MECHANISM SUITABLE FOR GROWING CROPS IN LOCATIONS WITH LIMITED ARABLE LAND	86
TABLE 15	HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	87
TABLE 16	HYDROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	87
6.3	AEROPONICS	87
6.3.1	USES PATENTED TECHNOLOGY TO ACHIEVE HIGH PRODUCTIVITY WITHIN SHORT TIMEFRAME	87
TABLE 17	AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	88
TABLE 18	AEROPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	89
6.4	AQUAPONICS	89
6.4.1	ELIMINATES USAGE OF PESTICIDES AND FERTILIZERS	89
TABLE 19	AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	90
TABLE 20	AQUAPONICS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	90
7	VERTICAL FARMING MARKET, BY STRUCTURE	91
7.1	INTRODUCTION	92
FIGURE 42	BUILDING-BASED VERTICAL FARMS TO ACCOUNT FOR LARGER MARKET SHARE BY 2028	92
TABLE 21	VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	92
TABLE 22	VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	92
 
7.2	BUILDING-BASED VERTICAL FARMS	93
7.2.1	COUNTRIES WITH UNSUPPORTED CROP ENVIRONMENTS TEND TO BE EARLY ADOPTERS OF BUILDING-BASED VERTICAL FARMS	93
TABLE 23	BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	93
TABLE 24	BUILDING-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	94
7.3	SHIPPING CONTAINER-BASED VERTICAL FARMS	94
7.3.1	EMERGING VERTICAL FARMING SOLUTIONS FOR SMALL FARMERS	94
TABLE 25	SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	95
TABLE 26	SHIPPING CONTAINER-BASED VERTICAL FARMS: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	95
8	VERTICAL FARMING MARKET, BY CROP TYPE	96
8.1	INTRODUCTION	97
FIGURE 43	LETTUCE SEGMENT TO LEAD VERTICAL FARMING MARKET DURING FORECAST PERIOD	97
TABLE 27	VERTICAL FARMING MARKET, BY CROP TYPE, 2019–2022 (MILLION METRIC TONS)	97
TABLE 28	VERTICAL FARMING MARKET, BY CROP TYPE, 2023–2028 (MILLION METRIC TONS)	98
TABLE 29	VERTICAL FARMING MARKET, BY REGION, 2019–2022 (MILLION METRIC TONS)	98
TABLE 30	VERTICAL FARMING MARKET, BY REGION, 2023–2028 (MILLION METRIC TONS)	98
8.2	VEGETABLES	99
8.2.1	LETTUCE PREDOMINANTLY CULTIVATED IN VERTICAL FARMS	99
8.3	FRUITS	99
8.3.1	STRAWBERRIES AND POMEGRANATES AMONG MOST GROWN FRUITS IN VERTICAL FARMS	99
9	VERTICAL FARMING MARKET, BY OFFERING	101
9.1	INTRODUCTION	102
FIGURE 44	HARDWARE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF VERTICAL FARMING MARKET BY 2028	102
TABLE 31	VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	102
TABLE 32	VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	102
FIGURE 45	LIGHTING SEGMENT TO DOMINATE VERTICAL FARMING HARDWARE MARKET DURING FORECAST PERIOD	103
TABLE 33	HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION)	103
TABLE 34	HARDWARE: VERTICAL FARMING MARKET, BY TYPE, 2023–2028 (USD MILLION)	104
TABLE 35	HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	104
TABLE 36	HARDWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	104
9.2	HARDWARE	104
9.2.1	LIGHTING	105
TABLE 37	HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2019–2022 (USD MILLION)	106
TABLE 38	HARDWARE: VERTICAL FARMING MARKET FOR LIGHTING, BY REGION, 2023–2028 (USD MILLION)	106
9.2.1.1	Lighting fixtures	106
9.2.1.1.1	Electrical devices used to create artificial light in vertical farms using electric lamps	106
9.2.1.2	Lighting control	107
9.2.1.2.1	Connected energy-saving lighting systems prove to be ideal for vertical farming	107
9.2.2	HYDROPONIC COMPONENTS	107
9.2.2.1	Utilize nutrient-laden water appropriately to ensure high crop growth	107
TABLE 39	HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2019–2022 (USD MILLION)	108
TABLE 40	HARDWARE: VERTICAL FARMING MARKET FOR HYDROPONIC COMPONENTS, BY REGION, 2023–2028 (USD MILLION)	108
9.2.3	CLIMATE CONTROL	108
9.2.3.1	Use effective HVAC systems to ensure high productivity through precise temperature control	108
TABLE 41	HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2019–2022 (USD MILLION)	109
TABLE 42	HARDWARE: VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY REGION, 2023–2028 (USD MILLION)	109
9.2.4	SENSORS	109
9.2.4.1	Provide necessary data points for accurate monitoring to maximize productivity and farm efficiency	109
TABLE 43	HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2019–2022 (USD MILLION)	110
TABLE 44	HARDWARE: VERTICAL FARMING MARKET FOR SENSORS, BY REGION, 2023–2028 (USD MILLION)	110
9.3	SOFTWARE	110
9.3.1	FACILITATE CALCULATIONS AND MANAGEMENT PROCESSES IN AGRICULTURE FOR INCREASED EFFICIENCY	110
TABLE 45	SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	111
TABLE 46	SOFTWARE: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	111
9.4	SERVICES	112
9.4.1	INCLUDE CONSULTING, MAINTENANCE, AND SUPPORT SERVICES	112
TABLE 47	SERVICES: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	112
TABLE 48	SERVICES: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	112
10	VERTICAL FARMING MARKET, BY REGION	113
10.1	INTRODUCTION	114
FIGURE 46	SINGAPORE TO BE FASTEST-GROWING VERTICAL FARMING MARKET DURING FORECAST PERIOD	114
TABLE 49	VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	114
TABLE 50	VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	115
10.2	NORTH AMERICA	115
FIGURE 47	NORTH AMERICA: VERTICAL FARMING MARKET SNAPSHOT	116
10.2.1	NORTH AMERICA: RECESSION IMPACT	116
FIGURE 48	NORTH AMERICA: IMPACT OF RECESSION	117
TABLE 51	NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	117
TABLE 52	NORTH AMERICA: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)	117
TABLE 53	NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	118
TABLE 54	NORTH AMERICA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	118
TABLE 55	NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	118
TABLE 56	NORTH AMERICA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	118
TABLE 57	NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	119
TABLE 58	NORTH AMERICA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	119
TABLE 59	NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)	119
TABLE 60	NORTH AMERICA: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)	120
10.2.2	US	120
10.2.2.1	Increasing number of vertical farms and partnerships among companies to boost market growth	120
TABLE 61	US: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	121
TABLE 62	US: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	121
TABLE 63	US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	121
TABLE 64	US: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	122
TABLE 65	US: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	122
TABLE 66	US: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	122
 
10.2.3	CANADA	122
10.2.3.1	Presence of technologically advanced vertical farming companies to foster market growth	122
TABLE 67	CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	123
TABLE 68	CANADA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	123
TABLE 69	CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	124
TABLE 70	CANADA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	124
TABLE 71	CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	124
TABLE 72	CANADA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	124
10.2.4	MEXICO	125
10.2.4.1	Population growth and deteriorating cultivation zones to drive adoption of vertical farming	125
10.3	EUROPE	125
FIGURE 49	EUROPE: VERTICAL FARMING MARKET SNAPSHOT	126
10.3.1	EUROPE: RECESSION IMPACT	126
FIGURE 50	EUROPE: IMPACT OF RECESSION	127
TABLE 73	EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	127
TABLE 74	EUROPE: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)	128
TABLE 75	EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	128
TABLE 76	EUROPE: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	128
TABLE 77	EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	128
TABLE 78	EUROPE: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	129
TABLE 79	EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	129
TABLE 80	EUROPE: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	129
TABLE 81	EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)	130
TABLE 82	EUROPE: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)	130
10.3.2	EU4	130
10.3.2.1	Emergence of various vertical farming startups to drive market	130
TABLE 83	EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	131
TABLE 84	EU4: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	131
TABLE 85	EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	131
TABLE 86	EU4: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	132
TABLE 87	EU4: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	132
TABLE 88	EU4: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	132
10.3.3	UK	132
10.3.3.1	High demand for locally sourced and sustainable food options to favor market growth	132
TABLE 89	UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	133
TABLE 90	UK: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	133
TABLE 91	UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	134
TABLE 92	UK: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	134
TABLE 93	UK: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	134
TABLE 94	UK: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	134
10.3.4	SCANDINAVIA	135
10.3.4.1	Need to reduce transportation footprint of food to lead to adoption of vertical farming practices	135
10.3.5	NETHERLANDS	135
10.3.5.1	Partnerships and collaborations between leading vertical farming companies to drive market	135
10.3.6	REST OF EUROPE	136
10.4	ASIA PACIFIC	136
FIGURE 51	ASIA PACIFIC: VERTICAL FARMING MARKET SNAPSHOT	137
10.4.1	ASIA PACIFIC: RECESSION IMPACT	137
FIGURE 52	ASIA PACIFIC: IMPACT OF RECESSION	138
TABLE 95	ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	138
TABLE 96	ASIA PACIFIC: VERTICAL FARMING MARKET, BY COUNTRY, 2023–2028 (USD MILLION)	138
TABLE 97	ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	139
TABLE 98	ASIA PACIFIC: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	139
TABLE 99	ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	139
TABLE 100	ASIA PACIFIC: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	139
TABLE 101	ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	140
TABLE 102	ASIA PACIFIC: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	140
TABLE 103	ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)	140
TABLE 104	ASIA PACIFIC: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)	141
10.4.2	CHINA	141
10.4.2.1	Increasing urban population and declining agricultural land to create opportunities for market players	141
TABLE 105	CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	142
TABLE 106	CHINA: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	142
TABLE 107	CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	142
TABLE 108	CHINA: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	142
TABLE 109	CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	143
TABLE 110	CHINA: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	143
10.4.3	JAPAN	143
10.4.3.1	Presence of multiple vertical farming companies to support market growth	143
TABLE 111	JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	144
TABLE 112	JAPAN: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	144
TABLE 113	JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	144
TABLE 114	JAPAN: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	145
TABLE 115	JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	145
TABLE 116	JAPAN: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	145
10.4.4	SINGAPORE	145
10.4.4.1	Focus on achieving food security to accelerate adoption of vertical farming	145
10.4.5	REST OF ASIA PACIFIC	146
10.5	REST OF THE WORLD	147
10.5.1	REST OF THE WORLD: RECESSION IMPACT	147
FIGURE 53	REST OF THE WORLD: IMPACT OF RECESSION	147
TABLE 117	REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2019–2022 (USD MILLION)	148
TABLE 118	REST OF THE WORLD: VERTICAL FARMING MARKET, BY REGION, 2023–2028 (USD MILLION)	148
TABLE 119	REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2019–2022 (USD MILLION)	148
TABLE 120	REST OF THE WORLD: VERTICAL FARMING MARKET, BY STRUCTURE, 2023–2028 (USD MILLION)	148
TABLE 121	REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2019–2022 (USD MILLION)	149
TABLE 122	REST OF THE WORLD: VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2023–2028 (USD MILLION)	149
TABLE 123	REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION)	149
TABLE 124	REST OF THE WORLD: VERTICAL FARMING MARKET, BY OFFERING, 2023–2028 (USD MILLION)	150
TABLE 125	REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)	150
TABLE 126	REST OF THE WORLD: VERTICAL FARMING MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)	150
10.5.2	MIDDLE EAST	151
10.5.2.1	Lack of arable land to result in adoption of vertical farming	151
10.5.3	AFRICA	151
10.5.3.1	Scarcity of freshwater and arable land to boost demand for vertical farming	151
10.5.4	SOUTH AMERICA	152
10.5.4.1	Emergence of startups involved in vertical farming to boost market growth	152
11	COMPETITIVE LANDSCAPE	153
11.1	OVERVIEW	153
TABLE 127	OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS	153
11.2	MARKET SHARE AND RANKING ANALYSIS	155
TABLE 128	VERTICAL FARMING MARKET: DEGREE OF COMPETITION (LIGHTING PROVIDERS), 2022	155
FIGURE 54	COMPANY MARKET SHARE ANALYSIS, 2022	155
TABLE 129	VERTICAL FARMING MARKET: DEGREE OF COMPETITION (CROP PRODUCERS), 2022	156
11.3	5-YEAR COMPANY REVENUE ANALYSIS	157
FIGURE 55	REVENUE ANALYSIS FOR KEY COMPANIES, 2018–2022	157
11.4	VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022	158
FIGURE 56	VERTICAL FARMING MARKET: COMPANY EVALUATION MATRIX (FOR OEMS AND SYSTEM INTEGRATORS), 2022	158
11.4.1	STARS	158
11.4.2	PERVASIVE PLAYERS	158
11.4.3	EMERGING LEADERS	159
11.4.4	PARTICIPANTS	159
11.5	COMPETITIVE BENCHMARKING	159
TABLE 130	COMPANY FOOTPRINT	159
TABLE 131	COMPANY OFFERING FOOTPRINT	160
TABLE 132	COMPANY REGION FOOTPRINT	161
11.6	VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022	161
FIGURE 57	VERTICAL FARMING MARKET: STARTUPS/SMES COMPANY EVALUATION MATRIX (FOR CROP PRODUCERS), 2022	162
11.6.1	PROGRESSIVE COMPANIES	162
11.6.2	RESPONSIVE COMPANIES	162
11.6.3	DYNAMIC COMPANIES	162
11.6.4	STARTING BLOCKS	163
TABLE 133	VERTICAL FARMING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (CROP PRODUCERS)	163
11.7	COMPETITIVE SCENARIOS AND TRENDS	164
11.7.1	PRODUCT LAUNCHES	164
TABLE 134	VERTICAL FARMING MARKET: PRODUCT LAUNCHES AND DEVELOPMENTS	164
11.7.2	DEALS	166
TABLE 135	VERTICAL FARMING MARKET: DEALS	166
11.7.3	EXPANSIONS	170
TABLE 136	VERTICAL FARMING MARKET: OTHERS	170
12	COMPANY PROFILES	172
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
12.1	INTRODUCTION	172
12.2	KEY PLAYERS	172
12.2.1	SIGNIFY HOLDING	172
TABLE 137	SIGNIFY HOLDING: COMPANY OVERVIEW	173
FIGURE 58	SIGNIFY HOLDING: COMPANY SNAPSHOT	173
TABLE 138	SIGNIFY HOLDING: PRODUCT/SOLUTION/SERVICE OFFERINGS	174
TABLE 139	SIGNIFY HOLDING: DEALS	174
12.2.2	AMS-OSRAM AG	176
TABLE 140	AMS-OSRAM AG: COMPANY OVERVIEW	176
FIGURE 59	AMS-OSRAM AG: COMPANY SNAPSHOT	177
TABLE 141	AMS-OSRAM AG: PRODUCT/SOLUTION/SERVICE OFFERINGS	178
TABLE 142	AMS-OSRAM AG: PRODUCT LAUNCHES	178
TABLE 143	AMS-OSRAM AG: DEALS	180
12.2.3	FREIGHT FARMS, INC.	181
TABLE 144	FREIGHT FARMS, INC.: COMPANY OVERVIEW	181
TABLE 145	FREIGHT FARMS, INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS	181
TABLE 146	FREIGHT FARMS, INC.: PRODUCT LAUNCHES	182
TABLE 147	FREIGHT FARMS, INC.: DEALS	182
12.2.4	AEROFARMS	184
TABLE 148	AEROFARMS: COMPANY OVERVIEW	184
TABLE 149	AEROFARMS: PRODUCT/SOLUTION/SERVICE OFFERINGS	184
TABLE 150	AEROFARMS: DEALS	185
TABLE 151	AEROFARMS: OTHERS	186
12.2.5	SKY GREENS	188
TABLE 152	SKY GREENS: COMPANY OVERVIEW	188
TABLE 153	SKY GREENS: PRODUCT/SOLUTION/SERVICE OFFERINGS	188
12.2.6	SPREAD CO., LTD.	190
TABLE 154	SPREAD CO., LTD.: COMPANY OVERVIEW	190
TABLE 155	SPREAD CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS	190
TABLE 156	SPREAD CO., LTD.: DEALS	191
12.2.7	PLENTY UNLIMITED INC.	192
TABLE 157	PLENTY UNLIMITED INC.: COMPANY OVERVIEW	192
TABLE 158	PLENTY UNLIMITED INC.: PRODUCT/SOLUTION/SERVICE OFFERINGS	192
TABLE 159	PLENTY UNLIMITED INC.: DEALS	193
TABLE 160	PLENTY UNLIMITED INC.: OTHERS	193
12.2.8	VALOYA	195
TABLE 161	VALOYA: COMPANY OVERVIEW	195
TABLE 162	VALOYA: PRODUCT/SOLUTION/SERVICE OFFERINGS	195
TABLE 163	VALOYA: DEALS	196
12.2.9	EVERLIGHT ELECTRONICS CO., LTD.	197
TABLE 164	EVERLIGHT ELECTRONICS CO., LTD.: COMPANY OVERVIEW	197
FIGURE 60	EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT	198
TABLE 165	EVERLIGHT ELECTRONICS CO., LTD.: PRODUCT/SOLUTION/SERVICE OFFERINGS	199
12.2.10	HELIOSPECTRA	200
TABLE 166	HELIOSPECTRA: COMPANY OVERVIEW	200
FIGURE 61	HELIOSPECTRA: COMPANY SNAPSHOT	200
TABLE 167	HELIOSPECTRA: PRODUCT/SOLUTION/SERVICE OFFERINGS	201
TABLE 168	HELIOSPECTRA: PRODUCT LAUNCHES	202
TABLE 169	HELIOSPECTRA: DEALS	202
12.3	OTHER KEY PLAYERS	204
12.3.1	GREEN SENSE FARMS HOLDINGS, INC.	204
12.3.2	AMHYDRO	205
12.3.3	URBAN CROP SOLUTIONS	206
12.3.4	VERTICAL FARM SYSTEMS	207
12.3.5	BOWERY FARMING INC.	208
12.3.6	AGRICOOL	209
12.3.7	SANANBIO	210
12.3.8	GP SOLUTIONS, INC.	211
12.3.9	INFARM	212
12.3.10	ALTIUS FARMS	213
12.3.11	INTELLIGENT GROWTH SOLUTIONS LIMITED	214
12.3.12	4D BIOS INC	214
12.3.13	FUTURE CROPS	215
12.3.14	BRIGHTFARMS	216
12.3.15	VERTICAL FUTURE LTD.	217
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
13	APPENDIX	218
13.1	INSIGHTS FROM INDUSTRY EXPERTS	218
13.2	DISCUSSION GUIDE	218
13.3	KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL	222
13.4	CUSTOMIZATION OPTIONS	224
13.5	RELATED REPORTS	224
13.6	AUTHOR DETAILS	225
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